Today’s all about real estate myth busting – new agents, be sure to follow along.
Welcome to the real estate biz, new agent. You’re joining more than 1.3 million other professionals, at varying stages of their careers.
In fact, nearly 30 percent of agents in the U.S. have less than two years of experience (and the largest share of that group is age 45 to 54), according to the NAR, so you are in good company.
Your first few days in your new broker’s office will be an eye-opener. Some of your misconceptions about being a real estate agent will be corrected and you’ll hear conflicting advice on everything from how to generate leads to how best to construct your new website.
We’ve gathered some of the most common misconceptions new agents harbor and drag them into the glaring light of reality.
By the way, since the majority of real estate agents are female, we’ll be using the feminine pronoun throughout. (Sorry guys).
Real Estate Myth #1: Your broker is your boss
Reality: One of the hardest habits that new agents find hard to break free of is the “employee mentality.”
Sure, a handful of brokerages across the country hire agents as employees, but the vast majority of agents are independent contractors. They are, in reality, small business owners.
As an independent contractor, working under a broker’s license, your broker is not your boss. She cannot (according to the IRS):
- Direct and control your work
- Tell you where and when to work
- Dictate which tools you use or where to purchase supplies and services
- Limit your ability to seek out business opportunities
- Guarantee a regular wage amount
- Provide employee-type benefits, such as health insurance, vacation or sick pay or a pension plan.
As a small-business owner, you create your schedule, budget, marketing plan, health insurance and anything else required of the typical small business owner.
In other words, you are your own boss.
Real Estate Myth #2: My broker will provide me with leads
Reality: This one goes hand-in-hand with Real Estate Myth #1. Unless your broker is your employer, you can typically count out getting leads handed to you.
As a self-employed agent, you’ll need to drum up your own business and fill your own pipeline.
How to start?
- Get your real estate website up and running
- Offer to hold open other agents’ listings
- Learn additional real estate lead generation tips for new real estate agents
Real Estate Myth #3: Real estate agents are on-call 24/7
Reality: The NAR’s latest member survey finds that real estate agents work 40 hours a week. Now, that’s the average agent.
Those who make in excess of $100,000 per year tend to work more hours – about 50 hours a week, according to the NAR.
Once you become established, if you find yourself working 50 hours a week and not earning more than $100,000 a year, you’re not working smart. Consider asking one of the mega-agents to mentor you. Learn what they do with those extra 10 hours a week that’s bringing in the big bucks.
Typically, you’ll find that they automate many tasks, delegate others and they’re extremely organized.
Real Estate Myth #4: I don’t need a CRM, I’ll just use Post-it® notes.
Reality: Hey, those psychedelic-colored stick-ums are great memory prodders.
But they can only hold so much information. When it comes to storing the masses of information that good real estate leads generate, they fall short.
A CRM will help you to not only store this information but to organize, segment and laser-focus your communications.
Don’t cut corners when it comes to purchasing CRM software. It’ll only bit you on the hiney as you get deeper into the business.
Keep your leads and track activity across your site with LeadSites and our built-in CRM – free with every LeadSite. Learn more
Real Estate Myth #5: My friends, family and past clients are guaranteed future clients
Reality: NAR says that, in 2018, only 12 percent of homebuyers used an agent they’d worked with in the past.
This, despite 90 percent claiming they would use their agent again.
So, what happened between the deal’s closing and their need, again, for a real estate agent?
They forgot about you, most likely.
And, that’s the agent’s fault. There is a fortune to made from past clients, but that fortune lies in the follow-up.
More than one agent has found this out the hard way. When an acquaintance lists their home with another agent because he or she “forgot” you are in real estate, that’s your fault.
Spend time talking to your colleagues about their follow-up campaigns. Then, form your own. It is one of the most important tasks you’ll face in the real estate business and one that, sadly, so many other agents let fall through the cracks.
One of the biggest real estate myths that the public holds about real estate agents is that anyone can do your job. And, given a license, that’s probably true.
Succeeding as an agent, however, requires far more. And, that is our wish for you. Amazing, brilliant success.
Trying to optimize your website? Here’s how the top 10 real estate websites are getting traffic.
Still trying to decide on a logo? Here are some tips that can help:
The post New agent? Let’s bust some myths about your new career appeared first on Easy Agent Pro.
from theokbrowne digest https://www.easyagentpro.com/blog/real-estate-myth/
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