For the non-real estate agent or rookie agent, the idea of selling houses seems rather simple. The fact is, it requires a great deal of concentration and skill before you begin selling any homes or earning reasonable commissions. This article will provide information on the top mistakes all rookie real estate agents make during their first year of practice.
1. No Business Plan Or Strategy
As is mentioned, the idea of selling a home or commercial property may seem simple; however, all realtors will agree that it is not unless you have the correct training. The first factor to consider is the business plan and strategy when preparing to market the property. It is often the case that new or rookie real estate agents ignore this step and begin marketing the property without doing any preparation. This is a dire mistake for business plans and strategies help identify your goal, how you plan on achieving the goal, and the different aspects linked to the procedure. If you do not have a strong business plan or strategy, the chances of success are very limited and you are working without any guidance.
2. Not Using A Closing Team
It is common knowledge that successful business people surround themselves with people who are more knowledgeable than themselves; however, new agents do not see this and will often choose to act alone. While one may think the agent completes the transaction completely independently, an effective closing requires several individuals including the listing agent, the lender, the insurance agent, the inspector, and much more. As a real estate agent, you have a responsibility to negotiate with all of these individuals and manage the sale to ensure your client receives the best deal possible. If you do not have this team, the chances are likely that you will not obtain the best deal for the client and the transaction may be detrimental.
3. Not Using The Correct Real Estate Resources
Unless you are beginning a real estate career as part of a large, reputable company; it is more than likely that the new career will be quite costly. In many states, a license is required to sell properties and this in itself can be highly expensive ignoring a number of times you will need to renew the document. In addition, there are various resources which should be purchased or accessed (and this costs money) to ensure you are prepared for the real estate field. Some of these tools include access to the MLS database where properties are listed by several realtors across the state. This is very expensive but highly beneficial. Another resource is a business laptop which should be kept at hand almost all the time. This ensures you are able to communicate with clients and team members immediately for any property sales or viewings. Many new real estate agents ignore the use of these resources to reduce costs, but this can be detrimental and can negatively influence your selling abilities.
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