Making mistakes shouldn’t be a taboo topic for new real estate agents. When you fail, it can be one of the best learning experiences you can get. Making real estate agent mistakes should be embraced by everyone – no matter the skill level.
Learning how to be a successful real estate agent is done by acknowledging your own or other’s experiences in the industry. When you understand the common types of real estate agent mistakes you can avoid making those exact same mistakes.
Lack of Follow-Up
New real estate agents could be closing large deals. Therefore, ensuring every part of the transaction is processed and approved is vital to closing every deal you make. That’s why following up will help you guarantee that everything is done right. You can’t afford to leave any mistakes behind.
Accidentally emailing the wrong person or forgetting to process a documentation are unprofessional errors that can be fixed by double – or triple – checking your work. When you take time to do something, make sure you take time to do it right the first time.
Poor Financial Planning
Keeping a tab on your finances prevents you from burning through your funds. New real estate agents will become financially exhausted early in their career, because they blow their money by overspending on services or on things they don’t need.
Practicing good financial habits will help you survive your real estate career. That’s why creating budgets, researching how to cut costs, and putting money away for a rainy day will help you save. When you’re saving money, you won’t burn out in your career.
Unsuccessful Time Management
Time management is an underrated trait. New real estate agents will find the flexible and lucrative lifestyle auspicious. They’ll take advantage of not having a strict schedule enforced by a boss. This will often turn people apathetic and complacent on the journey to becoming a successful real estate agent.
That’s why time management is important.
When you schedule, prioritize work, and set deadlines for yourself, you’ll turn your lackadaisical existence into a proactive productive machine. All it takes is a little initiative to build up the right momentum.
Bad Client Relationship Building
New real estate agents might not understand the value of fostering and maintaining client relationships. Your success is built on your sphere of influence. Creating a durable network of clients and professional relationships helps you become a successful real estate agent.
You should always plan on building your network before you use it, because the last thing you want is to sign with a brokerage only to realize you have no one in your network. Bad client relationships and poor networking are the major pitfalls new real estate agents encounter early in their careers.
Skimping out on Marketing and Promoting
You can’t run a successful business if nobody knows about your services. That’s the harsh fact that new real estate agents learn the hard way. Skimping out on marketing and promoting leads to no clients and no success.
Put yourself in your potential clients’ shoes.
People will never hear about your services, if you never market or promote yourself. Putting up ads, creating a digital presence, and building a strong word of mouth reputation are great ways to let people hear (and become excited) about your services.
Making yourself easy to find is the best way to guarantee a client base.
Cutting Corners to Get Ahead
You can’t cut corners to get ahead in real estate. Some new real estate agents will be lethargic with their work ethic. Laziness won’t cut it in this industry. Real estate agents have to stay motivated to be professional and ethical in their careers.
Also, when you’re practicing great workmanship in your career, people will notice.
Doing so pays major dividends in the long term trajectory of your career. So long as you’re staying disciplined, do the work, and remain ethical in your career, you will become a successful real estate agent. The reason being: people want to work those who are good at their job.
Discontinuing Their Education and Becoming Irrelevant
Never stop learning. The real estate industry is ever changing – especially with new emerging tech. New real estate agents might think they know everything coming out of a real estate school, acing their exam, and signing with a brokerage.
But, the reality of realty is that you can never stop learning about real estate.
Staying current with news, market trends (on a macro and micro level), and your education are the fundamentals to becoming a successful real estate agent. It’s part of your job to understand the current industry.
You can do this by subscribing and reading news updates, real estate journals, and educational blogs.
Making a mistake in real estate is inevitable – especially for new real estate agents. When it does happen to you, remember that it’s part of becoming a successful real estate agent. There’s plenty of ways to recover from you make an error. So – don’t stress when you make a mistake! They’re the best learning experience you’ll get.
What’s an embarrassing mistake you made in early your career? (It’s nice to get this off your chest!)
Every week, we release in-depth videos to help viewers become successful real estate agents on our CA Realty Training YouTube Channel. You will also find videos on our free introduction classes into our courses.