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6 Rookie Mistakes Every Real Estate Agent Makes and How to Avoid Them
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1. Trying to help everyone. There is an old saying that the riches are in the niches, and this is especially true of everyone. If you set out to be of service to absolutely everyone, you will spin your wheels needlessly while trying to learn the intricacies of every type of property and transaction. Not sure where to start? Identify and define your ideal buyer. Who are they? How old are they and what are their interests? Where do they want to live, and what do they want close to home? What are their needs and desires? Do they have children? What’s their budget? Once you’ve deciphered this buyer persona, you can tailor your marketing initiatives specifically to this audience. When you take this approach, it’s much easier to find clients than merely casting a wide net hoping to attract anyone. Plus, you’ll be able to work with the type of buyer that keeps you motivated in your business.
2. Cultivating relationships from leads. Success doesn’t stop at gathering leads. Instead, you need to categorize these leads and provide them with quality service and information to foster this budding relationship into one that will last. Take notes as you go along, recategorize your leads as they move down the funnel, and follow-up regularly, and always write thank you notes, especially to those who have given you a referral.
3. Reinforce your brand. This involves introspection into what differentiates you from other real estate agents. Once you’ve defined this thoroughly, live and breathe it. It’ll quickly evolve into your bread and butter. Remember, you are your brand. How do you relay and reinforce this to your clients? Be consistent in your branding through all channels, social media, ads, flyers, your website, and your interactions.
4. Follow-up. You work hard to make connections. It’s a lot less costly and much more time-efficient to maintain the relationships you’ve established than to seek out new ones. As such, you can work smarter by merely keeping in touch. Make systematic “touches” part of your routine by regularly calling, mailing, and meeting up with those in your pipeline.
5. Invest in your business. It’s best to bet on not getting an income within your first 90 days, so a nice cushion for your launch would make the transition most comfortable. Beyond that, however, when the money starts rolling in, you need to establish a marketing budget and stick to it. Be a stickler for tracking money spent and the effectiveness of each marketing endeavor in which you invest. Reinvest only in advertising that best attracts your ideal client.
6. Invest in yourself. No doubt that launching your new career can be exhilarating. The classes that you’ve recently taken have provided you a wealth of information and a good foundation for you to propel your success. Don’t be fooled into thinking that you know it all, however. It’s equally detrimental to assume that even the most seasoned veterans aren’t continuing their education to keep them on top of their game. In this volatile field in which technology is continually involving, it’s imperative for you to educate yourself and grow with the times so that you don’t stagnate. Your being an excellent resource for others is dependent upon your keeping up with the times.
Keeping this in mind, we hope that you will navigate through your first year in real estate, avoiding these rookie mistakes that even seasoned agents are still making. While we talk about six mistakes, not learning from them is often the worst and hardest lesson of all.