Whenever I talk to someone about my company and my career, it seems that there is always “they are considering entering the real estate industry” or the people they know. With so many people considering entering Thailand Real Estate and entering real estate, why are there no more successful real estate agents in the world? Well, there are a lot of businesses, so there are only a lot of real estate agents in the world. However, I believe that the inherent nature of the company and its differences with traditional occupations make it difficult for ordinary people to transition to the real estate industry. As a broker, I saw many new agents coming to my office for interviews and sometimes starting their careers. The new real estate agent brings a lot of great qualities, a lot of energy and ambition, but they also made a lot of mistakes. The following are the top 7 mistakes made by novice real estate agents.
No business plan or business strategy
Many new agents focus on what Thailand Real Estate agents will add when they receive a new license via mail. because? Because most new real estate agents have never done business for themselves, they only work as employees. They mistakenly believe that entering the real estate industry will turn into a “new job.” What they miss is that they are about to start their own business. If you have opened the door to any business, you know that one of the key factors is your business plan. Your business plan can help you determine your destination, how you work, and what you need to do to make your real estate business a success. These are the basic elements of any good business plan:
- Goal – What do you want? Make them clear, concise, measurable and achievable.
- Your service: You don’t want to be “the owner of all industries and the omniscient teacher”, choose a home or business, a buyer/seller/tenant and where you want to specialize. The new residential real estate agent is more successful in the buyer/tenant and then moves to the residential list after completing certain transactions.
- Market: What are you doing?
- Budget: Consider “new real estate agent, company”. And write down all the expenses you have: gasoline, groceries, mobile phones, etc. Then, please pay attention to the new expenses you bear: participation rate, increased gasoline, increased battery usage, marketing (very important), etc.
- Financing: How do you pay for your budget without income on the first day (at least) 60 days? When is the breakeven point reached after setting the target?
- Marketing Plan: How will you promote your service? The most effective way to promote yourself is your own sphere of influence (the people you know). Make sure you do this effectively and consistently.
Do not use the best enclosed equipment
They say that the best entrepreneurs are surrounded by people who are smarter than themselves. It requires a large enough team to complete the transaction: the buyer’s agent, the listing agent, the lender, the insurance agent, the property manager, the inspector, the appraiser, and sometimes even more. As a Thailand Real Estate agent, you can recommend the one you choose to your customers, and you must ensure that anyone you recommend is the asset of the transaction, not someone who will make you more headaches. And what you mean by closing the team, or “speaking your name” is to make you shine! When they work well, you get some credit because you get them from the deal.