The real estate industry can be tough to break into, but once you do it’s an amazing career. The key to success is not making the same mistakes that other new agents make who ultimately end up leaving real estate before they actually have a chance to grow. We’re going to share with you 3 of the most common mistakes new agents make and how you can avoid them!
Not having a plan for your business.
Every business needs a good, strategic plan for success, and real estate is no different. Many new agents enter the field without realizing the need to establish strategic goals and a blueprint to follow on how to build and grow their business. You can avoid this misstep by completing a business model canvas. A business model canvas is a short, one page tool to help you strategically plan for success in your business. This will help you cover all of the important areas of your business including key partners, key activities, key resources, value propositions, customer relationships, customer segments, key resources, channels, cost structure and revenue streams. Everything you need to map out your road to success in real estate.
Not being able to manage your time well.
Real estate doesn’t follow the conventional 9-5 work day of other businesses. And because of that, many new agents get lost in trying to manage the demands of building and growing a new business, serving clients and marketing all at once. You can skip the stress by setting up specific days to handle certain things in your business. For example, Monday’s might be set aside for prospecting for new leads and Wednesday might be your day for managing back office work. Schedule “flex time” into each day so that you can handle any situations that might come up that require your immediate attention. Build your calendar based on where you’re at in your business right now giving the highest priority to money generating activities. Use a calendar that will be easy for you to reference and edit such as a Google Calendar or iCalendar on your phone.
Not understanding the importance of networking and referrals.
As a real estate agent you’re in business for yourself, but that doesn’t mean you should be in business by yourself. Leverage the power of community by networking, building connections and getting referrals. Collaborate with strategic partners such as mortgage brokers, home insurance agents, appraisers and contractors to share referrals for new clients. Attend local networking events and build a social media network to share valuable insights and expert information to people in your community.
The real estate industry is one of the most competitive industries out there for people just starting their career. There are a lot of new agents trying to break in, and it can be overwhelming to try and make your way through all that noise. That’s why we want you to avoid these common mistakes so you can focus on what matters – growing your business!
Balanced Bridge Funding, an independent franchisee of Commission Express, can help real estate agents and brokers access the cash they need to grow their businesses. Visit Commission Express Mainline to learn more about our cash flow solutions for real estate professionals in PA and DE.