Sales are your forte’ so you decided on real estate as a profession where you can use your skills and charisma to earn a living. You’ve heard that top Realtors® make six-figure salaries or more, so why not get a piece of the action? The educational requirements are a snap and theoretically, you can apply everything you have learned to real-life situations. But after a few months of no sales, you start to wonder about all the rookie real estate agent mistakes you have made.
The realization that real estate is more than merely selling has hit home and perhaps you should have taken steps to create a marketing plan for your brand, considered a budget for unforeseen expenses, and thought about networking with more than just friends and relatives. As a beginner real estate agent you can avoid making mistakes by understanding and implementing current proptech, choosing a mentor, and adopting the proper mindset.
Mistakes will be made even though realistic goals for new real estate agents are your number one priority. When you start your career without proper planning you are shooting in the dark. Take time to map out the direction you want to go and set realistic goals along the way.
Don’t forget that being a real estate professional means you will need to keep learning to improve your knowledge and to keep up with the changing landscape of the industry. You want to ensure you are using the current technology available to you like having an online presence to showcase virtual tours and floor plans of your listings.
Choose your brokerage wisely, not just based on the percentage of your commission split. Brokerages have a lot to offer in terms of training, mentoring, working with teams, and helping you get your footing in a very competitive industry.
Make a plan
Planning your real estate career is more than deciding which brokerage to work for and selling a few houses. Wise words from real estate expert Tom Ferry suggest you avoid real estate agent mistakes by treating your profession as a business venture. Every good business begins with a well-thought-out plan.
Think of building your career like building a house. Start with a good floor plan, make adjustments along the way, and build the structure with a good foundation. Don’t rush the process. Take time to focus on marketing to reach potential leads. Innovative proptech tools from companies like iGUIDE can help you succeed in winning listings, analyze your success, and build your brand.
Budgeting for the long haul
You might be one of the lucky first-timers who get a sale or two within the first couple of months working in real estate. But you need to focus on the long term and prepare a budget accordingly. Getting a big paycheck from your first sale doesn’t mean you should go out and purchase that flashy new SUV you’ve had your eye on.
It could be months before you make another sale. Focus on realistic goals for new real estate agents by creating a budget. Consider the costs of building a website, printing business cards and for sale signs, marketing fees for real estate photography and 3D tours, and the price you pay for gas to maneuver around your niche area. It would be wise to put some of that first commission payout away for the dry season.
It takes time and effort to build your brand and fill your network with contacts that turn into clients. Communication helps you reach potential buyers and sellers by keeping the conversation going. When communicating value to the consumer the use of great marketing tools like 3D tours, social media, and websites are vital to avoid common mistakes real estate agents make as highlighted in a recent Forbes article.
Expectations and results
Realistic goals for new real estate agents are to expect the unexpected. Acing the exam to get your licence with your local real estate association is just the beginning. Results will follow when you apply your newly acquired knowledge into practice but don’t get discouraged when you don’t meet your own expectations.
There are many failures among your fellow Realtors® however, you can succeed with the right tools that allow access to property information fast. The consumer hires you with the expectation that you will help in the process of buying or selling a home. Use the resources available to you and leverage the services of other industry professionals who can provide valuable benefits and advice along the way.
Don’t go it alone. To achieve results, a positive mindset, a no-fail attitude, and giving 100% effort to your new profession will keep you headed in the right direction.
A mistake is just a learning experience if you move beyond it and avoid making it again. The biggest real estate agent mistakes you can make are thinking you won’t make any.