How You Can (Do) REAL ESTATE AGENT Almost Instantly

Every time I speak to someone about my business and career, it always arises that “they’ve thought about engaging in real estate” or know someone who has. With so many people thinking about getting into real estate, and getting into property – why aren’t there more successful Realtors in the world? Well, there’s only so much business to go around, so there can only just be so many Real Estate Agents in the world. I feel, however, that the inherent nature of the business enterprise, and how different it is from traditional careers, makes it difficult for the average indivdual 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 with their careers. New Real Estate Agents bring lots of great qualities to the table – plenty of energy and ambition – however they also make a large amount of common mistakes. Listed below are the 7 top mistakes rookie Real Estate Agents Make.

1) No Business Plan or Business Strategy

So many new agents put almost all their emphasis on which Real Estate Brokerage they will join when their shiny new license will come in the mail. Why? Because most new REALTORS have never experienced business for themselves – they’ve only worked as employees. They, mistakenly, believe that getting into the Real Estate business is “obtaining a new job.” moving home What they’re missing is that they are about to get into business for themselves. If you have ever opened the doors to ANY business, you understand that one of many key ingredients is your business plan. Your business plan helps you define where you’re going, how you are getting there, and what it does take for you yourself to make your real estate industry a success. Here are the essentials of any good business plan:

A) Goals – What would you like? Make them 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 would like to specialize in. New residential realtors tend to have probably the most success with buyers/renters and then move on to listing homes after they’ve completed several transactions.

C) Market – who are you marketing yourself to?

D) Budget – consider yourself “new agent, inc.” and jot down EVERY expense that you have – gas, groceries, cellular phone, etc… Then write down the brand new expenses you’re taking on – board dues, increased gas, increased cell usage, marketing (essential), etc…

E) Funding – how will you pay for your allowance w/ no income for the first (at least) 60 days? With the goals you’ve set for yourself, when do you want to break even?

F) Marketing Plan – how are you going to obtain the word out about your services? The simplest way to market yourself is to your own sphere of influence (people you understand). Make sure you do so effectively and systematically.

2) Not Using the GREATEST Closing Team

They say the greatest 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 an agent, you are in the positioning to refer your client to whoever you select, and you should make certain that anyone you refer in will undoubtedly be a secured asset to the transaction, not a person who provides you more headache. And the closing team you refer in, or “put your name to,” are there to make you shine! When they perform well, you get to participate of the credit as you referred them in to the transaction.

The deadliest duo on the market is the New Real Estate Agent & New Mortgage Broker. They get together and decide that, through their combined marketing efforts, they can take over the world! They’re both focusing on the right section 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 fresh agent can bind the house in less than an hour. However, because it normally takes at least two weeks to close a loan, if you use an inexperienced lender, the result can be disastrous! You might find yourself in a position 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. For this reason, you can turn to them with questions, and they will step in (quietly) if they visit a potential mistake – because they want to help you, and in exchange receive more of one’s business. Using good, experienced players for your closing team will assist you to 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 can be an investment which will cost between $700 and $900 (not taking into account the volume of time you’ll invest.) However, you’ll come across even more expenses when you go to arm yourself with the required tools of the trade. And don’t fool yourself – they’re necessary – because your competition are using every tool to help THEM.