The path to success in real estate isn’t always an easy one. Real estate is an ever-changing industry where you need to keep learning and growing. If you are aware of top mistakes other real state agents make, you can avoid them (hopefully) and grow your business faster.
Here are top 5 mistakes real estate agents make:
No business planning – winging it:Many real estate professionals have no clear busienss goals or set timeline for achieving them. Without proper planning, it’s so easy to spend time and money in ways that don’t pay off in the long run. Creating a real estate business plan and updating it every year will allow you to identify your short and long-term goals and outline how you plan to achieve them.
Lack of funding and stable cash flow – hoping for the best:Becoming a real estate agent costs money – a lot of money. Like any entrepreneur, you need a funding source in place to build your business. Whether that means asking family for help, working a part-time job or taking out a small business loan, it’s important that you have sufficient funding and stable cash flow. Don’t just hope for the best as it’s a recipe for disaster.
Expecting immediate success – instant jackpot:Good things take time. You want to be known as a knowledgeable and trustworthy real estate agent. Be reasonable in your expectations of how long it will take to establish yourself. It can take a year or more (depending on how much you hustle) to get to the level where prospective clients start coming to you and not the other way around.
Not focusing marketing efforts – being everywhere and nowhere:Main reason real estate agents: new and seasoned ones end up overspending on real estate marketing is because they spend it in wrong channels. Don’t allocate the majority of your marketing budget to traditional marketing – print flyers and brochures. They’re waning in popularity and are expensive. Focus your efforts on nurturing your Sphere of Influence by maintaining your own CRM and interacting with your clients on social networks like Facebook and LinkedIn. Build a robust referral network that keeps on giving.
Choosing a brokerage for wrong reasons – just sign me up:One of the most important decisions a new real estate professional can make is what brokerage they wish to be affiliated with. Real estate agents choose their broker for a number of reasons: good reputation, generous compensation structure, proximity of office to home, etc. While these are all valid reasons for choosing a brokerage, they aren’t necessarily the most important ones. Your primary factor in your selection process needs to be what a brokerage is offering you in terms of support and mentoring.
You are where you are today because of decisions you made or did not make. Take a hard look at yourself and see if you’ve been guilty of any of these mistakes. Then make a conscious decision not to make them again.
Successful real estate agents are not only a product of their decisions but also shaped by the ability to avoid bad decisions.
What mistakes are you guilty of making? Share in the comments below.