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Rookie real estate agents often make mistakes that can hinder their success in the industry. Some common mistakes include not having a clear marketing strategy, not staying organized, not effectively communicating with clients and not continuing their education to stay current on industry trends and regulations.
Additionally, some new agents may not realize the need to build a strong network of industry contacts, such as mortgage brokers and inspectors, which can be crucial in closing deals.
By avoiding these mistakes, new real estate agents can set themselves up for success and establish a positive reputation in the industry.
Inman asked its community of experienced real estate professionals on Facebook, Twitter and Instagram to share the biggest mistakes rookies make so that hopefully new agents can avoid repeating them.
From not embracing the right technology, to not being confident or having the right mindset, the responses were plentiful and covered many areas of the job. Some responses have been edited for length and clarity.
The question: What’s the biggest rookie mistake agents make?
Money Mistakes
- Spending the money “ they made” before actually getting to closing and seeing the transaction fall through. – Liety Rodriguez, Realtor
- Not preparing for taxes and buying into the shiny next thing. – Jolene Sutton, Realtor, @nbhomegirl
Time management mistakes
- Not using a CRM. – Chance Brown, @chanceabrown
- Catering to potential clients without qualifying them as real buyers thus wasting their time and energy while simultaneously training a consumer to misunderstand the proper steps of home buying from start to finish. – Ryan Belen, Realtor
- Trying to be all things to all people. – Gerhard Ade, Seattle Area Real Estate
- Too much talking. Not enough listening. – Bobby J, 30A Local Realtor
Mindset mistakes
- [Not] learning mental strength and managing the highs and lows. – Greg Hamre, @greghamre_realtor
- Not doing enough research into the brokerages they’re looking at joining before doing so. – Ryan Mallett, @ryan_mallett_official
- Thinking they can learn it themselves and not building systems from day one. – Matt van Winkle, Realtor @mattleverage
Sales and marketing mistakes
- Getting “busy” with a deal or two and they stop prospecting. – Wayne Weaver, Real Estate Sales, Coaching and Consulting @wayneweaverrealtor
- Lack of follow-up! – Lucy Ryan, Realtor, Amaral and Associates
- Not using the phone enough. – Thomas Kane, @TKaneRealtor
- Thinking that there is a better lead generation system than being a thorough, moral, hard-working agent for current clients. – Matt McBeath, real estate agent/broker
Having systems and being consistent was a common theme throughout the responses, with the mismanagement of money being a top mistake seasoned agents see rookies making. You can read all of the responses on Inman’s Facebook, Twitter and Instagram pages and even add the biggest mistakes you see rookies make that they should avoid.
Are you looking for resources for new real estate agents? Check out Inman’s The Basics to find everything a new agent needs to succeed in the real estate industry.
Jessi Healey is a freelance writer and social media manager specializing in real estate. Find her on Instagram or LinkedIn.