Becoming a real estate agent can be a little overwhelming, contrary to what some people  may think. The real estate industry consists of many different players from property managers, publishers, builders, banks, and government agencies, not to mention the buyers, sellers, and renters. However, the real workhorse of the real estate business is the real estate agent.

A real estate agent does a little bit of everything. At any given moment they can fit the shoes of a salesman, a buyer’s advisor, a consultant, a negotiator, or an analyst. Often times accommodating the needs of clients throughout the weekend and after normal business hours. The real estate agent needs to know at least a little information from all aspects of the buying and selling of homes from start to finish in order to properly service their clients.

Here’s some common mistakes that new real estate agents make when venturing out into the market.

• No Business Plan: Real estate is not a hobby, it’s a business. If you are going to be a real estate agent, put together a business plan for success. Develop solid goals for your new business and then a road map to achieving those goals. If you are only in the “business” part-time, put together a schedule of when you are “open for business”. Develop a marketing strategy to get your name out there about the services you provide.
• Not building a good team: Because of all the different key players in real estate, a successful real estate agent needs to surround themselves with people that are going to help make their business successful. You can be the best real estate agent, but without the right people in place, your business can fail. You will quickly learn how many different people you have to interact with just to get a deal closed. This list of teammates goes from the Broker down to having a reliable handyman.
• Not utilizing today’s methods of marketing: Word of mouth is probably any business’s most valuable referral, but this is limited to the amount of potential clients that can be reached. Chances are if you help someone find a home, they may tell 1 or 2 more people throughout the next few years. You need a way to reach hundreds and thousands of potential home buyers. Utilizing today’s method’s of marketing such as websites, social media, blogging, personal branding, classifieds, local newspaper and common places is what will help your business succeed.
• Losing control of the situation: Often times real estate agents are so eager to sell the home that they will jump through hoops for their client only to be left with a “sorry, we decided not to buy”. Don’t allow yourself to be controlled and manipulated by a client. Have a system that you follow to determine the seriousness of the client’s interest in the home. Develop a minimum requirements sheet for your client to fill out so you can avoid looking at houses that will not suite your client’s needs. Avoid unnecessary paperwork and phone calls trying to start a deal that the client isn’t even sure they are willing to go through with.
• Not choosing the right brokerage: There are several factors that drive an agent to choose a particular broker but the biggest deciding factor should be what do they offer to new agents. 100% commission of $0 results in $0. And hanging your real estate license on the wall of a prestigious firm with a great reputation does not equal success in the real estate business. Remember you are new the game, find a broker that’s going to help NEW AGENTS develop their business in the best way. Some questions to ask are do they offer incoming leads? Are agent’s encouraged to self-promote? What’s their retention level? What are the average sale prices?

These are just some of the mistakes new real estate agents make. Be sure to surround yourself with other experienced agents and ask them for their helpful tips on being successful in the real estate business.