Are you a new realtor?
If so, you're probably making some mistakes that are costing you money. There are many things to remember as a real estate agent. Sometimes it can be tough to keep track of everything, especially when you're new to the business. In this video, San Diego Realtor Jeremy Mchone will share the five most common mistakes that new realtors make so you can avoid them!
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eXp Realty | CA DRE# 01878277
I'm Jeremy McHone with the Whissel Realty Group, and I just wanted to shoot a quick video to talk about the five mistakes that most new agents make in their career. Hopefully, that can save you some time and money from preventing you from making these mistakes if you're a newer agent. I've been in the business, I'm going on, about to enter my seventh year in real estate now, which is crazy. So here's some things I've learned along the way to help some newer agents that might have just gotten licensed. The first mistake I see new agents making, is just not saving up enough money before they enter the business. Odds are, you're probably not going to make a sale in your first six months in real estate. That's not my opinion, that's what the data says. That's the average it takes for most new agents to make their first sale. So if you're jumping in and you have enough savings to get you through one or two months with how quickly you're spending money right now, and you're expecting to on your third month, make a sale and then pay your bills, it's probably not going to happen.
So you're setting yourself up for failure if you don't have at least six months, I would argue a year worth of savings to be able to get you along. The next mistake I see a lot of new agents making, is confusing being busy with being productive. So most agents that enter the business are used to being in a W2 job and they have a W2 mindset, which is very different from a self-employed mindset. So when you're in a W2 job, you go into work, and generally, if you're busy all day doing stuff, at the end of the day you're going to get a paycheck, or at the end of the week rather. Well, in real estate, you can go to the office, you can be busy all day, and you can not have gotten yourself any closer to your next sale. So don't confuse being busy with being productive. Being productive means that you're meeting new clients, holding open houses, writing contracts, going on appointments, making phone calls to follow up with people. Those are the activities that lead to a paycheck. Those are income-producing activities in real estate. And if you're doing things like posting on social media, shooting TikTok videos, or talking to people who are your coworkers at the office, you're not actually getting any closer to your next sale. So you're not being productive, you're just staying busy, and staying busy does not get you paid in real estate. That leads me to number three. The third mistake I see new agents make, is not generating new leads. So this is a contact sport. In other words, you need to be meeting new people who are interested in buying or selling a home, in order for you to be getting closer to your next sale. If you're not adding leads to your sales funnel, you're not getting any closer to your next sale and you're not setting yourself up for long-term success. The fourth mistake I see new agents make, is trying to find the next magic pill that's going to get them to the next sale. Whether that's a new lead source or trying to buy leads from some sales program that promises you 20 motivated sellers in the next two weeks, most of those are BS. The fact of the matter is, that there is no magic pill to get you to your next sale or to make you successful in real estate. You have to be adding leads into your sales funnel. Then you have to be actively following up with those leads to convert them into clients. And then when you convert them into clients, you need to be offering great service so that you get them to the finish line, and so they want to work with you again and refer you business. So there's no magic pill to get you through all that process. What's more important than that, is actually understanding that that's the process and working towards that process every day. In my opinion, the best lead source for a new agent to meet motivated, qualified buyers, is open houses. So if you're new and you don't know what to be doing, you should be holding as many open houses as you can. Host an open house every day if you can, at least one or two per weekend, every single weekend, until you get the ball rolling on your business. 'Cause you need to be meeting motivated, qualified clients. And number five, this is the most important mistake that I see real estate agents make early in their career when they first get licensed, and that's that they don't find a quality mentor or team to join. 'Cause when you get your license, the honest truth is that you haven't learned anything you need to learn to be a successful real estate agent. What's on the test and what it takes to be an agent are two completely different things. And so a lot of new agents, they talk to a bunch of different brokerages and the number one thing they ask is like, what are the splits? What am I going to make the most money off of when I sell a home?
Well, that's irrelevant if you're not selling any homes. So even if you sell a home, let's say you sell one home, well great, if you have 100% of one sale, that's a lot less than if you have 50% of 10 sales. So don't focus so much on who's going to give you the best splits when you're early on. Focus on who's going to give you the best support, who's going to teach you. Because the knowledge and the information you're going to gain from them, is way more important than the commission you're generating off the one or two sales you can expect to do as a new agent. Even if you do get to the point to where you're ready to make a sale as a new agent, odds are you don't know how to draw up the contract and you don't know how to actually get that deal across the closing line. And that's where having a mentor or joining a team is going to come in. They're going to have the systems and the support and the knowledge to help you actually convert that deal, get it across the finish line. And they're going to show you how to set yourself up for your next deal, even while you're focusing on that one, so that you don't close that deal and then have no idea what to do from there.
So if there's a most important piece of advice I would pick for a new agent out of everything, it would be find a mentor or join a team. If you're not doing one of those two things, finding somebody to help you along the way, odds are you're going to waste a lot of time trying to figure it out on your own, when you can talk to somebody that's already made all those mistakes and save you from making them yourself. So whether you're a new agent or you're an experienced agent, if you're looking to, you know, mastermind a little bit, learn a little bit more about myself or my team, or just want to get a little bit of information, drop a comment below or reach out to me at 619-971-0791.
