Becoming a real estate agent can be a daunting task. It can feel like there is so much to know, and so many things that one must do in order to be successful as an agent. And while it can seem like there are endless possibilities for success in this field, there are also plenty of pitfalls that new agents tend to fall into from time to time. So, how do you avoid those pitfalls? Well, the first step is recognizing them when you see them. That’s why I’m writing this article: so that you will understand what common mistakes new agents make, and how you can avoid falling into the same traps in the future. After all, if we want our industry to continue growing and thriving well into the future, we need more people to get involved with it.
Networking is Vital
If there’s one thing that stands out as a common mistake that most new agents make, it’s the fact that they aren’t networking as much as they are trying to sell their services all at once. If you really want to be successful as a real estate agent, you’re going to have to get involved in your local real estate community, and start building that network as soon as you start selling. Sure, you’ll have to start with a smaller group, but if you keep building from there, it can become a massive source of referrals, leads, and opportunities for you down the road.
Not to mention, building a network of connections also has the added benefit of helping you stay motivated and keep your enthusiasm up, even when things don’t look so great. Many people get stuck in a business where networking and selling are on opposite ends of the spectrum. But the truth is, they go hand in hand. Networking is how you build strong relationships and find opportunities to help others. If you want to be successful, you’re going to have to make it a part of your daily routine.
Always Take Pre-Approved Showings
Another mistake that many new agents make is that they should never let their rental properties line up any showings before they’ve gotten their license and are officially an agent. When you are just starting out, you don’t have a large number of clients who are willing to set up listings for you. In fact, in the beginning, you may not have any clients at all! So, the best thing that you can do during this time is to go find some properties that are available to show, and set up some showings for them. You don’t have to book any appointments or do anything fancy.
All that you need to do is find a potential renter, and book them on a showing. The easiest way to do this is to make some calls and contact some of the companies or individuals that you’re interested in renting to, and ask them if you can show their property. This may sound a little pushy, but you’re simply trying to build your clientele and make some money at the same time. The great thing about showing a rental property is that you make money every time someone books an appointment with you. You’re not doing anything wrong by taking pre-approved showings like this, but you do want to keep in mind that you aren’t technically doing anything wrong as long as you are following the laws and regulations of your state.
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Don’t Be Afraid to Ask for Feedback
When you’re just starting out as a real estate agent, you’re probably going to be afraid to ask for feedback from your sellers and clients. You may even be worried about seeming pushy or annoying. But, the truth is, when you leave a client feeling happy and satisfied with the work that you did for them, you’re building a relationship with them. And as long as you’re nice and respectful, clients are much more likely to return to you in the future, and refer their friends and colleagues to you. That’s why you need to make it a priority to build relationships with your clients from the very beginning. The best way to do that is to take the time to learn about them, find out what their needs and desires are, and make those the top priorities when you’re working on their listing.
You’re Expecting Short-Term Gains At the Expense of Long-Term Growth
Another common pitfall that new agents make is that they keep trying to make more money, at the expense of growing as real estate agents. There are plenty of opportunities to make money as a real estate agent, but it will never make up for the fact that you won’t make as much money as you would if you were working in a different field. While there are plenty of ways to make some extra money, the most important thing that you need to keep in mind is that you have to enjoy what you’re doing.
If you enjoy working with clients, and helping them find their dream homes, you’ll be able to make money doing it. The tricky thing about making money as a real estate agent is that you have to find a way to enjoy it. If you keep thinking about the money, and what you could be earning if you were working in another field, then you’ll never be able to enjoy and make the most of your opportunities as an agent. So, make sure that you stay focused on the things that truly bring you joy.
You Keep Trying to Sell Before Buyers Are Ready
Another mistake that many new agents make is that they keep trying to force the sale. This is something that is best done after you have done all of the necessary groundwork, and have built up a solid client base. The only time that you should be trying to sell before your buyers are ready is if you are at the end of your listing term and have been turned down for several offers, but are still holding out for the “perfect” one. In that situation, you should call the listing agent, and suggest that they ask their listing agent to lower the price. In most cases, that price reduction will get you more serious buyers, and will help you to avoid having to sell at a loss.
You Don’t Take the Time to Learn
One of the worst mistakes that new agents make is that they don’t take the time to learn. This is the one that can cost you the most, and actually prevent you from ever making money. The only way that you can truly get better, and learn how to become a better real estate agent, is by learning from others. There are plenty of free and paid educational resources in websites like Udemy that you can use, like: free real estate courses, free marketing resources, and free networking groups. The only way that you’ll truly get better at selling real estate is by putting in the time and effort. The best way to do this is to make a commitment to learning from the beginning, and not to let anything or anybody stop you from making that happen.
You Think You Have to Be a Licensed Real Estate Agent to Sell Real Estate
Another common misconception that new agents tend to have is that you have to be a licensed agent in order to sell real estate. While it is certainly a good idea to get your license, you don’t necessarily need to get it right away. The truth is that most states only require you to be registered as a salesperson, which doesn’t require you to have any experience. In fact, there are many good real estate agents out there who have never completed a course, or taken a licensing exam. All that they need to do is to get started and start networking like crazy. There are plenty of ways to get started without having to get a license in the first place.
Another common mistake that new agents make is that they don’t take the time to think about what marketing means, and what it isn’t. Many first-time agents get frustrated when they don’t see results immediately, and think that they are doing something wrong. But, what they really need to do is to make sure that they are following the right marketing strategies, and implementing them properly. The only way to do this is to make a commitment to self-improvement and make sure that you are following all of the right steps.
It is common for investors to become licensed real estate agents because it gives them a way to work with people from all walks of life. What most real estate agents do is that they promote their home and property in an unbiased manner, and if a sale comes about, some will even pocket the commission as well. Most agents mainly focus on a specific market and specialize in taking care of just one type of property, but this doesn’t mean that other women shouldn’t get licensed either – because there are many types of investors. Very often, first-time investors (or people who aren’t sure) rely all so on just one channel such as newspaper ads or their personal connections with aging adults directly. Many times this can be the downfall of quick success, especially when it only seems to take 3-4 weeks to sell or sign the contract.