Before you can even sell a house, you have to sell yourself as an expert of your chosen area and its housing market. According to the National Association of REALTORS (NAR), 87% of buyers and 89% of sellers used the services of a real estate agent in their housing transactions.
As you are taking the first steps along your real estate career path, you are bound to stumble. Avoid tarnishing your reputation by knowing the most common beginner mistakes in real estate.
- Rushing in
Before anything, sit down and make a business plan. You might think that all you need to do is sell homes, but you could be spending money and time while not gaining anything in return.
Set specific services that you will provide and pick a specialization. Try asking yourself these questions:
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Will you specialize in residential or commercial?
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Will you work with first time home buyers?
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Will you want to cater to investment property clients?
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- Expecting immediate success
Set realistic goals for yourself. A lot of new real estate agents expect success straight away. Statistically, it could take two months before your first real sale. That is why you must meticulously plan your budget and keep your goals doable within your means. On average, it could take two years before you start making a decent amount from your real estate business.
- Coming unprepared
Set realistic goals for yourself. A lot of new real estate agents expect success straight away. Statistically, it could take two months before your first real sale. That is why you must meticulously plan your budget and keep your goals doable within your means. On average, it could take two years before you start making a decent amount from your real estate business.
This means:
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answering their calls in a timely manner
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making sure that you have studied your area and its communities so that you can make recommendations and talk about available amenities
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knowing whatever niche you specialize in
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keeping updated with the property laws and the market trends in the housing industry
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- Overspending
When you are starting out in real estate, you are going to need to spend before you can profit. Expect no income in the first three months, so plan accordingly and make sure you have savings set aside for the following expenses:
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office supplies
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organizational dues
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printing of business cards and marketing tools
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a Multiple Listing Service (MLS) subscription
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a phone
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a means to get you to showings like a car and gasoline
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- Unfocused marketing
Another area where new real estate agents tend to overspend is marketing. Omnicore reports that traditional methods such as cold-calling and direct mail yields a 1.7% conversion rate. Meanwhile, SEO has a 14.6% conversion rate, making having an easily discoverable website the best and most cost-effective way to improve business.
Building your contacts and creating rapport with other agents is a must, but digital marketing is cheaper and more effective than traditional print media as long as you:
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make yourself visible in search engine results
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add digital tools and informational resources
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make sure your website offers captivating content
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make sure your website adheres to the current digital marketing best practices
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- Not having an engaging website
According to NAR, 93% of real estate agents had a functioning website, but 48% of real estate firms worry that they will not be able to keep up with technology. Utilize the power of internet marketing; build your brand and engage with your audience via social media and your personal website.
You might think that digital marketing is beyond your expertise or is too complicated for a beginning real estate agent. Avoid making reals estate mistakes with guidance of real estate internet marketing experts. Our team can help set you on the right path to growing your new real estate business with a FREE consultation. Be a step ahead when starting out and call us today!
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