5 Painful Mistakes New REALTORS® Make When Starting Out In Real Estate

Every year, I see new Real Estate Agents enter the business and I see many of them leave.  Nobody said running a business was going to be easy, but I believe many new REALTORS® haven’t really thought enough about what they are getting into.  It’s a lot of hard work making it as a Real Estate Salesperson today.  80% of new REALTORS® leave the business in the first 2 years, that’s right, 80%!

Here are 5 mistakes that I see new Real Estate Agents making when they launch their new business.

1. Not Prospecting Each and Every Day

Many new REALTORS® start out well, and with the right intentions.  But they soon find one or two buyers and quickly forget about their prospecting for leads.  Lead generation has to continue each and every week.  What we prospect for now comes to fruition 30, 60 or 90 days down the road.  The relationship you cultivate now, may not pay off for months and months down the road.  But by constantly adding new people to our Database and keeping in touch regularly, we can expect to do many deals.

2. Not Keeping In Touch Enough

As I mentioned above, we need to keep in touch well with our database if we hope to get any referrals.  I recently just did a training program where I asked my audience how often that they need to keep in touch each year with their clients.  I was shocked that some agents felt that 2 or 3 times a year was enough.  Are you kidding me?  A good Agent will stay in contact between 26-32 times a year! Now I don’t mean phoning each client that many times, but “touching” them that many times is a must.

Examples would be a monthly newsletter, phoning your clients, writing personal notes, taking clients out for lunch, client appreciation parties!  All of these are excellent examples of how to stay in touch regularly!

3. Not having a great Listing Presentation

Many new Agents go on appointments totally unprepared. They think that they can go in their and just wing it.  Well if they are competing for the business it’s unlikely for them to get the listing when they are up against someone who has a full on listing presentation already prepared and practiced! A full presentation with Statistics, Market Share, Your Bio, Home Marketing Strategy etc is really important for you to make a good impression and show you are the REALTOR® for the job!

4. Poor Time Management Skills.

Many Agents are terrible with their time management.  They likely have come from a 9 to 5 job and are not very good at organizing their days.  They are unsure what they are supposed to be doing each day and end up wasting time at the office instead of thinking about and executing a good prospecting / marketing  plan.  As months go by, if this is not addressed, it could lead to some very bad habits or even worse, an early exit from this amazing career!

5. Not Paying Attention To Self Improvement and Training

A good Real Estate Brokerage offers ongoing training.  Your office should be providing programs for you to attend and learn new skills.  Often times new agents wait too long to get some training or don’t show up when it is offered.  Sales skills are not something you are born with.  It is a learned skill.  Some may have a similar back ground is Sales from which to draw from and can be quite successful at real estate right from the get go.  But for the rest of us, we need to take advantage of any training that is offered.

Reading self improvement books and listening to podcasts can make sure we have the correct mind set.  We need to be confident and up for the challenge if we are to be successful in Real Estate Sales.  Staying sharp and focused will ensure you pickup on opportunities as they present themselves.  Getting out of your comfort zone is a must if you are to achieve all your goals!

PLEASE leave a comment below and don’t forget to share, I really appreciate it.

Thanks!

Marty Green

P.S. This post is brought to you by www.realestatecareermentor.com Please sign up for our FREE newsletter with more great updates and Real Estate training info on how to make sure you achieve all your Real Estate Goals.

 

18 thoughts on “5 Painful Mistakes New REALTORS® Make When Starting Out In Real Estate”

  1. I’m still looking into getting my license. I’ve been throwing the idea around for a few weeks now, wanting to make sure I have a full understanding of the real estate world before I invest into the training. I have a Bachelor’s degree in Sports Administration, but hated working on a salary because I am a very self-motivated person and didn’t want to be ‘capped’ at what I could make a year. 1 year ago I started working in sales (still sports related) and found out I’m really good at it. I feel I have the personality, motivation and enthusiasm to make an astonishing career out of being a real estate agent. I enjoyed reading this article and learning what not to do… I plan to start my training at the end of this month and get licensed before summer. Thanks for all the info in the article, I’m looking forward to reading your newsletters!!

