With so many people thinking about getting into real estate, and getting into real estate – why aren’t there more successful Realtors in the world? Well, there’s only so much business to go around, so there can only be so many Real Estate Agent in Mohali. I feel, however, that the inherent nature of the business, and how different it is from traditional careers, makes it difficult for the average person to successfully make the transition into the Real Estate Business. As a Broker, I see many new agents make their way into my office – for an interview, and sometimes to begin their careers.
Here are some mistakes which Real Estate Agent in Panchkula Make.
1) No Business Plan
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. What they’re missing is that they’re about to go into business for themselves. If you’ve ever opened the doors to ANY business, you know that one of the key ingredients is your business plan. Your business plan helps you define where you’re going, how you’re getting there, and what it’s going to take for you to make your real estate business a success. Here are the essentials of any good business plan:
A) Goals – What do you want? Make them clear, concise, measurable, and achievable.
B) Services You Provide – You don’t want to be the “jack of all trades & master of none” – choose residential or commercial, buyers/sellers/renters, and what area(s) you want to specialize in.
C) Market – Who are you marketing yourself to?
D) Budget – Consider yourself “new real estate agent” and DLF New Chandigarh dealer and write down EVERY expense that you have – gas, groceries, cell phone, etc… Then write down the new expenses you’re taking on – board dues, increased gas, increased cell usage etc…
E) Funding – How are you going to pay for your budget w/ no income for the first (at least) 60 days? With the goals you’ve set for yourself, when will you break even?
F) Marketing Plan – How are you going to get the word out about your services? The MOST effective way to market yourself is to your own sphere of influence (people you know). Make sure you do so effectively and systematically.
3) Not Arming Themselves with the Necessary Tools
Getting started as a Real Estate Agent is expensive. And don’t fool yourself – they are necessary – because your competitors are definitely using every tool to help THEM.
Mobile Phone w/ a Beefy Plan – These days, everyone has a cell phone. But not everyone has a plan that will facilitate the level of use that Real Estate Agents need. Plan on getting at least 2000 minutes per month. You want, and need, to be available to your clients 24/7.
C) Computer (Preferably a Laptop) – There’s no way around it, you have to have a computer & be savvy enough to use email or Smart Phone. A Laptop is a BIG plus because you’ll be able to work from home or on the go. New Real Estate Agents are often surprised by just how much time they spend AWAY from the office, and a laptop helps you stay on top of your work while on the go.
D) Real Estate Friendly Car – You don’t have to have a Lexus, but your Miata won’t do the trick. Make sure that you have a 4 door car or SUV that is comfortable and presentable.
4) Lack of Proper Funding
If you’ve taken the time to create your business plan, than you should definitely have your budget, but I can’t stress enough the importance of having and following your budget. However, the budget alone doesn’t address the important aspect of funding. 90% of all small businesses fail due to lack of funding. Many successful waiters make the transition to successful real estate agents with no money in the bank. When you start your new business, don’t expect to earn any income for, at the least, 60 days.
5) Refusing to Spend Money on Marketing
Most new Real Estate Agent in Chandigarh don’t realize that the hardest part of the business is finding the business. Again, the problem lies in the lack of understanding that you’ve just jumped into the Real Estate Business, you haven’t taken a new job. And any good business person will tell you that how much business you get is directly correlative to how much you spend on marketing. If you choose the right brokerage, then you will get some good inbound leads.