Unlocking Success: Is it hard to be a real estate agent?
TLDR: To succeed as a new real estate agent, being confident, positive, and knowledgeable is essential.
Develop skills such as communication, negotiation, problem-solving, customer service, and understanding market trends.
Staying informed on industry trends and connecting with other agents is essential for long-term success.
Prioritizing relationships with potential clients and nurturing those relationships is critical to developing a successful business.
Dedication and commitment can achieve success in the real estate business.
By George Nicola (Expert Stager)
Table of Contents
Are you afraid to launch a career in real estate because you may fail?
There are certain elements that every real estate agent needs to understand and abide by if they want to succeed; if not – most surely, they will become part of the statistics.
Tom Ferry, a well-known real estate coach, once said that only 13% of all realtors make it.
This is undoubtedly not good news because the truth is being a real estate agent is hard!
Real estate is an ever-changing industry; most agents quitting after six months rings only one thing!
Being successful means holding significant confidence in yourself and staying positive despite any difficulties you may face.
So, what does it take to make it as a real estate agent despite this failure rate?
The first step is to understand the basics of the job.
- What does a typical day look like?
- How many hours a week do agents work?
- Is it possible for an introvert to thrive in this field?
- What makes a good real estate agent?
- Is it a good time to get into real estate?
In this blog post, we’ll discuss everything you need to know about how not to fail and become a successful real estate agent, from the basics of the job to the tips and tricks experienced agents use to stay ahead of the competition.
Tips how not to fail for new real estate agents
Lack of long-term goals - the reason why real estate agents fail?
The most common reason real estate agents fail is that they don’t put in enough effort and dedication—90% lack long-term goal planning.
The real estate industry can be a great way to gain freedom and financial success, but it takes commitment and hard work.
Many agents enter the profession expecting to make money quickly without doing the required work.
However, getting involved deeply in real estate is essential for agents who want to be successful.
Committing to at least six months of full-time effort is necessary to gain knowledge and experience.
Agents must also be prepared to put in a lot of hard work to make a success of their business.
- building relationships with clients
- communicating and negotiating effectively
- staying positive
- and up-to-date with market trends
are all long-term critical factors in agents’ success.
Even part-time agents can find success in real estate transactions if they take the time to hone their skills and commit to building their businesses.
With the right effort and dedication, agents can reap the rewards of financial freedom and success.
Getting the first commission
If it takes over six months to get the first lead, something goes wrong. In addition, when agents are new to the real estate industry, it can be challenging to determine how to make the first commission.
The most common reason agents fail is that they cannot make that first sale early enough into the journey.
This could be because they don’t have a vital sphere of influence or they don’t have the proper marketing techniques.
Real estate agents make mistakes when they lack confidence in their abilities or don’t put in the effort to ensure success.
We see agents also fail because they don’t take the time to research and understand the current trends or try to save a few bucks from their marketing budgets.
It’s essential for agents to be confident in their skills and to be willing to put in the hard work to ensure success.
Agents should also take the time to research the current market trends and build a sphere of influence.
Having a strong sphere of influence can help agents make more connections and generate more leads.
Agents should be willing to take risks and try new strategies to differentiate themselves from their competition. With all of these tips in mind, agents can become successful in the real estate industry and avoid some common reasons why agents fail.
Lack Of Strategic Thinking
Many new real estate agents fail and mistakenly believe that the key to success for most real estate agents is simply working hard.
They often fail because they lack strategic thinking about their career goals and how to achieve them.
Motivation, dedication, and effort are indeed all important for success as a real estate agent; however, without an effective strategy in place, these efforts can be wasted.
Mistakes will occur more frequently without proper planning due to mismanagement or inadequate resources.
As such, any new real estate agent must organize and develop an action plan before taking on clients.
This includes setting short-term milestones and long-term objectives, so you have something tangible to work towards each day.
It’s crucial to assess what steps must be taken to reach your desired outcome – financial freedom or achieving top producer status within your marketplace.
By creating clear goals with measurable results, new realtors can ensure they stay focused on their path toward success while avoiding costly distractions, common mistakes, and pitfalls.
With proper preparation and thoughtful guidance from experienced mentors, novices can become savvy pros whose business thrives year after year!
Let’s examine the fear of mistakes and the desire to look good, which are new agents’ common challenges.
Fear Of Mistakes And Desire To Look Good
As a new real estate agent, it’s natural to want to make the right decisions and look good in front of potential clients. But this fear of making mistakes can hold you back from taking risks that could yield great rewards.
To succeed as an agent, other real estate professionals say you must be willing to take calculated risks while learning from your failures – turning them into lessons for future success.
At the same time, don’t obsess over perfectionism and strive instead for excellence.
It’s better to try something than nothing at all!
Be confident and remember that even seasoned agents have made mistakes before; everyone does.
You can build up your competencies and become successful agents by staying focused on continual improvement.
Let’s move on to our next point: having no or wrong role model.
No Or Wrong Role Model Real estate agent
So you’ve conquered your fear of mistakes, and the desire to look good is no longer a priority.
But that still doesn’t guarantee success as a real estate agent!
What else could be blocking your real estate career and path, then?
Have you considered whether or not you’re surrounding yourself with suitable role models?
If not, this could stunt your real estate license industry growth.
When starting as a new real estate agent, you must take stock of who might influence you and how their advice can help (or hinder) your progress.
It’s great if there are experienced agents around who can guide you on how to succeed – but if they don’t know themselves enough or aren’t willing to share what they do know, then all that wisdom goes to waste.
