Starting your real estate business seemed easy…before it wasn’t.
Real estate can be a lucrative and rewarding career, but many fall victim to the idea that running a successful business in this industry is as easy as meeting clients and selling great homes. Without the right tools and strategies, your dream of owning your own real estate business may become your worst nightmare.
Check out these top three mistakes real estate professionals make when starting a business (so you can avoid them in yours!):
Mistake #1: Not Creating a Business Plan
After getting their official license, real estate professionals are eager to start making money any way that they can. However, many rookies in the industry are trapped by the “employee mentality” – thinking they are landing another job versus running their own business!
Although finding the right brokerage to host your real estate business is important, it is imperative that you create a business plan that works around the goals you are looking to achieve. Think about things like the market you want to serve, what services you want to offer, the budget you have, and how you want to serve your clients. Get everything on paper before going after your first sale!
Mistake #2: Not Having Systems in Place
Along with a thorough business plan, you will want to ensure you have systems in place that are streamlined towards your operations…even a one-woman show needs to have process!
Having proper protocol will not only allow you to feel confident when serving your clients, but it also gives your clients a certain peace of mind when working with you. They can rest assured that their home (and their wallet!) are safe in your hands. This also gives you the freedom to bring on help when you need it most with minimal training involved.
Creating systems can be as easy as writing down everything you do, then repeating it with every client you take on. Think of every process you do in your business – from selling to administrative work, you may do more than you think!
Mistake #3: Refusing to Spend Money on Marketing
Getting your real estate license can be costly, so the last thing you want to do is shell out more for marketing!
Unfortunately, when it comes to real estate, the old saying holds true – you have to spend money to make money. Many real estate professionals depend too heavily on their brokerage to find inbound leads, missing out on the opportunity that a personal marketing plan can bring.
Having a solid marketing plan doesn’t have to be expensive. The key is to find a balance between where your ideal clients are and what your budget can withstand – the rest is just getting yourself out there!