When It Comes Buying Real Estate, There Are Five Rookie Mistakes To Avoid

When It Comes Buying Real Estate, There Are Five Rookie Mistakes To Avoid

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Rookie, newcomer, upstart... these are all terms used to describe a new agent. You're in a whole new universe, whatever you choose to call yourself... and you're at a loss on what to do.

You're feeling isolated... and desperate to get things moving.

However, making a mistake at this point can stifle or halt your growth, which is the last thing you want.

So I though I'd share some of the mistakes I've seen agents make when they're too eager, too smug, too lazy, or just too clueless to see them coming.

My aim is that you will take this article to heart and avoid these blunders at all costs!

Ready? Let's get started!

 

1st "New Agent" Mistake: Choosing The Wrong Brokerage

I can picture you now, all pumped up and on the edge of your seat, waiting for me to declare which brokerages are "right" and which are "wrong."

No.

That is not what I am referring to.

In other words, some agents select their brokerage for the wrong reasons. It also hinders their professional advancement.

Rather of focusing on the most lucrative offer or the office where you know someone, be sure you're getting what you need from a brokerage.

I'd say that a quality training program is far more necessary than a larger split for the vast majority of new agents.

Mentoring is the same way. Finding a supportive atmosphere in which you feel at ease is also important.

Others may be looking for technological advantages.

The trick is to examine yourself and determine what you require in order to operate at your best. Then look for a brokerage that can help you with that. When interviewing with different brokerages, don't be hesitant to ask these questions. The more honestly you describe what you require and what will help you succeed, the better match you will find.

 

2nd "New Agent" Mistake : They Don't Have A Written Plan

Some agents enter the industry thinking it's just another sales job, although one with greater commissions than selling cars or furniture.

What they don't comprehend is that this isn't the case. Because you're establishing your own business as a real estate agent, you'll need a detailed business plan.

Getting into this industry without a detailed business plan is like hopping in your car and driving across the nation without thinking about the path you'll travel. You may eventually arrive at your destination, but it will take considerably longer and involve many more stops and starts along the route.

Create your business plan and share it with other entrepreneurs so you can obtain feedback and make changes before you go too far.

 

3rd "New Agent" Mistake: They Don't Invest In Their Companies

In comparison to other industries, real estate has a relatively low entrance barrier.

Isn't it true that you have to agree?

But it doesn't mean it's simple to succeed in this industry.

Not at all.

Within the first five years, the vast majority of people who start this firm fail.

Why?

Mostly because they are unwilling – or unable to afford – to adequately market themselves.

This isn't just another sales job, as we mentioned in Mistake No. 2. You've decided to create your own company. To be successful in business, you must put money into it.

You have to spend money to generate money in this sector, whether it's buying leads from Zillow or engaging an agency to establish your own brand and map out a marketing strategy.

STOP if you're thinking about getting into real estate because it's "simple" and "needs no overhead." With that thinking or approach, you're not going to be successful.

 

4th "New Agent" Mistake: They Don't Spend Enough Time Learning The Business

The adage "you can't run before you can walk" seems appropriate in this situation.

Many newcomers come into this industry with ideas of Million Dollar Listings (or whatever you want to call it) and the belief that it's all glamor, glamour, and easy money.

Hopefully, you've already heard me emphasize the significance of being your marketplace's "information broker." If you haven't already, this is the first of many times you'll hear me say it.

Your role is to operate as an expert resource, which requires you to understand the business, contracts, current market trends, local property prices, and much more. Knowing it and exhibiting it in your marketing are two different things.

Getting your license is merely the start of your real estate education - and, to be honest, it's the most pointless portion of the process.

I urge that you set aside time each day to study more about this industry. Start by watching every video on my YouTube channel or searching for terms like the new agent, marketing, or scripts right here on my website.

Speak with your office's more experienced agents. Inquire if you can accompany them or "shadow" them for a day or a week. Find out how they operate, what systems they use, how they communicate with clients, and everything else. For at least the first year, commit to being a sponge.

Believe me when I say that the more time and effort you put into learning how to do things correctly from the start, the faster you will progress.

 

5th "New Agent" Mistake: They Don't Work On It Every Day

As a novice agent, you may not have many things to complete throughout the day.

However, once you start obtaining a few clients, you'll immediately realize how easy it is to become overwhelmed by this business.

It's easy to lose sight of the reality that you're establishing a business when you do that. Building a business, on the other hand, necessitates consistent growth on a daily basis, not only when you have the time to devote to it.

One of the most essential distinctions you can make at this point in your career is that there are two types of real estate work: working in and working on your business.

Working "in" your business entails everything related to serving your clients, such as making appointment calls, completing buyer and seller research, attending appointments, assisting people with house purchases and sales, negotiating, and so on.

Working "on" your business entails putting in place procedures, technology, and automation to keep your company moving ahead on a daily basis. You should be polishing your marketing, operations, and sales talents and looking at them through the eyes of a CEO. You'll also need the discipline to do it on a regular basis, not just when you "feel like it."

If you lack discipline, now is the moment to find someone who will keep you accountable - before you create poor habits that will be difficult to overcome. Accountability can take various forms, including your broker or manager, a deal you make with family or friends, engaging a coach, or finding a peer or mentorship group. Make sure you have accountability in whatever form it takes for you.

 

Is It Possible That I'm Contradicting Myself Here? No, I Don't Believe So.

Although it may sound counterintuitive in a blog on avoiding mistakes, here's a bonus tip: Make no apologies about making blunders.

The blunders I've listed above are "big picture" errors that can put your career back.

But you can't live in fear of making a mistake when it comes to the day-to-day operations of your company. Accepting that you're going to make errors – a lot of them, even – and promising yourself that you'll always learn from them is a much better strategy.

Then don't do it again.

If you never make a mistake, you're probably not putting forth enough effort to do things differently and stand out in your market.

 

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