Do REAL ESTATE AGENT Better Than Barack Obama

Every time I speak to someone about my business and career, it always comes up that “they’ve thought about getting into real estate” or know someone who has. With so many people considering getting into real estate, and getting into property – why aren’t there more successful Realtors on the planet? Well, there’s only so much business to go around, so there can only just be so many REALTORS in the world. Personally i think, however, that the inherent nature of the business enterprise, and how different it is from traditional careers, makes it difficult for the average indivdual to successfully make the transition into the Real Estate Business. As a Broker, I see many new agents make their way into my office – for an interview, and sometimes to begin with their careers. New Real Estate Agents bring a great deal of great qualities to the table – lots of energy and ambition – but they also make a large amount of common mistakes. Here are the 7 top mistakes rookie REALTORS Make.

1) No Business Plan or Business Strategy

So many new agents put all their emphasis on which Real Estate Brokerage they’ll join when their shiny new license comes in the mail. Why? Because most new REALTORS have never experienced business for themselves – they’ve only worked as employees. moving home They, mistakenly, think that getting into the Real Estate business is “getting a new job.” What they’re missing is that they are about to go into business for themselves. If you’ve ever opened the doors to ANY business, you understand that among the key ingredients is your business plan. Your business plan can help you define where you’re going, how you are getting there, and what it’s going to take for you to make your real estate business a success. Here are the requirements of worthwhile business plan:

A) Goals – What do you want? Make them clear, concise, measurable, and achievable.

B) Services You Provide – you don’t want to be the “jack of all trades & master of none” – choose residential or commercial, buyers/sellers/renters, and what area(s) you want to specialize in. New residential realtors tend to have probably the most success with buyers/renters and then move on to listing homes after they’ve completed several transactions.

C) Market – who are you marketing yourself to?

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

E) Funding – how are you going to pay for your allowance w/ no income for the initial (at least) 60 days? With the goals you’ve set on your own, when will you break even?

F) Marketing Plan – how will you get the word out about your services? The MOST effective way to market yourself would be to your own sphere of influence (people you understand). Make sure you achieve this 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 a Real Estate Agent, you are in the position to refer your client to whoever you choose, and you should be certain that anyone you refer in will be a secured asset to the transaction, not somebody who provides you more headache. And the closing team you refer in, or “put your name to,” are there to make you shine! When they perform well, you get to 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 gather and decide that, through their combined marketing efforts, they can take over the planet! They’re both focusing on the right part of their business – marketing – but they’re doing one another no favors by choosing to provide 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 fresh agent can bind the house in less than one hour. However, because it typically takes at least two weeks to close a loan, if you are using an inexperienced lender, the result can be disastrous! You may find yourself ready of “begging for a contract extension,” or worse, being denied a contract extension.

An excellent closing team will typically learn than their role in the transaction. Due to this, you can turn in their mind with questions, and they will step in (quietly) if they see a potential mistake – because they want to assist you to, and in return receive more of your business. Using good, experienced players for your closing team will allow you to infinitely in conducting business worthy of MORE business…and best of all, it’s free!

3) Not Arming Themselves with the Necessary Tools

Getting started as a Real Estate Agent is expensive. In Texas, the license alone is an investment that may cost between $700 and $900 (not considering the number of time you’ll invest.) However, you’ll come across even more expenses when you go to arm yourself with the necessary tools of the trade. And do not fool yourself – they’re necessary – because your competitors are definitely using every tool to greatly help THEM.

Written By RexDebiasio

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