Get Better REAL ESTATE AGENT Results By Following 3 Simple Steps

Every time I talk to someone about my business and career, it always arises that “they’ve thought about engaging in property” or know someone who has. With so many people thinking about getting into property, and getting into real estate – why aren’t there more lucrative Realtors in the world? Well, there’s only so much business to bypass, so there can only be so many Real Estate Agents in the world. I feel, however, that the inherent nature of the business, and how different it is from traditional careers, helps it be difficult for the average indivdual to successfully make the transition into the Real Estate Business. As a brokerage, I see many new agents make their way into my office – for an interview, and sometimes to begin with their careers. New REALTORS bring plenty of great qualities to the table – lots of energy and ambition – however they also make a large amount of common mistakes. Listed below are the 7 top mistakes rookie Real Estate Agents Make.

1) No Business Plan or Business Strategy

So many new agents put almost all their emphasis on which Real Estate Brokerage they’ll join when their shiny new license comes in the mail. 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 “obtaining a new job.” What they’re missing is that they’re about to get into business for themselves. If you’ve ever opened the doors to ANY business, you understand that one of the key ingredients can be your business plan. Your organization plan can help you define where you’re going, how you are getting there, and what it does take for you to make your real estate business a success. realmove Here are the essentials of any good business plan:

A) Goals – What would you like? Make sure they are clear, concise, measurable, and achievable.

B) Services You Provide – you do not desire to be the “jack of most trades & master of none” – choose residential or commercial, buyers/sellers/renters, and what area(s) you would like to specialize in. New residential real estate agents tend to have probably the most success with buyers/renters and then move ahead to listing homes after they’ve completed a few transactions.

C) Market – that are you marketing yourself to?

D) Budget – consider yourself “new real estate agent, inc.” and write down EVERY expense that you have – gas, groceries, cellular phone, etc… Then write down the brand new expenses you’re taking on – board dues, increased gas, increased cell usage, marketing (very important), etc…

E) Funding – how will you pay for your budget w/ no income for the first (at the very least) 60 days? With the goals you’ve set for yourself, when do you want to break even?

F) Marketing Plan – how are you going to obtain the word out about your services? The MOST effective way to market yourself would be to your personal sphere of influence (people you know). Make sure you do so effectively and systematically.

2) Not Using the GREATEST Closing Team

They say the greatest businesspeople surround themselves with people who are smarter than themselves. It takes a fairly big team to close a transaction – Buyer’s Agent, Listing Agent, Lender, Insurance Agent, Title Officer, Inspector, Appraiser, and sometimes more! As an agent, you are in the positioning to refer your client to whoever you select, and you should ensure that anyone you refer in will undoubtedly be a secured asset to the transaction, not a person who provides you more headache. And the closing team you refer in, or “put your name to,” is there to make you shine! When they perform well, you can participate of the credit as you referred them in to the transaction.

The deadliest duo out there is the New AGENT & New LARGE FINANCIAL COMPANY. They get together and decide that, through their combined marketing efforts, they are able to take over the world! They’re both focusing on the proper part of their business – marketing – but they’re doing each other no favors by choosing to give each other business. In the event that you refer in a bad insurance agent, it might cause a minor hiccup in the transaction – you create a simple phone call and a new agent can bind the property in less than one hour. However, because it normally takes at least two weeks to close a loan, if you use an inexperienced lender, the result can be disastrous! You may find yourself in a position of “begging for a contract extension,” or worse, being denied a contract extension.

A good closing team will typically know more than their role in the transaction. Because of this, you can turn to them with questions, and they will step in (quietly) if they see a potential mistake – since they want to assist you to, and in return receive more of your business. Using good, experienced players for the closing team will let you infinitely in conducting business worth MORE business…and best of all, it’s free!

3) Not Arming Themselves with the Necessary Tools

Getting started as an agent is expensive. In Texas, the license alone can be an investment that may cost between $700 and $900 (not taking into account how much time you’ll invest.) However, you’ll come across even more expenses when you go to arm yourself with the required tools of the trade. And do not fool yourself – they’re necessary – because your competitors are using every tool to greatly help THEM.

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