Top 12 mistakes every new real estate agent makes

Let’s have a little fun with today’s blog! Which of these top 12 mistakes did you make your first year in real estate?

Entering the real estate industry can be a challenging but rewarding experience. However, new agents often make mistakes that can hinder their success. Here are the top 12 mistakes every new real estate agent should avoid:

1.     Not obtaining a proper education: Taking courses and obtaining a license is just the beginning. Continual education and professional development are essential for success in the industry. I know my first year out I took every class I could. The licensing classes just help you get licensed, but they don’t teach you how to actually run a real estate business.

2.     Not having a solid business plan: Having a clear and well-defined business plan can help you stay focused and achieve your goals. I actually see this one in my coaching business every day even with the most seasoned agents. Without a plan, it is really hard to stay on track in this industry.

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. I wholeheartedly agree! I call it your external team. Start building this from day one and you’ll be able to support each other’s businesses over the long haul.

4.     Not utilizing technology effectively: Embrace technology, such as social media and real estate software, to stay organized and reach potential clients. The number one thing I hear from agents, even those who have been in the business for 20 years- they wish they would have started their CRM - Customer Relationship Management- from day one! Today’s CRMs are so advanced and can do so much to help you stay front of mind with your clients.

5.     Not setting realistic goals: Set achievable and realistic goals for yourself and track your progress regularly. Goal setting is critical to keep pushing yourself forward. Especially when you are feeling discouraged or unmotivated.

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.

7.     Not having a strong work ethic: Success in real estate requires hard work, persistence, and dedication. It is not for the faint of heart. You will feel like you are working 24/7 and in the beginning you may feel like you are getting nowhere. Stick with it and keep going!

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. The best practice is to layer several marketing strategies on top of one another so that you start being seen everywhere by the right clients.

9.     Not listening to your clients: Pay attention to your clients' needs and preferences, and be responsive to their questions and concerns. Practice active listening. Show your clients you care about their concerns and that you are there to help. It is ok if you don’t know the answers. Be honest and let your client know that you’ll go back to your team or your broker and you will get them the answers they need.

10. Not staying up-to-date on market trends: Stay informed on the current real estate market and changes in the industry to remain competitive. There are so many great forums, groups and social media channels that you can connect with to stay on top of the market. Become a valuable source of information for your clients.

11. Not having a clear pricing strategy: Determine a clear pricing strategy and stick to it, as undercutting other agents or pricing properties too high can hurt your reputation and bottom line. Explain your different pricing strategies at your listing appointments and what each one can do for your client.

12. Not seeking help when needed: Don't be afraid to seek help from experienced agents, as they can offer valuable advice and guidance. Get connected within your brokerage, join a team where they educate you as you grow your business, get a mentor or hire a coach!

I hope you enjoyed this walk down memory lane, thinking back to when you first got your real estate license. If you are a seasoned and experienced agent, think about someone you can help share your knowledge with today!

Are you looking for more tools and resources to support your business this year? Check out this link with free guides to help you grow.