Common Mistakes of New Real Estate Agents

5 Jun

Common Mistakes of New Real Estate Agents

People are always going to be buying and selling houses, and because of that, there are lots of real estate agents in the industry.  Not all of them, however, are successful. Why is that?  It could be due to the fact that real estate is a highly competitive field, but ultimately, when it comes down to it, a lack of success boils down to not having the right strategies or implementation in their business. New real estate agents bring a lot of great qualities to the table, such as their energy and ambition, but they also make a lot of mistakes.

Here are the most common mistakes that new real estate agents make:

  1. Lacking a business plan or strategy. After getting their license, new real estate agents tend to focus primarily on what company to join and who to work for. They mistakenly believe that being in the real estate business is like getting a new job. In reality, they are working for themselves and must develop a business plan in order to build their personal business to a successful level. Organization is key, and your business plan should include your goals, defining what type of service you provide to buyers and sellers, what your budget is, what your overhead costs and expenses are going to be, and what kind of marketing plan you’re going to implement.
  2. Not using the best possible closing team. As a real estate agent, you are in the position to refer your client to whoever you believe will be an asset to their transaction. Choosing a good and experienced team will help you have smoother closings and leave you with happier clients, which can result in more referral business.
  3. Not using the necessary tools for conducting the business. In the real estate business, you must invest in certain tools, such as MLS Access, a cell phone with a large plan, a laptop or iPad to easily bring with you wherever you go, and a real estate friendly car to accommodate the extensive driving (and client transportation) involved.
  4. Refusing to spend money on marketing. The cost of marketing in the real estate business can add up quickly, so it is important to budget properly, so you have enough money to spend on the many different types of marketing you will need to do. Marketing is your key to generating business, so don’t put it on the back burner.
  5. Not concentrating their marketing efforts in the most effective ways. Most real estate agents advertise in newspapers and magazines, which can be very expensive. As a new real estate agent, you should find your own sphere of influence and referral marketing in order to receive the greatest return on your investment.

Jennifer Fields
Oklahoma City & Edmond Real Estate Agent


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