Open The Gates For REAL ESTATE AGENT By Using These Simple Tips


Every time I talk to someone about my business and career, it always arises that “they’ve thought about engaging in real estate” or know someone who has. With so many people considering getting into property, and getting into property – why aren’t there more successful Realtors on the planet? Well, there’s only so much business to go around, so there can only just be so many REALTORS in the world. Personally i think, however, that the inherent nature of the business, and how different it really is from traditional careers, makes it difficult for the average indivdual to successfully make the transition into the Real Estate Business. As a Broker, I see many new agents make their way into my office – for an interview, and sometimes to begin with their careers. New REALTORS bring a great deal of great qualities to the table – plenty of energy and ambition – but they also make a lot of common mistakes. Listed below are the 7 top mistakes rookie REALTORS 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 will come in the mail. Why? Because most new Real Estate Agents have never been in business for themselves – they’ve only worked as employees. They, mistakenly, think that getting into the Real Estate business is “getting a new job.” What they’re missing is that they are about to get into business for themselves. If you’ve ever opened the doors to ANY business, you know that among the key ingredients is your business plan. Your organization plan helps you define where you’re going, how you’re getting there, and what it’s going to take for you to make your real estate industry a success. Here are the requirements of any good business plan:

A) Goals – What do you want? Make sure they are 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 wish 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 a few transactions.

C) Market – that are you marketing yourself to?

D) Budget – consider yourself “new real estate agent, inc.” and jot down EVERY expense that you have – gas, groceries, cell phone, etc… Then write down the 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 first (at the very least) 60 days? With the goals you’ve set on your own, when will you break even?

F) Marketing Plan – how are you going to obtain the word out about your services? The MOST effective way to market yourself would be to your own sphere of influence (people you understand). Make sure you achieve this effectively and systematically.

2) Not Using the Best Possible Closing Team

They say the best businesspeople surround themselves with people that are smarter than themselves. It takes 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 positioning to refer your client to whoever you select, and you should make sure 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,” are 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 out there is the New AGENT & New Mortgage Broker. They get together and decide that, through their combined marketing efforts, they are able to take over the world! 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. In the event that you refer in a bad insurance professional, 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 one hour. However, because it normally takes at least two weeks to close a loan, if you use an inexperienced lender, the effect can be disastrous! You may find yourself in a position of “begging for a contract extension,” or worse, being denied a contract extension.

An excellent closing team will typically learn than their role in the transaction. Because of this, you can turn in their mind with questions, and they will step in (quietly) if they see a potential mistake – since they want to help you, and in return receive more of your business. Using good, experienced players for your closing team will help 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 an agent is expensive. In Texas, the license alone is an investment that will cost between $700 and $900 (not considering how much 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 greatly help THEM. moving home