Every time I speak to someone about my business and career, Best Properties for Rent and Sale in Columbus it always arises that “they’ve thought about engaging in property” or know anyone who has. With so many people thinking about getting into property, and getting into real estate – why aren’t there more lucrative Realtors on the globe? Well, there’s only so much business to bypass, so there can only be so many REALTORS in the world. I feel, however, that the inherent nature of the business enterprise, and how different it really is from traditional careers, makes it difficult for the average person to successfully make the transition into the Real Estate Business. As a brokerage, I see many new agents make their way into my office – for an interview, and sometimes to begin with their careers. New REALTORS bring plenty of great qualities to the table – lots of energy and ambition – however they also make a lot of common mistakes. Here are the 7 top mistakes rookie REALTORS Make.
1) No Business Plan or Business Strategy
So many new agents put all their emphasis on which Real Estate Brokerage they’ll join when their shiny new license comes in the mail. Why? Because most new Real Estate Agents have never been in business for themselves – they’ve only worked as employees. They, mistakenly, believe that getting into the Real Estate business is “getting a new job.” What they’re missing is that they’re about to go into business for themselves. If you’ve ever opened the doors to ANY business, you know that among the key ingredients is your business plan. Your business plan can help you define where you’re going, how you are getting there, and what it does take for you yourself to make your real estate business a success. Here are the essentials of any good business plan:
A) Goals – What do you want? Make them clear, concise, measurable, and achievable.
B) Services You Provide – you do not wish to be the “jack of all trades & master of none” – choose residential or commercial, buyers/sellers/renters, and what area(s) you would like to specialize in. New residential realtors tend to have the most success with buyers/renters and then move on to listing homes after they’ve completed a few transactions.
C) Market – who are you marketing yourself to?
D) Budget – consider yourself “new agent, inc.” and write down EVERY expense which you have – gas, groceries, cell phone, etc… Then write down the new expenses you’re taking on – board dues, increased gas, increased cell usage, marketing (essential), etc…
E) Funding – how are you going to pay for your budget w/ no income for the initial (at the very least) 60 days? With the goals you’ve set for yourself, when do you want to break even?
F) Marketing Plan – how are you going to obtain the word out about your services? The simplest way to market yourself would be to your own sphere of influence (people you know). Make sure you achieve this effectively and systematically.
2) Not Using the GREATEST Closing Team
They say the greatest businesspeople surround themselves with people that are smarter than themselves. It requires a pretty big team to close a transaction – Buyer’s Agent, Listing Agent, Lender, INSURANCE PROFESSIONAL, Title Officer, Inspector, Appraiser, and sometimes more! As a Real Estate Agent, you are in the position to refer your client to whoever you select, and you should guarantee that anyone you refer in will be a secured asset to the transaction, not someone who provides you more headache. And the closing team you refer in, or “put your name to,” is there to make you shine! If they perform well, you can take part of the credit as you referred them into the transaction.
The deadliest duo out there is the New AGENT & New Mortgage Broker. They gather and decide that, through their combined marketing efforts, they can take over the world! They’re both focusing on the right part of their business – marketing – but they’re doing one another no favors by choosing to provide each other business. In the event that you refer in a bad insurance professional, it might cause a minor hiccup in the transaction – you create a simple phone call and a fresh agent can bind the house in less than one hour. However, because it normally takes at least fourteen days to close a loan, if you use an inexperienced lender, the result can be disastrous! You might find yourself ready of “begging for a contract extension,” or worse, being denied a contract extension.
A good closing team will typically learn than their role in the transaction. For this reason, you can turn in their mind with questions, and they’ll step in (quietly) when they visit a potential mistake – because they want to assist you to, and in return receive more of your business. Using good, experienced players for your closing team will assist you to infinitely in conducting business worthy of MORE business…and on top of that, it’s free!
3) Not Arming Themselves with the Necessary Tools
Getting started as a Real Estate Agent is expensive. In Texas, the license alone can be an investment that may cost between $700 and $900 (not taking into account the volume of time you’ll invest.) However, you’ll run into even more expenses when you attend arm yourself with the necessary tools of the trade. And don’t fool yourself – they are necessary – because your competitors are definitely using every tool to greatly help THEM.
Find the best properties for rent and sale in Columbus, Ohio with our expert real estate listings. Start your search now and make Columbus your new home today!