When you finally earn your realty license and join a real estate brokerage, it can be tempting to jump right into your career as a real estate agent. However, before starting this profession, take a look at some of the most common mistakes most new realtors make.
Not Researching Location
The location of where you buy and sell properties may not seem as important as other factors in this profession. However, location is perhaps one of the most critical components to consider before starting your career as a real estate agent.
First, location can control the value of the properties you’ll buy and sell as an agent. Location can also affect the demand for realtors in your area. For example, if a new real estate agent signs with a brokerage in Miami, Florida, and realtors are overflowing in this region, then more agents will be competing for the attention of fewer clients.
Before choosing where you’ll buy and sell properties, research different locations to avoid oversaturated property areas.
Not Considering Commission Splits
Another common mistake that new realtors often make is not considering their commission split before joining a brokerage office. Whenever a real estate agent joins a real estate brokerage, an agreed-upon commission split percentage is offered.
The higher the commission percentage, the more money agents can keep from every property sale. However, many new agents make the mistake of immediately agreeing to high commissions without further investigation.
The Downside of High Commission Splits
Real estate commission models that offer higher commissions are beneficial. However, these brokerages also tend to provide fewer resources for new agents. Having less in-office support and training could significantly affect a new realtor’s success.
Avoiding this mistake is simple. New realtors should lookout for a 100 percent commission real estate brokerage that guarantees sufficient support and resources to be successful.
Not Utilizing Digital Marketing
Regardless of whether you have a personal online presence, all new realtors should invest in digital marketing strategies and platforms. Digital marketing helps to connect realtors with a broader range of new clients faster.
Realtors can use their digital marketing platforms as personal portfolios or reach out instantly to interested customers online. Regardless of how you use your online platform, there are endless advantages to utilizing this marketing strategy.
We hope that by reviewing the most common mistakes new realtors make, you can proactively avoid these traps. Remember to consider location, commission, and digital marketing opportunities before starting this profession. The more prepared you are for these hurdles, the more likely you are to build a successful and long-lasting career.