Stepping into the world of real estate comes with a lot of perks- a flexible schedule, large commissions, and the ability to help people find the home that they have always dreamed about. However, all of these upsides come with some equally significant pitfalls that should be avoided at all costs. A successful real estate agent is not only created by making a series of good decisions, but their ability to identify and steer clear of bad decisions.
Here are some mistakes that every agent should absolutely avoid:
Not Having a Business or Marketing Plan
When you go into business for yourself and head to the bank to get a business loan, they are going to want to see two things:
– Your Income Statement
– Your Business Plan
When you get into real estate sales, you are getting into business for yourself. Many salespeople have no clear goals or timelines for achieving success. It should be obvious, but the more prepared you are, the more success you will find. Before you can find yourself neck-deep in perks, you’ll have to start at the beginning, with a business plan.
Not Communicating with Clients
According to the Inman Real Estate Connect Conference, the number one complaint that people make about their real estate agent is the lack of communication. It does not take a lot of effort to rise above the rest when it comes to communication. The ability to text updates has made client communication much easier and less time consuming.
Pick a day, every week, and make it the day that you reach out to all of your sellers and buyers. Send them quick texts about what you’ve been doing for them during the week. It only takes a few moments and the impact of communication will create loyal and lifelong clients.
Not Utilizing the Available Tools
We live in the future. There is little to no reason you shouldn’t be maximizing your reach through efforts on the internet, social media, and CRM real estate. You should have Twitter, a Facebook Page and a website all working for you, even when you aren’t in the office. Real estate CRM is going to help you manage all of your clients, leads and past buyers in one convenient place.
Just remember, don’t get caught using analog practices in the digital world we now live in!
Not Saving a Portion of Every Check
Owning your own business means that you are in control of how you operate- but, you have absolutely zero control over an ever-fluctuating market. Sometimes real estate is a great business and you are selling houses left and right, and other times it is a challenge to keep the lights on in your building. There are a few certainties in life: death, taxes and that, no matter how great it seems to be going right now, the housing market will eventually slow down and you need to be prepared for it.
Putting a portion of every check away will ensure that you will make it through the slow times and prosper anyways.
You’re going to learn a lot about the world of business, real estate and yourself as you traverse through the real estate agent life. Make sure you set up for success and avoid doing these rookie mistakes.
