Becoming a licensed real estate broker is the beginning of your new business, and you want to do what you can at the start to give that business the best chance at success. Below are five common errors new brokers might make–and how you can avoid them.
1. “I already know what I need to know.”
The amount of time and study that goes into preparing for your licensing exam is significant, but it’s only the bare minimum of knowledge you need to be a broker. Whenever you can, take additional classes or attend seminars. Get the extra training you need to be a realtor who can work for a variety of clients and markets.
2. “I don’t need a mentor.”
Similarly to seeking out additional training, you will only benefit if you are willing to listen to a seasoned broker and learn from their years of experience. A good mentor is also there for you when you run across a problem you haven’t experienced before, and they’ll help guide you through it.
3. “My focus should just be on making sales.”
There’s much more to running a real estate business than making sales, and if you ignore details like basic day-to-day tasks, creating strong internal systems, and establishing relationships with professionals such as attorneys and loan officers, it won’t matter how good a salesperson you are. Always remember to treat your business like a business.
4. “I’ll save money by doing less marketing.”
Marketing is an investment in your business. The money you choose to spend up front should help you reach new clients and markets you might not have otherwise accessed, and the return on your investment will help you grow. Don’t spend less, spend wisely–learn what your contacts will respond to and shape your marketing to suit them.
5. “I don’t know many people to include in my network.”
Building a network begins with letting everybody you come in contact with know that you’re a real estate broker. Friends and family are obviously your first contacts, but think about who else you interact with throughout the day. If you’re a regular at a bar or coffee shop, talk to the bartenders and baristas. You never know who might be thinking about their real estate, and you’re building name recognition for people who might need you in the future.
Every new business owner is bound to make mistakes, but they can be valuable moments to learn and grow. Give yourself the time to make the best decisions for your brokerage.