Are you just starting as a real estate agent? If this is the case, I congratulate you on your decision. Real estate is one of the most gratifying jobs you can pursue and one of the most financially rewarding. As you might expect, achieving your real estate ambitions is not as simple as acquiring your real estate license and joining a firm or becoming a member of a realtor association. It requires a lot of effort, patience, and a willingness to learn from your own and other people’s errors. You must treat real estate like an entrepreneur because you are not working for a salary (typically) and are effectively a business owner. Being an entrepreneur is, of course, far more complex than working for someone else. That’s why we decided to create a list of mistakes to avoid when starting a real estate career. That way, you’ll be able to see if you’re on track to meet them and, if required, alter your path.
Don’t rush in
You’ve undoubtedly heard a million times that the real estate profession should be treated like a business. What’s more, you know what? This is a cliché for a reason: it is entirely accurate. As a real estate agent, it is your job to find your clients, find partners like azmovingpros.com to recommend moving services, home inspectors, appraisers, promote yourself, and maintain your present clientele.
Sure, your broker could give you leads now and again. Your broker, on the other hand, is not responsible for your success. Your real estate success is all your responsibility, regardless of the promises (and hype) made by your real estate firm, broker, or coworkers. You will have no leads, listings, or personal brand awareness when you initially begin your real estate business. And it’ll most likely be some time before you close your first sale and get caught up with all the current real estate trends.
So, before you begin your real estate profession, figure out how long it will take you to see some income. Make sure you have enough cash on hand to last at least 6-9 months. You may be tempted to pursue a second job while your real estate business takes off (as many real estate agents have). Still, it would be far better if you could work in real estate full-time from the start.
Don’t expect to be successful right away
While there are numerous examples of rookie real estate salespeople who began closing deals on the first day and immediately became successful, those examples are the exception rather than the rule. Those newbie agents are usually well connected, have a lot of real estate expertise, or have been just in the right location at the right time. You, on the other hand, need to take it slow. Do your research, find tips on how to host an open house, how to close, etc. Most importantly, learn from your mistakes and don’t give up too soon.
Even if you do everything correctly, it might take months to finish your first sale, and it can take up to two years before you start generating “good money” in real estate. Of course, none of this is intended to deter you from having a healthy level of ambition. This serves as a reminder that you should prepare realistically for the most likely scenario and make all of the necessary preparations to improve your chances of success. Having unrealistic expectations is one of the most common mistakes to avoid when starting a real estate career.