Best Properties for Rent and Sale in Memphis, Tennessee | listproperties
Every time I talk to someone about my business and career, it always arises that “they’ve thought about engaging in property” or know anyone who has. With so many people considering getting into property, and getting into real estate – why aren’t there more successful Realtors on the planet? Well, there’s only so much business to bypass, so there can only just be so many Real Estate Agents in the world. Personally i think, however, that the inherent nature of the business enterprise, and how different it is from traditional careers, makes it difficult for the average person to successfully Best Properties for Rent and Sale in Memphis make the transition in to 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 their careers. New Real Estate Agents bring a great deal of great qualities to the table – lots of energy and ambition – but they also make a large amount 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 will join when their shiny new license comes in the mail. Why? Because most new REALTORS have never experienced business for themselves – they’ve only worked as employees. They, mistakenly, believe that getting into the true Estate business is “obtaining a new job.” What they’re missing is that they are about to go into business for themselves. If you have ever opened the doors to ANY business, you understand that among the key ingredients can be your business plan. Your organization plan can help you define where you’re going, how you’re getting there, and what it does take for you yourself to make your real estate industry a success. Here are the requirements of any good business plan:
A) Goals – What would you like? Make sure they are clear, concise, measurable, and achievable.
B) Services You Provide – you don’t wish to be the “jack of most trades & master of none” – choose residential or commercial, buyers/sellers/renters, and what area(s) you intend to specialize in. New residential realtors tend to have probably the most success with buyers/renters and then move on to listing homes after they’ve completed several transactions.
C) Market – that are you marketing yourself to?
D) Budget – consider yourself “new agent, inc.” and jot down EVERY expense that you have – gas, groceries, cell phone, etc… Then write down the brand new expenses you’re dealing with – board dues, increased gas, increased cell usage, marketing (very important), etc…
E) Funding – how are you going to pay for your allowance w/ no income for the first (at the very least) 60 days? With the goals you’ve set on your own, when will you break even?
F) Marketing Plan – how are you going to get the word out about your services? The simplest way to market yourself is to your own sphere of influence (people you understand). Make sure you achieve this effectively and systematically.
2) Not Using the Best Possible Closing Team
They say the best businesspeople surround themselves with people that are smarter than themselves. It takes a pretty big team to close a transaction – Buyer’s Agent, Listing Agent, Lender, Insurance Agent, Title Officer, Inspector, Appraiser, and sometimes more! As an agent, you are in the position to refer your client to whoever you select, and you should be certain that anyone you refer in will be an asset to the transaction, not a person who provides you more headache. And the closing team you refer in, or “put your name to,” is there to make you shine! When they perform well, you can take part of the credit as you referred them into the transaction.
The deadliest duo on the market is the New Real Estate Agent & New LARGE FINANCIAL COMPANY. They get together and decide that, through their combined marketing efforts, they are able to take over the world! They’re both focusing on the proper section of their business – marketing – but they’re doing one another no favors by choosing to provide each other business. If 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 property in less than an hour. However, because it typically takes at least two weeks to close a loan, if you are using an inexperienced lender, the result can be disastrous! You may find yourself in a position of “begging for a contract extension,” or worse, being denied a contract extension.
A good closing team will typically know more than their role in the transaction. For this reason, you can turn to them with questions, and they’ll step in (quietly) when they visit a potential mistake – since they want to assist you to, and in return receive more of your business. Using good, experienced players for the 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 required Tools
Getting started as a Real Estate Agent is expensive. In Texas, the license alone can be an investment which will cost between $700 and $900 (not taking into account the quantity of time you’ll invest.) However, you’ll run into even more expenses when you go to arm yourself with the required tools of the trade. And do not fool yourself – they’re necessary – because your competition are definitely using every tool to greatly help THEM.
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