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5 Mistakes New Real Estate Agents Make

  1. Not talking to a CPA early- Since real estate agents are independent contractors they are subject to complex federal, state, and local tax laws.  Your CPA will help you set up your quarterly tax estimates and help you determine what expenses are tax deductible.
  2. Not making a written business plan – Real estate agents should develop a strong business plan that includes a SWOT, budget, marketing plan, and personal growth plan. The managing broker is a new agent’s most valuable resource when developing a great business plan. The managing broker will be able to offer tools, templates, and valuable advice/mentorship.
  3. Not completing post-license education – Most states now require post-license education and agents who fail to complete the education could lose their ability to practice real estate. Failure to complete the courses on time could also result in expensive fines.
  4. Not prospecting – The first year is going to be 80% prospecting. This means attending networking activities, farming neighborhoods, hosting open-houses for other agents, doing floor duty, meeting as many people as you can. The more people who know you are a real estate agent, the better. 
  5. Not using a quality CRM – Customer relationship management (CRM) program is one of the most critical tools in a real estate agent’s tool belt. A great CRM makes it easy for a new agent to stay in touch with prospects. CRM’s may include automated email campaigns, property portals, touch-point reminders, filterable contacts database, birthday and anniversary reminders, and social media management. Cost for a CRM’s vary and are often provided by a managing broker. 
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