Starting anything new is difficult. There’s a learning curve to master and new terminology to learn. But as you start your career as a real estate agent, know that you don’t have to go it alone. Others have followed the same path, so learn from their errors. These are the top 5 beginner real estate agent mistakes you should avoid.
Unwilling or Unable to Invest in Yourself
As you start this business, you’ll find that it costs money to earn money. During the first months of your career as a real estate agent, you’ll need to invest in marketing materials, professional development, office supplies, and possibly a few quality wardrobe pieces. You must plan to survive without an income during the first three months, so a cushion to live on is vital, plus set aside the money to invest in your business.
Dropping the Ball on Client Communication
The worst of the beginner real estate agent mistakes is failing to follow up with clients. If you start off by being flaky or difficult to get ahold of, you’ll never truly recover. Clients are trusting you with the biggest purchase they’ll ever make, so you must respond in a timely manner and deliver what you promised when you promised it.
Beyond following-up with your current clients, you should make sure to stay in touch with past clients and future prospects. A newsletter is a good way to do that, as are holiday cards, the occasional email blast, and special events.
Neglecting to Develop a Personal Brand
You can’t rely on your agency’s branding to carry you through the early stages of your career. You need to establish an independent brand that will travel with you. Ultimately, your business is not so much selling houses as selling yourself as a real estate agent. Grow a strong social media presence, build an email list, and network every chance you get!
Failing to Manage Time
It’s so easy to lose track of time, isn’t it? Some people work too much, while others let important tasks slide off your radar. Both extremes are bad for your business. Starting the day with a prioritized to-do list is a must. Check out the Eisenhower Matrix and try blocking your day out in chunks of time to devote to a single task. And don’t forget to plan for downtime, too. You need a break or you’ll get burned out.
Skipping the Business Plan
A business plan is key to your success. Without a plan, you’ll end up being pulled in directions you didn’t intend to go or treading water while other agents build impressive portfolios in their chosen niche. A business plan is a roadmap, and the goals you set out to achieve are landmarks along the way.
Your business plan should include, at minimum, your goals and a timeline to achieve them, a statement of purpose, a description of the market sector you want to work in, and a plan for your finances.
