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25 Dec 2019, 23:21:28 (30 days ago)
Every time I talk to someone about our business and career,
it constantly comes up that "they've thought about engaging in real estate" or know somebody who has.
With so many people thinking about getting into real-estate, and getting into real estate - the
reason why aren't there more successful Realtors in the world?
Well, there's only so much company to go around, so there can only
be so many Real Estate Agents in the world. Personally i think, however , that the inherent nature from the
business, and how different it is through traditional careers,
makes it difficult for that average person to successfully make the transition into
the Real Estate Business. As an Agent, I see many new agents make their way into my
office - for an interview, and sometimes to begin their professions.
New Real Estate Agents bring a lot of great
qualities to the table - lots of energy and ambition - but
they also make a lot of common errors. Here are the 7 top mistakes rookie Real Estate Agents Make.
1) Simply no Business Plan or Business Strategy
So many new agents put all of their emphasis on which Real Estate Brokerage they are
going to join when their shiny new license comes in the mail.
Exactly why? Because most new Real Estate Agents have never been in business for themselves - they've
only worked as employees. They, mistakenly, believe that getting into the Real Estate business is "getting a new work. " What they're missing is the fact that they're about to go into business for themselves.
If you've ever opened the doors to ANY business, you know that one of the key ingredients is your business
strategy. Your business plan helps you define where you're going, how you're obtaining there, and what it's going to take for you to make your real estate business a success.
Listed below are the essentials of any good business strategy:
A) Goals - What do you need? Make them clear, concise, measurable, and achievable.
B) Services You Offer - you don't want to be the "jack of all trades & master of none" - choose residential or even commercial, buyers/sellers/renters, and what area(s)
you wish to specialize in. New residential real estate agents
generally have the most success with buyers/renters and after that move on to listing homes after they've completed a
C) Market - who are you marketing yourself
D) Budget - consider yourself "new real estate agent, inc. "
and write down EVERY expense you have - gas, groceries, cell phone,
etc ... Then write down the new expenses occur to be taking on - board dues,
improved gas, increased cell usage, advertising (very important), etc ...
E) Financing - how are you going to pay for your budget w/ no
income for the initial (at least) 60 days? With the goals
you've set for yourself, when are you going to break
F) Marketing Plan -- how are you going to get the word away about your services?
The MOST effective way to advertise yourself is to your own sphere
of influence (people you know). Be sure you do so effectively and
2) Not Using the Best Possible Closing Team
They say the greatest businesspeople surround by
themselves with people that are smarter than them selves.
It takes a pretty big team to close a transaction -
Potential buyer's Agent, Listing Agent, Lender, Insurance Agent, Title Officer,
Inspector, Appraiser, plus sometimes more! As a Real Estate Agent, you might
be in the position to refer your own client to whoever
you choose, and you ought to make sure that anyone you refer within will be an asset
to the transaction, not someone who will bring you
more head ache. And the closing team you recommend in, or "put your title to, " are there to make a person shine!
When they perform well, you get to take part of the credit because you referred all of them into the transaction.
The deadliest duo out there is the New Real Estate Agent & New Mortgage Broker.
They get together plus decide that, through their mixed marketing efforts, they can take over the world!
They're both focusing on the right a part of
their business - marketing - but they're doing each other
no favors by choosing to give each other business.
If you refer in a poor insurance agent, it might cause a
minor hiccup in the transaction - you create a simple phone call and a new real estate agent can bind the property in less than one hour.
However , because it typically 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 to get a contract extension, " or
even worse, being denied a contract extension.
25 Dec 2019, 23:12:04 (30 days ago)
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25 Dec 2019, 23:11:10 (30 days ago)
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