Real Estate Agent and Trainer, Robert Rico, discusses the common mistakes Real Estate Agents may make, and how to avoid these mistakes. Do you want to see more video blogs? Subscribe here!
Real estate can be a very tricky business. As a new agent, you may be rushing into the business without fully understanding the mechanisms to building yourself as a successful agent. In other words, as a new agent, you may make mistakes that can potentially set you back.
Be aware of these common mistakes new real estate agents make, and learn how to avoid them, so you can take your career further and maximize your brand.
NOT HAVING A BUSINESS PLAN
When starting a business, it’s natural for an entrepreneur to create a business plan before getting into business. As a real estate agent, you will be an independent contractor and thus need to have self-discipline and create your business plan.
Without a proper plan, you’re at a high risk of failing. A business plan helps you decide and define where you are going and how to get there.
A business plan entails an outline:
- Outline your key goals
- Outline any services that you provide
- Define the market and demographic that you are targeting
- Construct a budget
- Create a marketing plan
NOT USING RESOURCES AVAILABLE TO YOU
Hiring the right broker for you is what can make or break your success. Many brokerage companies provide training, classes, and meetings to help you improve your real estate knowledge and better yourself as an agent.
The more you learn the market and study the techniques that have helped other agents succeed, you too can learn the ropes of what it takes to truly be a successful Real Estate Agent.
NOT COMMUNICATING WITH CLIENTS
Lack of communication is one of the biggest mistakes a Real Estate Agent can do. Failing to return phone calls, not listening to your client, or forgetting to follow up are all examples of common mistakes.
Remember, if you won’t communicate, someone else will. That means no profit for you.
NOT SAVING YOUR MONEY
As a Real Estate Agent, you are not on a typical annual salary. You are not even paid hourly. You make profit from selling houses, one paycheck at a time by closing one deal at a time. It is important to properly know how to budget and save money as a Real Estate Agent, more so than any other job.
The market tends to fluctuate. There will be some months when perhaps you are not able to produce, and thus having savings is crucial.
If you do make these common mistakes, do not feel discouraged. We all learn from mistakes and making mistakes is actually what helps us grow to be successful people.