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Common Inaccuracies New Real Estate Agent Make

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The route to success in real estate is not always an easy one. Real estate can be a very difficult and nuanced industry that needs you to always be on the front of learning and growth. In this article, we uncover some common inaccuracies new real estate agent make.

No Business Plan:

When you become a real estate agent you’re essentially starting your own business. However, many real estate professionals have no clear goals or timeline for achieving them. Without a real estate business plan, it is far too easy to spend time and money in ways that don’t pay off. Creating a real estate business plan will allow you to identify your short and long-term goals and outline how you plan to achieve them.

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Lack of Funding:

Becoming a real estate agent costs money. Like any businessperson, you want a backing source in place to construct your business. Whether that means asking family for help, working a part-time job or taking out a small business loan, it’s important that you have at least three months of reserves in savings before making the leap to a full-time agent. It may be difficult at first, but it’s important to remember that countless individuals have made the transition from part-time employee to successful, full-time real estate agent.

Expecting Immediate Success:

Good things take time. Though it’s likely that you’re eager to make a name for yourself in the real estate industry, you need to be reasonable in your expectations of how long it will take to launch your career. Statistically, it takes at least two months to make your first sale as a real estate agent and can take you up to two years to begin making a comfortable living from your business.

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Not Focusing Marketing Efforts in the Most Effective Areas:

One reason new real estate agents end up overspending on real estate marketing is because they spend it in the wrong place. In general, they use their budget for print marketing like newspapers, real estate magazines, etc. because it is most visible. In today’s marketplace, these channels often yield a low return on investment. Instead of shelling out precious capital, in the beginning, write down who you know in your personal sphere of influence. Promote your new real estate business on social networks like LinkedIn and Facebook. Focusing on building out your referral network may deliver stronger results in the long run.

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Choosing a Brokerage for the Wrong Reason:

One of the most important decisions a new real estate professional can make is what brokerage they wish to belong to. Real estate agents choose their new broker for a number of reasons they have a good reputation, they offer the most competitive split, the office is close to their house, and so on. While these are all valid reasons for choosing a brokerage, they aren’t necessarily the correct ones. A broker’s purpose is to help new real estate professionals establish successful careers, so your primary concern should be what the brokerage is offering you in terms of support.

Lack of learning:

New agents need to take advantage of every learning opportunity they can: enroll in free and paid courses, attend seminars, and choose continuing education and professional development courses that will advance your career. And importantly, find a really great mentor.

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