Every time I talk to someone about my business and career, it always comes up that “they’ve thought about engaging in property” or know anyone who has. With so many people thinking about getting into real estate, and getting into real estate – why aren’t there more successful Realtors on the planet? Well, there’s only so much business to bypass, so there can only be so many Real Estate Agents in the world. Personally i think, however, that the inherent nature of the business, and how different it really is from traditional careers, makes it difficult for the average person to successfully make the transition in to the Real Estate Business. As a brokerage, I see many new agents make their way into my office – for an interview, and sometimes to begin their careers. New Real Estate Agents bring lots of great qualities to the table – plenty of energy and ambition – but they also make a large amount of common mistakes. Here are homes for sale in Misssissauga Make.

1) No Business Plan or Business Strategy

So many new agents put all their emphasis on which Real Estate Brokerage they will join when their shiny new license will come in the mail. Why? Because most new REALTORS have never been in business for themselves – they’ve only worked as employees. They, mistakenly, believe that getting into the Real Estate business is “obtaining a new job.” What they’re missing is that they are about to get into business for themselves. If you have ever opened the doors to ANY business, you know that one of many key ingredients is your business plan. Your business plan helps you define where you’re going, how you’re getting there, and what it’s going to take for you to make your real estate industry a success. Here are the essentials of any good business plan:

A) Goals – What would you like? Make sure they are clear, concise, measurable, and achievable.

B) Services You Provide – you do not wish to be the “jack of most trades & master of none” – choose residential or commercial, buyers/sellers/renters, and what area(s) you want to specialize in. New residential real estate agents tend to have the most success with buyers/renters and move ahead to listing homes after they’ve completed a few transactions.

C) Market – that are you marketing yourself to?

D) Budget – consider yourself “new agent, inc.” and jot down EVERY expense you have – gas, groceries, cell phone, etc… Then write down the new expenses you’re taking on – board dues, increased gas, increased cell usage, marketing (very important), etc…

E) Funding – how are you going to pay for your allowance w/ no income for the first (at least) 60 days? With the goals you’ve set for yourself, when do you want to break even?

F) Marketing Plan – how are you going to obtain the word out about your services? The MOST effective way to market yourself is to your own sphere of influence (people you understand). Make sure you achieve this effectively and systematically.

2) Not Using the GREATEST Closing Team

They say the greatest businesspeople surround themselves with people who are smarter than themselves. It requires a fairly big team to close a transaction – Buyer’s Agent, Listing Agent, Lender, Insurance Agent, Title Officer, Inspector, Appraiser, and sometimes more! As an agent, you are in the position to refer your client to whoever you choose, and you should make sure that anyone you refer in will undoubtedly be a secured asset to the transaction, not a person who provides you more headache. And the closing team you refer in, or “put your name to,” are there to make you shine! When they perform well, you get to participate of the credit because you referred them in to the transaction.

The deadliest duo out there is the New Real Estate Agent & New LARGE FINANCIAL COMPANY. They get together and decide that, through their combined marketing efforts, they are able to take over the planet! They’re both focusing on the proper part of their business – marketing – but they’re doing one another no favors by choosing to give each other business. If you refer in a bad insurance agent, it might result in a minor hiccup in the transaction – you create a simple phone call and a new agent can bind the house in less than an hour. However, because it normally takes at least two weeks to close a loan, if you are using an inexperienced lender, the effect can be disastrous! You might find yourself ready of “begging for a contract extension,” or worse, being denied a contract extension.

A good closing team will typically know more than their role in the transaction. Because of this, you can turn in their mind with questions, and they will step in (quietly) when they see a potential mistake – since they want to assist you to, and in exchange receive more of your business. Using good, experienced players for your closing team will let you infinitely in conducting business worth MORE business…and best of all, it’s free!

3) Not Arming Themselves with the Necessary Tools

Getting started as a Real Estate Agent is expensive. In Texas, the license alone is an investment which will cost between $700 and $900 (not taking into account the volume of time you’ll invest.) However, you’ll come across even more expenses when you go to arm yourself with the required tools of the trade. And don’t fool yourself – they are necessary – because your competition are using every tool to help THEM.

A) MLS Access is probably the most expensive necessity you’re going to run into. Joining your neighborhood (and state & national, automagically) Board of Realtors will allow you to purchase MLS access, and in Austin, Texas, will run around $1000. However, don’t skimp in this area. Getting MLS access is one of the most important actions you can take. It’s what differentiates us from your average salesman – we don’t sell homes, we present the homes that we have available. With MLS Access, you should have 99% of the virginia homes in your area available to present to your clients.

B) Mobile Phone w/ a Beefy Plan – These days, everyone has a cellular phone. But not everyone includes a plan that will facilitate the amount of use that REALTORS need. Plan on getting at the very least 2000 minutes per month. You need, and need, to be available to your clients 24/7 – not just nights and weekends.