3 Mistakes New Real Estate Agents Make—and How to Avoid Them
New to real estate? Avoid the 3 biggest mistakes new agents make—from mistrusting the process to choosing the wrong brokerage environment.
Mistakes new agents make
Getting started in the real estate industry as a new agent can be an overwhelming task if you don’t do the right things to be successful. It can take months or years depending on how you approach the business. As a broker I get the opportunity to see a lot of others' mistakes from a bird's eye view. Over the years I’ve narrowed it down to 3 major mistakes agents make when looking to get started in this industry.
Mistrust of the process
The first and probably the most important is don't trust the process. Its great to be motivated for success and want to learn or do everything, but it’s impossible to drink from a fire hose. What we see on social media are glimpses of success, but don’t often reflect the hard work put in by successful individuals to move the way they move. For someone looking to get a head start you should focus on 1 thing, get good at something. This can be a skill, set of skills, or general competency. In other words, find a niche that you can leverage quickly. Take your time to understand what resources are available to you, your bandwidth, and competency so that you can lean into the path of least resistance in finding success in your journey. Once you’ve mastered this you can begin exploring other niches and adding other streams of revenue to your bottom line. The quicker you lean into this philosophy, the quicker you’re able to grow your bank account, your confidence, and your network.
Taking a transactional approach
The role of the real estate agent has drastically evolved over time. Currently, we are in the era of the value add neighborhood practitioner. This means being an agent that prioritizes relationship building, has an unparalleled knowledge of their farm(s) & skillset, and is able to deliver value to their clients bottom line. This goes the same for partners you'll meet in the industry as well. While this approach takes time, it's long lasting in helping you build a career and book of business that eventually pours back into you. On the contrary, many new agents take an old school transactional approach starting out. In this day of information it’s the quickest way to make yourself a commodity that is indistinguishable from the next person. Consumers possess information at the tip of their hands and are no longer looking for just anyone, they're looking for a service provider that understands their long term goals. Partners are looking for individuals they can count on to get the job done at a high level and over time. Approaching the industry with a transactional focus can be a quick way to get started, but is ultimately unsustainable. These agents end up chasing business for the entirety of their career.
Choosing the wrong environment
Getting into real estate can mean a lot and choosing the wrong environment can set you up for an expensive and frustrating hobby. The path you choose is one of the most important decisions you’ll make and real estate agent is not the only way to participate in the industry. Before you go all in, explore other avenues to make sure that being a real estate agent is really what you want to do. Reflect on who you are as a person to understand if you truly like dealing with people, disappointment, or simply being in the field. If you still think a real estate agency is right for you, you should have this same thoughtfulness about where you choose to be sponsored. If you don’t understand the type of support you desire, the way you learn, or the type of culture you thrive in you’ll spend time and money hopping around brokerages. When choosing a brokerage don’t just key in on the broker, the office is just as important to your success. Make sure you trust the leadership you’re learning from and that you’re comfortable with the tools, resources, and people you’ll be working alongside. Take your time with this decision to avoid jumping on board with the trendiest new spot in town, a popular broker, or whomever has the best social media. Choose the place that is going to invest in your future.
No matter how careful you are, you’re going to make mistakes so don’t over analyze things. Just avoid making the most obvious ones by taking your time to learn, build relationships, and integrate into a community. Looking to refresh what you’ve read or go a little more in depth? Check it out on the Office YouTube!
