When I posted the last 3 Rookie Mistakes to Avoid post, I reached out to my real estate coach network and asked their opinion on what they think the top 3 mistakes rookie REALTORS® make in their first year. They posted way more than 3 so this is my second post on the topic. Try to avoid these additional mistakes in ramping up your real estate career:
ONE: Reinventing the Wheel
Success leaves clues. As coaches, we see this all the time. Brand new agents not following the model and then eventually they realize they need to follow the model. “I don’t want to sound salesy.” Then don’t … practice until it’s in your cells. “I got in to the business for some flexibility.” Great, just a little structure around lead gen and everything else can be flexible. “People who want to work with me will.” People will forget you’re in real estate, especially in your first couple years. You must be purposeful with asking people for their business.
I have this foundational theory around your first year real estate success. That theory is that the faster you gain your first 1, 3, 5 and 10 clients, the more likely you are to still be licensed a year or two down the road. Clients quickly. Follow the models and recommendations of the pros, of those who have gone before you and succeed faster.
TWO: Buyer / Seller Balance
Most real estate coaches espouse the 3 L’s as the foundation of a solid real estate business. Listings, Leads and Leverage. Focus on listings. It is not uncommon for newer agents to have more buyers than sellers … this is not a problem. But if it gets way out of balance, then it will be a real stretch on your time.
Buyers take more time than sellers. You can handle more sellers at one time then you can buyers. AND, when you have a seller and a sign in someone’s yard, then you get online exposure, sign calls, attention from your friends and sphere, a possible foothold in a neighborhood (if you work the neighborhood). Listings will attract more business. Buyers may attract more business. In your first year, make a solid effort to go after sellers.
Get this rolling right away. In real estate you have two assets … one is your time, the other your database. Treat this like the foundation that it is.
Who do you know? And who do they know? Who have you met this past week? How do you organize the names and contact info of the people you meet at open houses? And how do you communicate with them?
Your ability to systematically communicate with everyone you know or have met is key to functioning like a pro and gaining client traction.
There are many tools to help you organize this. Your broker probably has one for you to use or you can purchase one or you can simply use excel or outlook or a stack of recipe cards. If you overthink the tool/software, you may get bogged down in getting that rolling and you may spend too much money. I have seen brand new agents succeed with a stack of recipe cards (careful, what is your backup? Lose those cards and you lose your business.)
Note on owning your database: Does your broker own your database or do you? If you leave that firm, do they continue to market to your database? This would be good to know.
Get your database organized early and start communicating with it.