Every time I talk to someone about my business and career, it always comes up that “they’ve thought about engaging in property” or know anyone who has. Best Properties for Rent and Sale in Las Vegas With so many people thinking about getting into real estate, and getting into property – why aren’t there more lucrative Realtors on earth? Well, there’s only so much business to bypass, so there can only just be so many Real Estate Agents in the world. Personally i think, however, that the inherent nature of the business enterprise, and how different it really is from traditional careers, helps it be difficult for the average person to successfully make the transition into the Real Estate Business. As a brokerage, I see many new agents make their way into my office – for an interview, and sometimes to begin their careers. New Real Estate Agents bring plenty of great qualities to the table – plenty of energy and ambition – but they also make a lot of common mistakes. Listed below are the 7 top mistakes rookie REALTORS Make.
1) No Business Plan or Business Strategy
So many new agents put almost all their emphasis on which Real Estate Brokerage they’ll join when their shiny new license will come in the mail. Why? Because most new Real Estate Agents have never experienced business for themselves – they’ve only worked as employees. They, mistakenly, believe that getting into the Real Estate business is “getting a new job.” What they’re missing is that they’re about to go into business for themselves. If you have ever opened the doors to ANY business, you understand that one of the key ingredients is your business plan. Your organization plan can help you define where you’re going, how you are getting there, and what it’s going to take for you yourself to make your real estate industry a success. Here are the requirements of any good business plan:
A) Goals – What do you want? Make sure they are clear, concise, measurable, and achievable.
B) Services You Provide – you do not wish to be the “jack of all trades & master of none” – choose residential or commercial, buyers/sellers/renters, and what area(s) you need to specialize in. New residential real estate agents tend to have the most success with buyers/renters and move on to listing homes after they’ve completed several transactions.
C) Market – that are you marketing yourself to?
D) Budget – consider yourself “new real estate agent, inc.” and write down EVERY expense that you have – gas, groceries, cellular phone, etc… Then write down the new expenses you’re dealing with – board dues, increased gas, increased cell usage, marketing (essential), etc…
E) Funding – how will you pay for your budget w/ no income for the first (at the very least) 60 days? With the goals you’ve set on your own, when do you want to break even?
F) Marketing Plan – how will you obtain the word out about your services? The simplest way to market yourself would be to your own sphere of influence (people you know). Make sure you do so effectively and systematically.
2) Not Using the GREATEST Closing Team
They say the best businesspeople surround themselves with people who are smarter than themselves. It requires a pretty big team to close a transaction – Buyer’s Agent, Listing Agent, Lender, Insurance Agent, Title Officer, Inspector, Appraiser, and sometimes more! As a Real Estate Agent, you are in the position to refer your client to whoever you choose, and you should ensure that anyone you refer in will undoubtedly be a secured asset to the transaction, not a person who will bring you more headache. And the closing team you refer in, or “put your name to,” is there to make you shine! When they perform well, you can take part of the credit as you referred them into the transaction.
The deadliest duo on the market is the New AGENT & New Mortgage Broker. They get together and decide that, through their combined marketing efforts, they can take over the planet! They’re both focusing on the proper part of their business – marketing – but they’re doing one another no favors by choosing to provide each other business. In the event that you refer in a bad insurance professional, it might cause a minor hiccup in the transaction – you make a simple phone call and a new agent can bind the property in less than an hour. However, because it typically takes at least fourteen days to close a loan, if you are using an inexperienced lender, the effect can be disastrous! You might find yourself ready of “begging for a contract extension,” or worse, being denied a contract extension.
A good closing team will typically learn than their role in the transaction. Because of this, you can turn to them with questions, and they will step in (quietly) when they visit a potential mistake – because they want to assist you to, and in exchange receive more of your business. Using good, experienced players for the closing team can help you infinitely in conducting business worth MORE business…and on top of that, it’s free!
3) Not Arming Themselves with the Necessary Tools
Getting started as a Real Estate Agent is expensive. In Texas, the license alone is an investment which will cost between $700 and $900 (not taking into account the amount of time you’ll invest.) However, you’ll come across even more expenses when you attend arm yourself with the necessary tools of the trade. And do not fool yourself – they are necessary – because your competition are using every tool to greatly help THEM.
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