The real estate industry is a complex one. From learning the logistics to working with clients, it requires a great deal of determination. But, for a rookie agent, navigating the waters can be even more challenging, which can result in making quite a few mistakes within the first year. While mistakes are a common part of life, there are some errors that first-year real estate agents will want to steer clear of making.
Forgoing a business plan
As soon as you pass your real estate license exam, you become a business owner. But, many new real estate agents fail to recognize the importance of a business plan. Without set objectives and a timeline of when you hope to achieve your goals, you’ll flounder and spend unnecessary money. Setting a business plan in place will help you to identify your short and long-term goals and how you’re going to accomplish said goals.
Failing to set aside money
Surprisingly enough, becoming a real estate agent costs money. Like any other entrepreneur, you will need to either set aside funds or pick up a part-time job to help you get your career up and running. Consider having at least three months of savings in the bank before taking the leap into real estate. The more financially stable you are when you start your career, the more of a cushion you’ll have when things are slow in the beginning.
Inability to see the importance of marketing
Ah, marketing. Everyone says you should focus on it, but should you really? Absolutely! Marketing is the bread and butter of any real estate career. However, you need to identify what area you want to focus on before you dive headfirst into your career. Whether it’s social media or print, establishing what you’re going to put your budget toward will help amp up your tactics and reduce overspending.
Expecting immediate success
While skyrocketing to success within your first year is always a dream, it rarely happens. You won’t become a top producer overnight, and that’s okay. Understanding that the first year of real estate is about building your brand and book of business will help you in the long run.
Practicing poor time management skills
In real estate, you’re your own boss. Meaning that no one is going to be there to tell you what to do and when to do it. You work on your own time. This flexibility is what draws so many people to the industry in the first place. But if you don’t know how to manage your time wisely from the start, you won’t make it far. A successful agent is organized and disciplined.
While mishaps can be a valuable learning experience, avoiding these common rookie real estate mistakes from the start will help new agents find success in the long run.
