Pulse: Readers Share Real Estate Newbie’s Biggest Mistakes
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Impulse is a recurring column in which we ask readers for views on various topics in a weekly poll and report back on our findings.
There’s a reason “everyone makes mistakes” is a well-worn saying, and that’s because it is true. We all make mistakes, especially early in our careers.
If you’re new to real estate, there’s a good chance you’ve heard someone tell you that the first year or so on the job will determine whether you pass or fail. It’s a tough industry after all – getting it wrong and bouncing off those setbacks is how you cut your teeth as a newbie.
So, last week we asked you, our readers, to think about your first job, your early career failures, and those times when you did a stupid thing. From managing contracts with inexperience to giving up on communication, here are the most common mistakes realtors make.
- Do not contact listing agents to let them know that an offer is coming.
- Failure to properly complete the purchase contract.
- Not paying attention to the small details – like the terms of the contract. For example, officers must respond to the home inspection report within two days of receiving it. Missing this schedule can be costly.
- I was afraid to exploit my sphere and it was very difficult for me to generate quality leads.
- The biggest mistake recruits constantly make is focusing on non-income generating activities. Googling “How to Become a Top Real Estate Agent” will yield a ton of results, but unfortunately paralysis by analysis is a very real thing. Unfortunately, agents are more drawn to how to do it than to the end result. At first, focusing on high-level business operations is tempting, but dig into the main generation and get the job done before you worry about the details.
- Once you get a deal in receivership, you take your foot off the accelerator and lose all of your momentum.
- Don’t ask for help. Thinking, “It’s easy, I’m going to handle it on my own as best I can.” So, to be completely honest, in my 46 years in real estate, experienced people are capable of making the same mistake.
- Lock yourself away from a property, fail to bring the correct keys to a visit and set off alarms!
- Showing houses without a signed contract is a big rookie mistake.
- Not enough prospecting and meeting new people. Assuming prospects and customers fall on my knees.
- Not joining the right brokerage from the start – too often new agents are ‘amazed’ by an interviewer’s sales pitch and begin their real estate careers without training, education, coaching, support and dispatch decent commission. They assume that all brokerages are the same and neglect to ask questions whose answers can determine their success and prevent mistakes in the first place.
What did we miss? Share your ideas in the comments section below.
Editor’s Note: These responses were given anonymously and, therefore, are not attributed to anyone in particular. Answers have also been edited for grammar and clarity. Inman does not endorse any specific method and regulations may vary from state to state.