Sharon Bennie, owner of Specialist Property Recruitment says real estate agents should avoid making these five costly career mistakes.
Anyone starting a new job is bound to make some mistakes along the way.
But in real estate, some mistakes can be costly - like losing your real estate license.
Owner of Specialist Property Recruitment, Sharon Bennie shares some of the biggest blunders real estate agents can make in their careers, so you can avoid making them too.
1. Not choosing the best agency
Anxious to get their careers off the ground, many newbie agents often make the mistake of not choosing the best agency to work with.
"From a recruitment perspective, I feel the biggest mistake would be choosing a less than 'best in market' agency to commence your career with," Bennie told WILLIAMS MEDIA.
"You learn so much in your first role, ranging from negotiation and dialogues, through to ethics, legislation, standards, that will hold you in good stead for the rest of your career, even if you choose to move on later."
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Make sure you begin your career with a reputable and well respected agency.
Whichever agency you choose, good marketing resources, admin support and training facilities are essential.
2. Losing your license
When you're a real estate agent, there are two licenses you can't afford to lose - your real estate license, and your drivers license.
"It would be a career destroying mistake," Bennie said.
Fortunately, you would have to have done something really terrible to lose either license - so it's definitely not an easy mistake to make.
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Permitting you follow industry practice and don't mis-quote or misappropriate funds, your license should be safe.
3. Failing to network
We've all heard "it's not what you know, it's who you know" and this certainly rings true for the real estate industry.
Relationships are everything in real estate, so you can't afford not networking.
Referrals are a crucial part of the game and a major source of business, because people want to be able to trust the person handling their biggest asset - so they're more than likely to take advice from someone they already know.
4. Not knowing the market
Real estate is all about understanding the market you live and work in back to front.
A good real estate agent should easily be able to advise on market conditions in that suburb and residential property trends, as well as the local community.
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If you're buying a house, you're relying on your real estate agent to advise you on the demographic who live and work in the area, as well as community events and groups, local schools, hospitals, and shopping.
5. You're a jack of all trades and master of none
Real estate is highly competitive, so dominating a particular niche is a great way to stand out among the competition.
Niche markets can be determined by location (inner city, country, or coastal/holiday areas), by property type (luxury, rural, new developments, commercial), or by buyer (downsizer, first home buyer, investor).
6. Thinking short-term only
Many newbie agents don't realise a successful real estate career requires short and mid-term investment for long-term success.
It's natural to want to climb the career ladder as fast as possible, but lets be realistic. This hardly ever happens, regardless of the industry you're in.
Some of the best agents started their careers in reception and learned the ropes, eventually progressing all the way to the top with a more thorough understanding of the industry and the market.
Read more real estate career advice:
3 things real estate agents should do before a job interview
Here’s why you didn’t get the job, according to a real estate recruiter