Actual - Real Estate

First off this is by no means a comprehensive guide to avoiding rookie blunders but it is definitely a starting point for any of you thinking of becoming an agent or those of you just starting out in the real estate world. The more info

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

rmed you are the better off you'll be!

1) Not interviewing with several brokerages / Selecting brokerage for wrong reasons

-- One of the most important decisions you face as a new agent is choosing which comp

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

any you will go to work for. Many new agents will simply go with the big-name companies they've seen on billboards around town or on TV commercials without talking to other brokerages. It is in your best interest to interview

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

with at least a few different brokerages for several reasons:

Get to meet the broker and see how well you get along
See what differentiates one brokerage from another (training, marketing, commission plans, etc)

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
i>
Do they offer a mentoring/start-up program?
Fees / Floor time / Technology / Health Insurance / etc.

With interviews taking at MOST one to two hours you are definitely better served by intervi

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ewing with at least a few brokerages.

2) Start-Up Fees and Expenses

-- This one can really affect new agents right out of the gate. In addition to RE school, which can run several hundreds of dollars, you also have

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

to pay for state exam(s), licensing fees, association/board fees, usually some sort of "office" start-up fee, lockbox key fees, and so on and so forth.

You MUST be prepared to pay these up front and still have enough r

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

eserves to help you through the rocky transition phase most new agents go through. The general rule of thumb is a 2-4 month "Just In Case" reserve fund. Marketing and advertising expenses should also be taken into considerati

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

on here if that is an avenue you wish to pursue. On a side note, be sure to keep good records of all of your expenses as well as all of your receipts!

3) Not Having a Clearly Defined Plan of Action

-- So you've passe

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

d the exam, been hired with one of the several brokerages you've interviewed with, gone through all of the paperwork, had your business cards / riders / name badge / open house signs ordered, gone through office orientation, and you're

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

inally sitting in an empty cube in the office! .... Now what?...

This is probably the BIGGEST cause of new agent dropout because without a clearly defined plan of action you will NEVER be as successful

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

as you want to be. Now to be fair, most brokerages will offer some sort of training that will help you layout some sort of basic business plan. Do yourself a favor and PAY ATTENTION! I've had success by generally fol

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

lowing these points:

Setting Goals - By setting goals you always have something tangible to work towards and can constantly tweak your efforts to make sure you are progressing steadily. For example if you have a gross commissio

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

n goal for the year you can work backwards and determine how many new listings you need to take every month to keep up with your goal; if you fall behind in taking new listings you will see it immediately and can take immediate
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
>corrective action.

Budget - This can be broken down much further but at the highest level you need to make sure you allocate sufficient funds to whichever avenue you deem most appropriate and be sure you stick to your budget.
t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
Advertising/Marketing can take up a large majority of this.

Marketing - As a new agent your biggest hurdle will be getting your name out there and drumming up new business. If you already have a large Sphere of Influence (S
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
OI) you are off to a great start and can start there, but if you don't you have that much more of a challenge to overcome! There are many types of marketing to pursue, among them Direct Mailings, holding Buyer/Seller Seminars,
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
taking Open Houses, etc. Be sure to hand out business cards every chance you get and let everyone you meet know that you are in the real estate market.

Scheduling - This one is definitely the most important fo
.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
r myself. Have you ever found yourself constantly busy throughout the day yet when you get home you find you really haven't accomplished all that much? Having a schedule that clearly outlines what, when and why you are doing things will
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
help greatly in Real Estate. Take the time to sit down each morning to look over your schedule for that day to mentally and physically prepare yourself. It helps!

I hope these basic tips are helpful to some of you!

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Tags

Links

Actual - Top 3 Mistakes Rookie Real Estate Agents Make - And How To Avoid Them

Related Articles: