4 Easy Ways to Fail at Real Estate
It’s an unfortunate reality that many that get into the real estate game don’t make it. There are so many misconceptions surrounding becoming a realtor, making money, and starting your own business. Being successful takes a lot of hard work, planning, and dedication. Let’s dive into some pitfalls to avoid!
1. Bankers Hours
At Parks, we encourage our agents to enjoy the flexibility that comes with a career in real estate, but don't make the jump with the expectation that you don't have to put in the hours, especially in the beginning. Starting any business, but especially in real estate, you get out what you put in. Starting something new is a 24/7 gig for a while. Put in the time and effort on the front end and you’ll see the rewards!
But, know that no matter how successful you are, this job doesn’t fit in the traditional schedule. That’s a good thing though! You’ll benefit from that flexibility!
2. Having a Shotgun Approach to Marketing
So many realtors want so badly to succeed that they attempt to market on every available platform. You probably well know that marketing is crucial to your success, but are you doing it well? Start with one platform or one plan and do it well. Then, add another goal or idea. It looks better to have a stellar Facebook page and great emails than to have everything under the sun.
3. Not Setting Goals
Every New Years rolls around and everyone seems to be posting about how they want to improve their lives. Objectively, we know we have to have goals in order to succeed. But, are you implementing that knowledge into your business? Take the time this month to lay out concrete plans, ideas, and goals. Then, find yourself some accountability! Post them up somewhere, tell a business partner, or set alarms on your phone each month. Whatever works for you, hold yourself accountable for the amount of prospecting you need to do. Or, how many leads you need.
These goals will be 100% personal so try not to look left or right when making them. What do you need to do to make your business successful?
4. Failing at Finances
Have you planned out your finances for this year? You need to approach your business wisely. It takes money to keep things moving! So many new agents fail to do this properly and then find themselves running out of funds. Set limits and objectives for how much you will spend on education, marketing, closing gifts, etc. Be realistic and strict in determining how much you can spend each month. Also, keep in mind that you're an independent contractor and you will owe taxes! Parks offers to hold part of each closing to help you save for when Uncle Sam calls so you won't be tempted to spend it.
This post was inspired by the Tom Ferry Show! Watch his video below to hear more pitfalls to be aware of!