The Top 3 Reasons New Real Estate Salespeople Fail to Thrive
Embarking on a new career in Real Estate can be an exciting and terrifying experience. To begin with, there are no guarantees of revenue streams or salaries to cushion the initial few months. By avoiding these basic pitfalls, you can enhance your chances of a successful, full time practice.
1) Unrealistic expectations. Recognize that you need some working capital for your small business. (That's what you are launching after all). It would be na?ve to think that you can compete in a forum without adequate funds to see you comfortably through the first 6 months of living expenses in addition to launching websites, CRMs, promotional/marketing materials, board fees etc. It can take 3-5 years to build a reasonably good practice. Patience is required for any small business.
2) Lack of focus on business development. Most new sales people get so caught up in the business support trap that they forget that they are the only ones who can make it rain. Get your business plan sorted out. Whether it is social media, online strategies, geographic farming, business mixers...you have to allocate most of your time to moving those clouds. Delegate business support as soon as you can; you need to focus on the activities that demand your involvement. If you are not a required ingredient, excuse yourself and get to work.
3) The wrong place and the wrong people. Surround yourself with a great working environment and the right kind of strategic partners. What does your company say about you and your choices? Most of the language of sales is non verbal so make sure the culture of the company and leadership reflect well on you. Your team should consist of the best strategic partners you can find. Your Broker, your Home Inspector, your Stager. Caution: The least expensive option is typically not your best choice for the long run. The least expensive home inspector, stager, broker or lawyer might not give you the best result. Take the time to source out where you work, whom you associate with and chose your service providers and partners with extreme caution. Do your homework. A solid referral stream can only be built from good experiences.
Tina is the Broker of Record at Sutton Group Quantum Realty Inc. with offices in Mississauga and Oakville. She has served as Past President of the board and various committees and task forces. She is the creator of the New Age of Real Estate training program for new and experienced sales people.