  2. Thanks Marty for the articles and podcasts. I’ve listened to most of the podcasts in the past two weeks and have gained a lot of insight. I live in the U.S. and plan on taking my state license test next month. I’m so ready to get my career started. Thanks again, you’re mentorship is important!

  3. Hello everyone!
    Great topic and suggestions. At the end it comes to how much effort one is willing to put into it and work it. I in my personal experience, I have had success but no great success and the reason for that is when you get the hold at the beginning and loose or slow down your devotion followed by your commitment, the whole idea will discourage you and lack of time management and self discipline will assure you for the end. Face to Face contact, regardless of who you are and self confidence and ability to demonstrate are crucial in any field. Door knock first, why? People need to communicate face to face where your genuine you and what you say and how much will have a big impact and its extent on the outcome. Do not be Pushy and shy too. Cold calling could be effective but every 4 cold call could be equivalent of one face to face prospecting. Give out your cards at parking lots, store line ups and all religious and social institutions. Free websites Craig list etc local postings. Productive market research for the areas you door knock at and have at least a general idea for the numbers, what is on sale and what was sold for what price. Do not have ego if you see someone talks to you from a different back ground/s! Genuine Care and respect pay at the end. Most importantly, NEVER give up, work hard. Focus on your goals and the reason for becoming a real estate agent. Endless and tons of material available FREE on line read, understand and use them. All successful people were not born successful, but few. Positive thinking will push you far everyday. Success is not sold on store shelf, it is earned with hard work! Good Luck

  4. Thanks for the insights, just staring out in Real Estate and the Mistakes made will be important to try and prevent.
    Bruce

  5. Hello Marty!
    I am fairly new to this field. I begin my real estate classes on Monday with Weichert and they only last for 2 weeks. Do you have any advice or tips for someone who’s just getting started?

  6. Keely, thanks for the comment.

    One of the best things to remember is that you already have a list of people you know. Most agents forget that they need to contact their list. You should be in contact with each person once every 90 days. Your top people that will refer you often, Your A clients, every 30-60 days.

    For example, if you have 100 people in your database, divide this number by 60. (20 work days each month for 3 months). This is the number of phone calls you need to make to your database per day. 100 ÷ 60 = 1.667. So 2 calls per day, not much at all.

    Call through your database offering something of value. New listing on the street, new sold, new price etc. Then ask them if they know anyone who may be moving or has been talking about a move.

    Do this each day and you will have a constant stream of potential clients coming in. Over time, as you grow your database meeting new people through open houses etc, you will have more and more leads.

    It makes for a great business!!

    I hope this helps.

    Marty

  7. Marty-

    Thanks for the great article. I’m 6 months into my career and have had two transactions, but things are at a bit of a halt at the moment. I’m fairly new to the state so I’m starting completely over which is a challenge. I’m starting to get a bit frustrated and falling into bad habits. Time to revamp! Any advice?

    Thanks!

    -Keely

  8. Thank you for your kind words Yvonne! I will continue to post information for Real Estate Agents. Don’t forget to check out the podcast as well!

    cheers
    Marty

  9. Hi Marty

    I would like to thank you for all the great tips. It really is going to help me a lot.

    I have signed up for the newsletter.

    Many Thanks
    Yvonne

  10. I just startef my real estate career. I’m doubting my brokage choice. Its a smalling company wherenthe broker competes with the agents. I get the feeling I’m bothering everyone there. I need more one on one training with the MLS system. I just feel lost. I really could use some direction.

  11. Great article and very good information. Lead gen is very important and often times we get caught up in other areas of the business. But it’s so important in this digital world to keep prospecting. What are some of your favorite lead tactics?

  12. Thanks Tiffany. Yes the customer appreciation party is a great way to meet new people and get more leads. Thanks for signing up to the newsletter, lots more information to come!

    Marty

  13. Hello Marty!

    As a new agent, I love to fully educate myself on this craft by reading professional blogs, attending training events and seminars, and books and articles on Real Estate. I thank you so much for this website! I never thought of the idea of a customer appreciation party. Very good pointers! I’m glad I signed up for your news letter!

    Tiffany Davis
    Keller Williams Preferred Properties

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