Every time I speak to someone about my business and career, it always comes up that “they’ve thought about getting into property” or know anyone who has. Best Properties for Rent and Sale in Oklahoma City With so many people thinking about getting into real estate, and getting into real estate – why aren’t there more lucrative 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. I feel, however, that the inherent nature of the business, and how different it 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 brokerage, I see many new agents make their way into my office – for an interview, and sometimes to begin their careers. New REALTORS bring a great deal of great qualities to the table – lots of energy and ambition – but 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 almost all their emphasis on which PROPERTY Brokerage they will join when their shiny new license will come in the mail. Why? Because most new Real Estate Agents have never experienced business for themselves – they’ve only worked as employees. They, mistakenly, believe that getting into the true Estate business is “getting a new job.” What they’re missing is that they’re about to go into business for themselves. If you’ve ever opened the doors to ANY business, you understand that among the key ingredients is your business plan. Your organization plan helps you define where you’re going, how you are getting there, and what it’s going to take for you to make your real estate industry a success. Here are the essentials of worthwhile business plan:
A) Goals – What would you like? Make sure they are clear, concise, measurable, and achievable.
B) Services You Provide – you don’t desire to be the “jack of all trades & master of none” – choose residential or commercial, buyers/sellers/renters, and what area(s) you want to specialize in. New residential realtors tend to have probably the most success with buyers/renters and move on 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 which 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 are you going to pay for your allowance 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 obtain 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 achieve this effectively and systematically.
2) Not Using the GREATEST Closing Team
They say the best 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 PROFESSIONAL, Title Officer, Inspector, Appraiser, and sometimes more! As a Real Estate Agent, you are in the positioning to refer your client to whoever you choose, and you should be sure that anyone you refer in will undoubtedly be an asset to the transaction, not somebody 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 take part of the credit because you referred them in to the transaction.
The deadliest duo on the market is the New AGENT & New LARGE FINANCIAL COMPANY. They get together and decide that, through their combined marketing efforts, they can take over the planet! They’re both focusing on the right 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 professional, it might cause a minor hiccup in the transaction – you create a simple phone call and a new agent can bind the house in less than one hour. However, because it normally takes at least two weeks to close a loan, if you use an inexperienced lender, the effect can be disastrous! You may find yourself in a position of “begging for a contract extension,” or worse, being denied a contract extension.
An excellent closing team will typically know more than their role in the transaction. For this reason, you can turn in their mind with questions, and they will step in (quietly) if they visit a potential mistake – since they want to assist you to, and in return receive more of your business. Using good, experienced players for your closing team will help 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 can be an investment that will cost between $700 and $900 (not considering the amount of time you’ll invest.) However, you’ll come across even more expenses when you attend arm yourself with the necessary tools of the trade. And do not fool yourself – they are necessary – because your competitors are using every tool to greatly help THEM.
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