The Ultimate Deal On REAL ESTATE AGENT

Every time I speak to someone about my business and career, it always comes up that “they’ve thought about engaging in property” or know anyone who has. . With so many people thinking about 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 go around, so there can only just be so many Real Estate Agents in the world. I feel, however, that the inherent nature of the business, and how different it really is from traditional careers, helps it be difficult for the average indivdual 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 with their careers. New REALTORS bring many 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 terra hill.

1) No Business Plan or Business Strategy

So many new agents put almost all their emphasis on which Real Estate Brokerage they’ll join when their shiny new license comes in the mail. Why? Because most new REALTORS have never been in business for themselves – they’ve only worked as employees. They, mistakenly, believe that getting into the Real Estate business is “getting a new job.” What they’re missing is that they are about to go into business for themselves. If you’ve ever opened the doors to ANY business, you know that one of the key ingredients is your business plan. Your business plan can help you define where you’re going, how you are getting there, and what it’s going to take for you to make your real estate industry a success. Here are the essentials of worthwhile business plan:

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

B) Services You Provide – you do not desire to be the “jack of most trades & master of none” – choose residential or commercial, buyers/sellers/renters, and what area(s) you intend to specialize in. New residential real estate agents tend to have the most success with buyers/renters and then move on to listing homes after they’ve completed a few transactions.

C) Market – that are you marketing yourself to?

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

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

F) Marketing Plan – how will you obtain the word out about your services? The simplest way to market yourself is to your personal sphere of influence (people you know). Make sure you achieve this 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 choose, and you should make certain that anyone you refer in will be a secured asset to the transaction, not a person who will bring you more headache. And the closing team you refer in, or “put your name to,” are there to make you shine! When they perform well, you can take part of the credit because you referred them into the transaction.

The deadliest duo on the market is the New AGENT & New Mortgage Broker. They gather and decide that, through their combined marketing efforts, they can take over the world! They’re both focusing on the right section 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 one hour. However, because it typically takes at least fourteen days 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.

An excellent closing team will typically know more than their role in the transaction. For this reason, you can turn in their mind with questions, and they will step in (quietly) if they see a potential mistake – since they want to assist you to, and in return receive more of one’s business. Using good, experienced players for the closing team will let you infinitely in conducting business worthy of 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 can be an investment which will cost between $700 and $900 (not taking into account the quantity of time you’ll invest.) However, you’ll come across even more expenses when you go to arm yourself with the necessary tools of the trade. And don’t fool yourself – they are necessary – because your competition are using every tool to help THEM.