The first year in real estate is the toughest. Figuring out what to do each day and implementing an effective real estate business plan is no easy task! Here are a few of the most common mistakes new agents face when starting out.
1. They Have No System for Their Business
No one tells you what to do when you first get into real estate! It can be hard to build a business without a system for real estate lead generation. Agents should implement a proven system that helps them understand exactly what they must do each day to create a pipeline of quality leads. It’s also important to set goals and track progress along the way!
2. They Are Transaction-Oriented
Most people can’t even remember their real estate agent’s name a year or two after a sale! That’s because many agents are hyper-focused on the transaction; they fail to stay in touch with clients and, as a result, lose out on referral opportunities. Instead, new agents should commit to keeping in touch through mailings, calls and even small appreciation gifts. Be there for clients before, during and after a transaction, and become their go-to real estate agent for friends and family.
3. They Are Available 24/7
As a new agent, you want to be there for your clients whenever you can, even if it isn’t convenient for you. However, over time, this approach will lower productivity and lead to burnout and fatigue. New agents must implement a strong real estate time management plan at the start to get the most out of each day, while maintaining an essential work-life balance.
4. They Live Paycheck-to-Paycheck
Getting your first commission check is exciting! It’s tempting to spend it all right away, but before you splurge on a new car or shopping spree, you have to make sure you have all your financial bases covered. Because real estate agents do not receive a set paycheck, agents must learn how to keep business and personal expenses separate, and how to divide each commission check to pay themselves first while also covering business expenses, taxes and other costs.
5. They Look Online for Leads
When building a database from scratch, buying online leads seems like an easy way to get clients quickly. However, online leads are more like soft inquiries, and the chances of them becoming lifelong clients are very low. Instead, new agents should cultivate a database through their current sphere of influence—not strangers on the internet—to build relationships and generate top-quality leads.
If you’re a new agent (or even someone who’s been in the business for years) and you find yourself making a few of these mistakes, it’s easy to get on the right track! The Pathway to Mastery®—Essentials is a real estate training program from Buffini & Company that teaches agents at all stages in their career how to build a successful business that will thrive for years to come. Register to take this course online today!