Starting a new career is always exciting. Becoming a real estate agent is especially exciting because it looks like a lot of fun from the outside. I'm not saying that being a real estate agent isn't fun, but what I will say is that it is a job. And like any job, you have to do the work.
Instead of focusing in on showing houses, managing their own time and making lots of money, new real estate agents need to understand they are now running a business. Their focus should be on not making these three mistakes as they begin their real estate career.
Time is such a precious commodity, so why do we choose to waste so much of it?
One of the benefits of being a real estate agent is that we get to set our own schedule. One of the curses of being a real estate agent is that we get to set our own schedule. Since there isn’t anyone looking over our shoulder telling us what to do or when to do it, it is very easy to waste time on unproductive activities.
To use your time more wisely, put yourself on a schedule and be consistent in following that schedule. Try time blocking your activities. You’ll find that you are much more productive when you know what you will be doing on any given day.
If you don't think you waste time, start keeping a time journal. Log how you use your time for two weeks. I can guarantee you, you will be shocked at the amount of time you waste. It's scary, but worth knowing.
Stop pretending to work by doing busy work. Busy work includes almost anything that prevents you from getting in front of someone who might want to buy or sell real estate. It could be something like taking a course to learning how to run a CMA or going to a motivational seminar.
These may be important activities for you, but they are non-revenue generating activities and can be done during off peak times. During peak hours you should be face-to-face or making calls to potential clients or leads.
Underestimating the Work Involved
Becoming a real estate agent is kind of like having a baby. No one ever tells you what it’s really like. They make you think that it’s just one glorious day after another. Not true. Being a real estate agent or should I say a successful real estate agent takes work. Yes, it’s a fun job but it does take time to build your business. It takes time to get that first, second and third client.
Watching reality television would have you thinking that being a real estate agent is a glamorous profession. You show a few houses, write the offer and go to settlement. What they never show or tell is the struggle of wondering where your next client or commission will come from.
- Showing a client dozens and dozens of houses only for them to decide to rent 9 months down the road.
- You don’t see that they may have to clean up a property before holding the open house.
- They don’t show you with a broom and dust pan in your hand because the seller didn’t get the house clean enough for the final walk through.
But these are all of the hats a real estate agent has to wear. Even your pre-licensing class doesn’t prepare you for the amount of work involved in being a successful agent. It isn’t until you affiliate with a broker that you realize that building your business takes focus, consistency and a willingness to work for free.
Not Having a Plan
Being a real estate agent is like running for a marathon. Talk to any runner and they’ll tell you their training schedule to prepare for the marathon. You won’t find one serious runner who thinks they can get up one day and run over 26 miles.
If you talk to any number of successful real estate agents you’ll find they all have a plan. They may not have started out with a plan, but they quickly realized that success doesn’t just magically happen, you need to have a plan.
Your plan should include a realistic set of goals and a planned set of activities outlined so that you reach those goals. Having a written plan helps keep you focused on your business when you get busy or when business slows down.
You also need to evaluate your business and your business plan on a regular basis.
- What did you do well?
- Are there areas that need improvement?
- What’s working?
- How much money did you make?
- Did you stay within your budget?
- Have you made a profit?
Your goals for your business should be clearly defined. You might get lucky and have some amount of success without having a plan, but if you’re looking to build a thriving real estate business and be in the business for a while, you need to have a clear plan.
Being a real estate agent is a business and it should be treated as such.
Enjoy less stress by having smoother transactions by implementing these simple strategies today!
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- Have you struggled turning contacts into clients?
- Are you working hard, but hardly making any money?
- Are you beginning to think you made a bad career choice?
If you answered “yes” to any of these questions you are in the right place!
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To learn what it takes to be a successful real estate agent or to get your real estate business back on track, check out Candy's new book,
"The Reality of Real Estate - The Essential Guide to Planning, Managing and Growing Your Real Estate Business."
Candy, “The Real-Life Realtor”, coaches, mentors and trains new and experienced real estate agents to transform their business by mastering her proven systems for success.
In 2016, Inman News named Candy Miles-Crocker as one of the Top 25 Real Estate coaches in the United States.
She is a firm believer in managing expectations.
Her goal is to elevate the perception of real estate agents among the general public through education so every client has an amazing real estate experience.
Candy’s unique training methods have shown agents what it takes to be successful!
Learn more about her training program at www.RLRETraining.com or send her an email at Candy@RLRETraining.com.