Even if you loved your real estate courses and easily passed your licensing exam, you may still need help getting started in your career. After all, you have to have clients to succeed in real estate. So, if you ignore marketing your business and assume buyers and sellers will find you using ESP, you won’t last long in the industry. This is just one of the most common new real estate agent mistakes. Here’s a look at the top mistakes new real estate agents make.
Common Mistakes New Real Estate Agents Make
Here’s a look at some of the most common mistakes made by first-time agents – and tips on how to avoid them.
Mistake #1: Choosing the wrong brokerage
It’s hard to know what you will need from your brokerage when starting in real estate. Some beginning agents only pay attention to the commission split during brokerage interviews. Or they choose their friend’s brokerage because they think it would be fun to work together. This is one of the most common mistakes new real estate agents make.
Instead, choose your brokerage carefully. Ask about mentoring and training programs. Find out what resources, supplies, and equipment you can access as a real estate agent in this organization.
You may find out that the additional 5 or 10% that goes to your brokerage was worth it in the end – because the company equipped you with the tools you needed to become a success, like in-house software or an information portal to stay current on real estate trends.
Mistake #2: Not working every day
We understand that many beginning agents keep their day jobs while building up their sales funnels. But you’ll never be able to do real estate full-time if you don’t treat your business as an additional full-time job.
We’re not saying it will be easy. In fact, you may feel like you’re at your wit’s end for a year . . . or two.
But the hours you spend working on your business will pay off eventually. It takes discipline. Consider finding a mentor, accountability partner, or coach to encourage you during this busy season of your life.
Mistake #3: Not communicating with your clients
Your clients may be trusting you with their biggest financial asset. Remember this when they call or text you – and answer immediately. Lack of communication is one of the major problems that clients have with their agents.
Find out their preferred method of communication, whether it’s a phone call, text, or email. And let them know that their transaction is one of your top priorities.
Mistake #4: Not investing in your business
Unfortunately, there are necessary expenses when getting started in real estate. Of course, use the “free” resources that your brokerage offers. But remember, starting a business often requires a capital investment.
This may mean you have to work your day job a bit longer to build up the necessary cash to put toward your business.
And speaking of investing, don’t skimp on marketing materials. Your clients won’t trust you to sell their house if your own company’s marketing materials look DIY and unprofessional. Optics and image are important in real estate!
Mistake #5: Spending all your money
We know how exciting it is to earn your first commission. You may have a list of wants and needs you were waiting to buy until you made your first sale.
Of course, celebrate your success – perhaps with a nice meal. But don’t forget that the real estate industry is wrought with fluctuations.
Budgeting and planning are crucial since you won’t have a regular paycheck. Don’t forget to save for those upcoming rainy days, retirement, and taxes.
Mistake #6: Not spending enough time learning
Yes, you learned enough about real estate laws and contracts to pass the state-licensing exam. We hate to break it to you, but there’s a lot more to learn.
Talk with the experienced, successful agents in your brokerage and ask to shadow them for a few days or a week. Read real estate blogs, such as the Colibri Real Estate Career Hub. Learn about new technology that is used in your industry.
Finally, become an expert in your local real estate market. Get to know local property values, current market trends, and what is happening in your community.
Mistake #7: Not meeting other people in the industry
Even if you are an introvert at heart, force yourself to form relationships with other local people in your industry, such as bank loan officers, house inspectors, handymen, interior designers, house cleaners, and more. It will be helpful to you and your clients if you know people who offer these services.
Get out in the community. Get to know area business owners. Meet local politicians, and join civic organizations.
You’ve heard the adage before, “It’s not what you know – it’s who you know.” Well, in real estate, both are important.
Mistake #8: Putting off your continuing education or post-licensing courses
We know you are overwhelmed by all there is to do as a beginning real estate agent. But, if you don’t keep your license current, all the work you put into your business will go to waste.
Stay current on your license by purchasing a CE package with Colibri Real Estate.
Colibri Real Estate has CE and post-licensing courses for every state. And our courses are taught by industry experts, so you will learn up-to-date, helpful information that you can use to help grow your business.
Sign up for your CE courses today.
