New real estate professionals in the beginning of their career are filled with excitement, an eagerness to learn the ropes and reach their unlimited earnings potential. What many don’t realize is that the things they do (or don’t do) will have an impact on their performance. So anyone starting a career in real estate will want to avoid the following six common mistakes that many new real estate agents make.
- Not choosing the best real estate company to work for.
Unfortunately, anxious to get their career off the ground, many newbie agents don’t always pick the best real estate company to work for. Although you’re excited and ready to start earning commissions, it is important to make sure the broker you choose not only has access to great online real estate tools and marketing resources, but will also provide you with the training and support you will need to become a successful real estate agent and reach your full earnings potential.
- Lacks a sales and marketing plan or budget.
Rather than investing some time defining their sales and marketing goals and budget, many new real estate agents jump in with no clear direction or goals. A sales and marketing plan is your roadmap to success. It is where you outline your goals, identify your strengths, build on your weaknesses and carve out the steps you need to take to reach your goals. Also, you will need to establish a realistic marketing budget to ensure you spend your resources wisely to attract potential buyers and sellers.
- No organized daily plans and goals.
One of the tenets of top performing agents is effective time management skills. They plan every aspect of their day to ensure they are focusing on high payoff activities to reach their goals. There are going to be plenty of distractions throughout the day and if you’re not careful about managing your time, you will not be as productive as you could be which will have a negative effect on your income potential. In real estate, time is money and it is important to make every minute count.
- Not planning for career development.
Many new real estate agents often don’t think about planning their career development soon enough. This is unfortunate because the knowledge gained from education can bridge the gap when competing with more experienced agents in your local market. Also, taking courses to earn specialized designations and certifications such as Accredited Buyers Representative (ABR), Certified Residential Specialist (CSR) and Graduate, Realtor® Institute (GRI), for example helps agents to distinguish themselves among the competition and provide a higher level of service to clients.
- Not networking.
Many new agents are so busy learning the ropes that they delay building their network. However, the most successful agents have a strong network of resources. And the sooner you get started, the sooner you will start receiving leads and referrals. That’s why it is important to start building relationships with home inspectors, title companies, attorneys, mortgage brokers and other real estate professionals right away.
- Not thinking like a business owner.
You need to have a business owner mindset to succeed in real estate. All too often many agents just starting out become so focused on finding their next lead they lose sight of the bigger picture. The most successful agents today think of themselves not just as a Realtor®, but as a brand. They take a holistic approach to growing their career as an independent business owner which includes effectively and efficiently managing their advertising, marketing, sales and other resources that are required to grow a profitable business.