All newbies fail more often than senior specialists - that's basically the criteria we use to define a newbie. Learn about most common mistakes freshly-minted real estate agents make and steer clear of these at all costs.
New real estate agents come into the game wide-eyed and curious about the new career they have decided to commit to. Everyone is looking to create a solid revenue stream and work independently and sustainably. Yet there are many challenges that get in the way of rookie agents. The following are some of the most common mistakes that new agents face:
1. Not creating a business plan: As a real estate agent, you are your own corporation, and every solid company has a strong business plan behind its operations. Organization is what separates good companies from bad companies, and by creating a business plan you are organizing your business strategy as an agent into one tangible document. Business plans can help you receive loans you could not have applied for before, and display a level of professionalism when marketing yourself to potential clients and firms.
2. Not having a marketing plan: You’ve probably heard of the new agent “starter pack:” a couple business cards, some flyers, and a website. All of the above is pretty standard, but with the increasing popularity of digital marketing, you need to get done more and faster. Establish a social media presence, make your website/ads search engine optimized, and ensure your marketing dollars provide for you being visible both on desktop and mobile platforms. A multi-pronged strategy will help you get first valuable impressions that could turn into sales.
3. Being out of touch with your clients’ needs: You have a couple potential clients, that’s great, but how you can turn these leads to sales is all up to you. Showing a young couple a 500k mansion in the suburbs might not align with their goals. Always determine each client’s needs first and show them properties that fit their desires and budget. No one wants to work with a gaudy agent who is preoccupied with getting a big commission on payday.
4. Not communicating properly: With the new generation of clients that are storming the market, certain communication mediums such as calling or emailing may not work as great as they used to. A simple text can help you convey what you are trying to tell twice as fast. Older agents may be stubborn to this change, and that can be a huge drawback for them. Stay in the now and adapt to technological changes that actually will end up making you more productive.
5. Not having a passive income: Novice agents starting out may be foolish enough to believe that they will just be stormed with an upsurge of clients from the get-go. New agents need to have passive income they can fall back on as a safety blanket when starting out. This ensures that they can withstand ebbs and flows in the market and remain in the business long term.
Mistakes are simply lessons to learn from. Take from the failures of those before you and implement strategies that will help you succeed. Entering the real estate game may be intimidating at first, but through diligence and organization, new agents can achieve success right out the gate.