How To Win Friends And Influence People with REAL ESTATE AGENT

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 thinking about getting into property, and getting into property – why aren’t there more lucrative Realtors on the globe? 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, helps it be difficult for the average person to successfully make the transition in to 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 lots of great qualities to the table – lots of energy and ambition – however they also make a lot of common mistakes. Here 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 will join when their shiny new license comes in the mail. Why? Because most new Real Estate Agents have never experienced business for themselves – they’ve only worked as employees. They, mistakenly, believe that getting into the true Estate business is “getting 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 understand that among the key ingredients is your business plan. Your business plan can help you define where you’re going, how you’re getting there, and what it does take for you yourself to make your real estate business a success. moving home Here are the requirements of worthwhile business plan:

A) Goals – What do you want? 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 realtors tend to have the most success with buyers/renters and 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 jot down EVERY expense that you have – gas, groceries, cell 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 allowance w/ no income for the first (at least) 60 days? With the goals you’ve set on your own, when will you break even?

F) Marketing Plan – how will you obtain the word out about your services? The simplest way to market yourself would be to your own sphere of influence (people you understand). 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 requires 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 position to refer your client to whoever you choose, and you should make sure that anyone you refer in will undoubtedly 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! If 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 Real Estate Agent & New Mortgage Broker. They gather 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. If you refer in a bad insurance professional, it might result in a minor hiccup in the transaction – you make a simple phone call and a fresh 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 ready 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’ll step in (quietly) when they see a potential mistake – since they want to help you, and in return receive more of your business. Using good, experienced players for the closing team will help you infinitely in conducting business worth MORE business…and on top of that, it’s free!

3) Not Arming Themselves with the required Tools

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

Leave a Reply

Your email address will not be published. Required fields are marked *

Navigation