Entering a new business venture is not as hard as many people think. Staying and being successful in that field are the true concerns. Despite the interest of several people to be real estate investors, one has never heard that there are many realtors with success stories. New real estate agents usually carry with them positive energy and staggering ambitions. Those are good qualities only if they will try to avoid the top 7 mistakes that rookie real estate agents make.
1) No Business Plan or Business Strategy
Real estate agent starters must put into mind that instead of having an employee mentality, they should acquire that of a business owner. Having SMART (Specific, Measurable, Achievable, Relevant, and Time-based) goals are essential in developing a business strategy. Real estate agents must think of their own long and short-term goals in the process and not just that of their brokerage.
Part of making a good business plan is knowing what and the extent of services that you are willing to offer to your chosen market. Being flexible but mastering certain sections of real estate market give a rookie real estate an advantage over those being considered “jack of all trades & master of none”.
Just like any new businesses, initial capital is needed. The latter will serve as your “gas” in engineering your decisions towards your goals. Verify if you have enough funds to pay for every expense that you will be incurring as you start your real estate business. Record all expenditures however small amount they may be.
To get the business moving, there must exist a marketing plan. Word-of-mouth is, undeniably, still one of the best ways to market. Be sure that you’ll have a positive one starting from your own sphere of influence. Also, remember that how much business you get is directly correlative to how much you spend in marketing. If you have a good business plan, take more risks in spending in your marketing area.
2) Not Using the Best Possible Closing Team
A one-man real estate investor team will not survive in this field. Surrounding oneself with dependable and smart people will surely be an advantage. Just make sure that those you refer to your clients are those not only there to celebrate with you during victories, but also those who may see potential mistakes in your decision-making and still want to help you all the way through.
3) Not Arming Themselves with the Necessary Tools
Remember that it is your business; moreover, you are also the business. Make sure that you are marketing yourself very well. Acquire all necessary accreditations and attend seminars that will make you stand out to other real estate investors.
Be sure that you are easy to reach and contact. Provide yourself with a mobile phone with the right plan according to your needs. If your clients seem to have a problem in contacting you, at least you can contact them.
Sometimes, owning a mobile phone is not enough to communicate with your clients. Make sure to afford yourself a laptop or computer which you can use to email your clients. Be familiar to possible software applications that can level-up your knowledge related to your field.
Frequent meet-ups with clients and teammates will demand a practical and convenient way for you to transfer yourself from one place to another. A decent and clean car will do wonder!