Every time I talk to someone about my business and career, Best Properties for Rent and Sale in Charlotte it always comes up that “they’ve thought about getting into property” or know anyone who has. With so many people thinking about getting into real estate, and getting into property – why aren’t there more successful Realtors on the globe? Well, there’s only so much business to bypass, so there can only just be so many REALTORS in the world. Personally i think, however, that the inherent nature of the business, and how different it really is from traditional careers, helps it be difficult for the average person to successfully make the transition in to the Real Estate Business. As a Broker, I see many new agents make their way into my office – for an interview, and sometimes to begin their careers. New REALTORS bring a lot of great qualities to the table – lots of energy and ambition – however they also make a lot of common mistakes. Here are the 7 top mistakes rookie REALTORS Make.
1) No Business Plan or Business Strategy
So many new agents put all their emphasis on which Real Estate Brokerage they’ll 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 true Estate business is “obtaining a new job.” What they’re missing is that they are about to get into business for themselves. If you’ve ever opened the doors to ANY business, you understand that one of the key ingredients can be your business plan. Your organization 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 do you want? Make them clear, concise, measurable, and achievable.
B) Services You Provide – you don’t wish to be the “jack of most trades & master of none” – choose residential or commercial, buyers/sellers/renters, and what area(s) you intend 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 – who are you marketing yourself to?
D) Budget – consider yourself “new agent, inc.” and write down EVERY expense that you have – gas, groceries, cellular 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 will you pay for your budget w/ no income for the initial (at the very least) 60 days? With the goals you’ve set on your own, when do you want to break even?
F) Marketing Plan – how will you get the word out about your services? The simplest way to market yourself is to your own sphere of influence (people you understand). Make sure you do so effectively and systematically.
2) Not Using the Best Possible Closing Team
They say the greatest businesspeople surround themselves with people that are smarter than themselves. It requires a pretty big team to close a transaction – Buyer’s Agent, Listing Agent, Lender, Insurance Agent, Title Officer, Inspector, Appraiser, and sometimes more! As a Real Estate Agent, you are in the positioning to refer your client to whoever you select, and you should make certain that anyone you refer in will undoubtedly be a secured asset to the transaction, not a person who will bring 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 can participate of the credit as you referred them into the transaction.
The deadliest duo on the market is the New AGENT & New Mortgage Broker. They gather and decide that, through their combined marketing efforts, they are able to take over the planet! They’re both focusing on the proper section of their business – marketing – but they’re doing one another no favors by choosing to provide each other business. If you refer in a bad insurance professional, it might result in a minor hiccup in the transaction – you create a simple phone call and a fresh agent can bind the property in less than an hour. However, because it normally takes at least fourteen days to close a loan, if you use an inexperienced lender, the effect can be disastrous! You may find yourself ready of “begging for a contract extension,” or worse, being denied a contract extension.
An excellent closing team will typically learn than their role in the transaction. Because of this, you can turn in their mind with questions, and they’ll step in (quietly) when they see a potential mistake – since they want to help you, and in return receive more of your business. Using good, experienced players for the closing team will let you infinitely in conducting business worthy of 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 can be an investment that may cost between $700 and $900 (not considering the volume of time you’ll invest.) However, you’ll come across even more expenses when you attend arm yourself with the required tools of the trade. And don’t fool yourself – they’re necessary – because your competitors are definitely using every tool to greatly help THEM.
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