How To Make Your Product Stand Out With REAL ESTATE AGENT

Every time I talk to someone about my business and career, it always comes up that “they’ve thought about engaging in real estate” or know someone who has. With so many people considering getting into real estate, and getting into property – why aren’t there more successful Realtors in the world? Well, there’s only so much business to bypass, so there can only just be so many REALTORS in the world. Personally i think, however, that the inherent nature of the business enterprise, and how different it really is from traditional careers, makes it difficult for the average person to successfully make the transition in to 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 lots of great qualities to the table – plenty of energy and ambition – however they also make a lot 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 Real Estate Brokerage they will join when their shiny new license comes in the mail. Why? Because most new Real Estate Agents have never experienced business for themselves – they’ve only worked as employees. They, mistakenly, think that getting into the Real Estate business is “obtaining a new job.” What they’re missing is that they’re about to go into business for themselves. If you have ever opened the doors to ANY business, you understand that among the key ingredients is 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 business a success. Here are the requirements of any good business plan:

A) Goals – What would you like? Make sure they are 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 realtors tend to have 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 agent, inc.” and jot down EVERY expense that 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 will you pay for your allowance w/ no income for the initial (at the very least) 60 days? With the goals you’ve set for yourself, when do you want to break even?

F) Marketing Plan – how will you get the word out about your services? The MOST effective 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 best 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 Agent, Title Officer, Inspector, Appraiser, and sometimes more! estate agents As an agent, you are in the position to refer your client to whoever you choose, and you should ensure that anyone you refer in will be a secured asset to the transaction, not somebody who provides 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 take part of the credit as you referred them into the transaction.

The deadliest duo on the market is the New Real Estate Agent & New LARGE FINANCIAL COMPANY. They get together and decide that, through their combined marketing efforts, they can take over the planet! They’re both focusing on the proper part of their business – marketing – but they’re doing each other no favors by choosing to give each other business. If you refer in a bad insurance agent, it might result in a minor hiccup in the transaction – you make a simple phone call and a fresh agent can bind the house in less than an hour. However, because it normally takes at least two weeks to close a loan, if you are using an inexperienced lender, the effect can be disastrous! You may find yourself ready of “begging for a contract extension,” or worse, being denied a contract extension.

A good closing team will typically know more than their role in the transaction. Due to this, you can turn to them with questions, and they will step in (quietly) if they visit a potential mistake – because they want to help you, and in exchange receive more of your business. Using good, experienced players for the closing team can help you infinitely in conducting business worth MORE business…and best of all, 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 which will cost between $700 and $900 (not taking into account the quantity of time you’ll invest.) However, you’ll run into even more expenses when you go to arm yourself with the required tools of the trade. And do not fool yourself – they’re necessary – because your competitors are definitely using every tool to greatly help THEM.

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