Apply These 5 Secret Techniques To Improve REAL ESTATE AGENT

Every time I talk to someone about my business and career, it always comes up that “they’ve thought about getting into property” or know someone who has. With so many people thinking about getting into property, and getting into real estate – why aren’t there more successful Realtors on the globe? Well, there’s only so much business to bypass, so there can only just be so many Real Estate Agents in the world. I feel, however, that the inherent nature of the business enterprise, and how different it really is from traditional careers, helps it be 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 Real Estate Agents bring a lot of great qualities to the table – lots of energy and ambition – but they also make a large amount of common mistakes. Listed below are the 7 top mistakes rookie Real Estate Agents Make.

1) No Business Plan or Business Strategy

So many new agents put all their emphasis on which PROPERTY Brokerage they’ll join when their shiny new license comes in the mail. Why? Because most new REALTORS 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’ve ever opened the doors to ANY business, you understand that one of many key ingredients can be your business plan. Your organization plan helps you define where you’re going, how you are getting there, and what it does take for you to make your real estate industry a success. Here are the requirements of any good business plan:

A) Goals – What would you like? Make them clear, concise, measurable, and achievable.

B) Services You Provide – you don’t wish to be the “jack of all trades & master of none” – choose residential or commercial, buyers/sellers/renters, and what area(s) you would like to specialize in. New residential real estate agents tend to have probably the most success with buyers/renters and move ahead to listing homes after they’ve completed several transactions.

C) Market – that are you marketing yourself to?

D) Budget – consider yourself “new agent, inc.” and write down EVERY expense you have – gas, groceries, cellular phone, etc… Then write down the new expenses you’re taking on – board dues, increased gas, increased cell usage, marketing (essential), etc…

E) Funding – how will you pay for your budget w/ no income for the first (at the very least) 60 days? With the goals you’ve set on your own, when do you want to break even?

F) Marketing Plan – how are you going to get the word out about your services? The simplest way to market yourself is 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 that are smarter than themselves. It requires a fairly big team to close a transaction – Buyer’s Agent, Listing Agent, Lender, INSURANCE PROFESSIONAL, Title Officer, Inspector, Appraiser, and sometimes more! As a Real Estate Agent, you are in the position to refer your client to whoever you choose, and you should make certain 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! When they perform well, you get to participate of the credit because you referred them into the transaction.

The deadliest duo on the market is the New Real Estate Agent & New LARGE FINANCIAL COMPANY. They gather and decide that, through their combined marketing efforts, they can take over the planet! They’re both focusing on the right section of their business – marketing – but they’re doing one another no favors by choosing to provide each other business. If 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 property in less than an hour. However, because it typically takes at least two weeks to close a loan, if you are using an inexperienced lender, the effect can be disastrous! You might find yourself in a position of “begging for a contract extension,” or worse, being denied a contract extension.

An excellent 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 visit a potential mistake – since they want to help you, and in exchange receive more of your business. Using good, experienced players for the closing team will allow you to infinitely in conducting business worthy of MORE business…and on top of that, it’s free!

3) Not Arming Themselves with the required Tools

Getting started as a Real Estate Agent is expensive. In Texas, the license alone can be an investment that may cost between $700 and $900 (not considering the number of time you’ll invest.) moving home 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 are necessary – because your competition are using every tool to help THEM.

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