The REAL ESTATE AGENT That Wins Customers

Every time I talk to someone about my business and career, it always arises that “they’ve thought about engaging in property” or know anyone who has. With so many people considering getting into property, and getting into real estate – why aren’t there more successful Realtors on earth? Well, there’s only so much business to go around, so there can only 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 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 a lot of great qualities to the table – plenty of energy and ambition – but they also make a large amount of common mistakes. Listed below are the 7 top mistakes rookie REALTORS Make.

1) No Business Plan or Business Strategy

So many new agents put almost all their emphasis on which PROPERTY Brokerage they will join when their shiny new license comes in the mail. Why? Because most new REALTORS have never been in business for themselves – they’ve only worked as employees. They, mistakenly, think that getting into the Real Estate business is “obtaining a new job.” What they’re missing is that they’re about to go into business for themselves. If you have ever opened the doors to ANY business, you know that among the key ingredients is your business plan. realmove Your business plan helps you define where you’re going, how you’re getting there, and what it’s going to take for you yourself to make your real estate business a success. Here are the essentials of any good 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 intend to specialize in. New residential realtors tend to have the most success with buyers/renters and then move on to listing homes after they’ve completed a few transactions.

C) Market – that are you marketing yourself to?

D) Budget – consider yourself “new agent, inc.” and write down EVERY expense 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 are you going to 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 will you break even?

F) Marketing Plan – how will you get the word out about your services? The simplest way to market yourself is to your personal sphere of influence (people you know). Make sure you do so effectively and systematically.

2) Not Using the Best Possible Closing Team

They say the best businesspeople surround themselves with people that are smarter than themselves. It takes a fairly big team to close a transaction – Buyer’s Agent, Listing Agent, Lender, INSURANCE PROFESSIONAL, 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 sure 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,” are there to make you shine! If they perform well, you get to participate of the credit because you referred them into the transaction.

The deadliest duo out there is the New Real Estate Agent & New Mortgage Broker. They gather and decide that, through their combined marketing efforts, they are able to take over the planet! They’re both focusing on the proper part of their business – marketing – but they’re doing one another no favors by choosing to give each other business. If 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 an hour. However, because it normally takes at least fourteen days to close a loan, if you use an inexperienced lender, the effect can be disastrous! You might find yourself ready of “begging for a contract extension,” or worse, being denied a contract extension.

A good closing team will typically learn than their role in the transaction. Due to this, you can turn in their mind with questions, and they’ll step in (quietly) if they see a potential mistake – since they want to help you, and in exchange receive more of one’s business. Using good, experienced players for the closing team will let you infinitely in conducting business worth MORE business…and on top of that, 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 can be an investment that will cost between $700 and $900 (not considering the quantity of time you’ll invest.) However, you’ll run into even more expenses when you go to arm yourself with the necessary tools of the trade. And don’t fool yourself – they’re necessary – because your competition are using every tool to greatly help THEM.

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