10 Ways To Reinvent Your REAL ESTATE AGENT

Every time I speak to someone about my business and career, it always arises that “they’ve thought about engaging in property” or know someone who has. With so many people considering getting into real estate, and getting into real estate – why aren’t there more lucrative Realtors on earth? Well, there’s only so much business to bypass, so there can only just be so many REALTORS in the world. I feel, 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 their careers. New REALTORS bring many great qualities to the table – lots of energy and ambition – but 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 PROPERTY Brokerage they will join when their shiny new license will come in the mail. Why? Because most new Real Estate Agents have never been in business for themselves – they’ve only worked as employees. They, mistakenly, think that getting into the true Estate business is “obtaining a new job.” What they’re missing is that they are about to get into business for themselves. If you’ve ever opened the doors to ANY business, you know that one of many key ingredients can be your business plan. Your organization 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 industry a success. Here are the requirements 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 desire 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 real estate agents tend to have probably the most success with buyers/renters and move on to listing homes after they’ve completed several transactions.

C) Market – who are you marketing yourself to?

D) Budget – consider yourself “new real estate agent, inc.” and jot down EVERY expense you have – gas, groceries, cell phone, etc… Then write down the new expenses you’re dealing with – 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 for yourself, when do you want to break even?

F) Marketing Plan – how are you going to obtain the word out about your services? The MOST effective way to market yourself would be to your personal sphere of influence (people you understand). Make sure you do so effectively and systematically.

2) Not Using the GREATEST Closing Team

They say the best businesspeople surround themselves with people who are smarter than themselves. It takes a pretty 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 select, and you should make sure that anyone you refer in will undoubtedly be an asset to the transaction, not somebody who will bring you more headache. And the closing team you refer in, or “put your name to,” is there to make you shine! If they perform well, you can participate of the credit as you referred them into the transaction.

realmove The deadliest duo on the market is the New AGENT & New LARGE FINANCIAL COMPANY. They gather and decide that, through their combined marketing efforts, they are able to take over the world! They’re both focusing on the right part of their business – marketing – but they’re doing each other no favors by choosing to give 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 new agent can bind the house 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 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. For this reason, you can turn to them with questions, and they’ll step in (quietly) when they visit a potential mistake – since they want to help you, and in exchange receive more of your business. Using good, experienced players for your closing team will help you infinitely in conducting business worthy of 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 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 attend arm yourself with the required tools of the trade. And don’t fool yourself – they’re necessary – because your competition are using every tool to help THEM.

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