Top 10 mistakes I made my first year out of real estate school

Starting your career as a real estate agent can be a challenging but exciting experience. However, it's common to make mistakes during your first year in the industry.

Here are the top 10 mistakes many new real estate agents make:

1.     Not obtaining a proper education: Taking courses and obtaining a license is just the beginning. Continual education and professional development regarding how to run a business, how to protect your clients, how to sell and market are all essential for success in the industry.

2.     Not having a solid business plan: Having a clear and well-defined business plan can help you stay focused and achieve your goals. It doesn’t have to be 75 pages long. It just needs to paint the vision for where you want to go and create a path to get you there. Work with a business coach or a mentor to create this for the first time.

3.     Not building a strong network: Building relationships with other real estate professionals, such as mortgage brokers and home inspectors, can lead to referrals and future business opportunities. Plus, these become your support system. You’ll learn so much from these connections!

4.     Not utilizing technology effectively: Embrace technology, such as social media and real estate software, to stay organized and reach potential clients. A lot of agents start out flying by the seat of their pants and this is ok for a little while. Until you want to grow and scale and then you literally have to start all over again to build the systems you could have built in the beginning.

5.     Not setting realistic goals: Set achievable and realistic goals for yourself and track your progress regularly. I teach my coaching clients to track their entire first year if they have never done this before. Then, once year one is done, they can look back and find baselines and averages and reach higher the next year.

6.     Not being prepared for rejection: Real estate is a people-based business, and rejection is a part of the process. Learn how to handle rejection and keep moving forward. Thick skin is definitely a requirement for this career.

7.     Not having a strong work ethic: Success in real estate requires hard work, persistence, and dedication. Learning to be a self-starter, an independent worker and the skills ore resilience and discipline will take you far.

8.     Not taking advantage of marketing opportunities: Utilize various marketing strategies, such as open houses, social media advertising, and direct mail, to promote your services and attract clients. Test everything out in the beginning and then track where your clients are coming from. Then invest in those marketing channels.

9.     Not listening to your clients: Pay attention to your clients' needs and preferences, and be responsive to their questions and concerns. Listening is one of the most important skills in our industry. Buying or selling a home is a big decision and often comes with a lot of emotion and fear.

10. Not seeking help when needed: Don't be afraid to seek help from experienced agents, as they can offer valuable advice and guidance. Choose a good brokerage with lots of support and training. You’ll lean on this, especially your first year in the business.

Real estate is a rewarding and exciting business. By avoiding these common mistakes, new real estate agents can increase their chances of success and achieve their goals in the industry.

 

Are you looking for more tools and resources to help support your business? Follow this link to see which of these may help you grow and scale this year.