On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are going to duke it out over the question, ‘what are the biggest mistakes rookie agents make?’ If you are not a rookie and you are listening, stay tuned as this episode has a lot of insightful pointers for you. Andy Pillar, the tiebreaker today, saya that rookie agents don't spend enough time inside of their lead generation or revenue generation. Get all the details!
Episode Highlights:
- As per Jenn the biggest mistake is beyond anyone's control. It's like the process of getting a license. It's like so easy and it's the same and we need an apprentice program.
- One of the biggest mistakes is made by those people who enter the business without thinking of it as a business but as a hobby.
- In the eyes of the IRS. You are a business owner. You are a 1099 independent contractor, and that means you own a business and that's not like some random label they slap on you, says Monica.
- As per Monica, the biggest mistake rookie agents make is that they don't understand that their number one job is to hold top of mind awareness in the category of realtor in the minds of as many people as they possibly can.
- As per Jenn one of the mistakes that rookie agents make is not having any sales training or sales experience or sales background.
- Monica says that as an agent, if you are not trained then it is a mistake and waiting won’t help. It's better to go out and find the answers. Ultimately It just depends on how badly you want the business and how badly you want this career.
- One of the big mistakes that people make is they don't, they follow, they don't follow up on the right leads and they follow up on the wrong leads, says Jenn.
- Jenn explains that a lead is not somebody who is going to buy or sell real estate. Instead, a lead is somebody who is going to sign a contract within the next 72 hours.
- The problem with too many leads is if you have a bunch of people that aren't motivated, they will block from the people that are motivated.
- If as an agent you are desperate, you are going to say yes to everything and if you have your standards in place and you are doing the things that you know to do, you understand your numbers, you know how to get results, then you are not desperate, says Jenn.
- For rookie agents, Monica suggests that don’t get too comfortable in your positions or lifestyle, keep the hunger alive so at to keep the business going.
- One of the biggest mistakes that rookie agents make is listening to the wrong advice, says Jenn.
- Tiebreaker, Andy Pillar joins the conversation, he is the head coach at Pillar 9 coaching.
- Rookie agents have brokerage costs and splits and desk fees and fees and all of this other good stuff. They don't operate on a budget. They don't operate on a P&L. When it comes tax time, they mess it all up, says Andy.
- Andy suggests agents to have a separate business account so as to keep a track of the finance.
- This very simple change of running it like a business, opening an account, putting in a fund will empower you to be a business owner, says Jenn.
3 Key Points:
- Jenn and Monica share tips about how to keep record of leads and the correct method of following up with them.
- Jenn and Monica talk about rejection issues faced by rookie agents.
- Andy points out that one of the biggest mistakes that agents make even though they are looking into the process, reach, relationships, and referrals. But they're not looking at what they are miscalculating i.e., the financials.
Resources Mentioned:
- http://pillar9coaching.com/pages/home
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