Find a mentor
Even if there are helpful people, their marketing strategies don’t work for YOU. Specifically, this will only impede your development.
The key here is finding mentors who understand both the ins and outs of the business AND whose approaches align with yours. That way, you’ll get the best possible combination of knowledge and actionable advice tailored to YOUR needs.
Otherwise, let’s say that following misguided instructions isn’t conducive to becoming an effective real estate agent!
Instead of falling into bad habits because ‘that’s what everybody else does,’ find reliable resources and establish relationships with those who can provide meaningful support!
However, attracting clients may prove insufficient without proper guidance from credible sources during these early stages of your real estate career.
Insufficient Client Attraction
Are you looking to become a successful real estate agent? Then it’s essential to focus on marketing yourself and standing out.
You need to attract enough buyers and sellers to generate enough leads and, ultimately, commissions.
But how do you decide between 15 listings a year, each worth $10 million, or 150 listings, each worth $1 million? Both scenarios will bring in the same commissions, but the work is drastically different.
As a new agent, making the right decision for you is essential.
Focus on effectively marketing yourself so you can be at the top of people’s minds and make sure that when they’re looking for an agent, they think of you first.
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Lead generation strategy
Are you ready to take your real estate business to the next level? Lead generation is an essential part of running a successful business, and it’s one that you shouldn’t ignore.
Without an effective lead generation strategy in place, you’re missing out on potential customers and, as a result, valuable business opportunities.
Whether you’re the type of person who loves to be in front of the camera or someone who prefers to work behind the scenes, you can use both approaches to generate leads.
Start by producing helpful videos regularly and sharing your knowledge with your viewers. From there, consider attending networking events, advertising in local newspapers and magazines, and building an audience on social media. Stage every property and never compromise with the quality.
If something works incredibly well, don’t be afraid to double down on it.
The key is to create as much exposure and outreach around your brand as possible. You can ensure potential clients won’t miss you with the right strategy.
Too many real estate agents miss out on potential business because they don’t have a focused lead-generation strategy.
Don’t let that be you. With the right approach, you can ensure that your real estate business is a success.
Monday Through Friday 9 To 6 Mentality
The success of any real estate agent depends on their commitment to going the extra mile. Those who take a Monday through Friday 9 to 6 approach to their job will quickly find that they’re not getting very far.
Real estate transactions don’t just happen between 9 AM and 6 PM on weekdays – they require consistent effort and dedication seven days a week.
From the client meetings and negotiations to the long hours spent preparing paperwork, the job of a real estate agent is never done.
However, the rewards for those who make the effort can be significant.
Agents who stay motivated and keep working towards their goals can enjoy the fruits of their labor.
From the satisfaction of helping their clients find their dream homes to the financial rewards of successful real estate transactions.
The key to success in real estate is dedication – the effort you put in will be rewarded with success.
So don’t settle for the 9 to 6 grind. If you’re determined to make it in the real estate business, you must be willing to make the extra effort.
Extraordinary Work Ethic of Real Estate Agents
We’ve sampled 175 realtors and how many hours they put into their work, and this is what we’ve discovered:
- Agent selling under 3 houses a month: Real estate agents who sell under 3 homes a month typically work between 30 and 40 hours per week.
They may spend some time marketing their services, networking with other agents, and attending industry events.
- Agent selling under 10 houses a month: Real estate agents who sell under 10 homes a month typically work between 40 and 50 hours per week.
They will spend more time marketing their services and networking with other agents. They may also start to specialize in a particular market area, such as luxury homes or investment properties.
- Agent selling over 10 houses a month: Real estate agents who sell over 10 homes typically work 60 to 70 hours per week.
They will spend much time prospecting for new clients, showing properties, and negotiating deals. They may also hire assistants to help with administrative tasks.
If you are uncomfortable working long hours or outside regular business hours, then real estate may not be the right career.
However, if you are willing to put in the time and effort, a career in real estate can be gratifying.
Take advantage of every opportunity as a realtor
To ensure your career gets off on the right foot, taking advantage of every opportunity available is essential – even if it means working longer hours or weekends. Use social media platforms like Instagram and LinkedIn to network with potential home buyers and sellers outside of business hours.
Utilize weekend open houses to attract more people into viewings. Follow up with leads quickly after open houses by generating them from online sources such as Zillow or Trulia.
All these efforts will help ensure you don’t miss out on any possible deals because you couldn’t reach them during ‘traditional’ work hours.
With dedication and proper time management skills, success as a real estate agent is within reach!
Now let’s explore how a lack of sales and negotiation skills can impede an otherwise promising start in a successful real estate career.
Read also: Creative Open House Ideas For Realtors
Lack Of Sales And Negotiation Skills
Sales and negotiation skills are the bread and butter of a successful real estate agent. Without them, you’re like a fish out of water, lost in an ocean of confusion.
As the saying goes in most realtors estate professions, “If you fail to plan, then you plan to fail.” New agents must take time to learn these skills before entering the industry.
The key is understanding your client’s needs and having the ability to negotiate on their behalf without compromising either side’s expectations.
To do this, agents need to understand how to ask targeted questions, listen carefully for answers, research competitive listings, and help clients assess potential risks or rewards associated with each opportunity.
Make a career in real estate and learn to listen
Negotiation should also involve effective communication and creative problem-solving strategies to develop mutually beneficial solutions.
If done correctly, negotiating can make or break a deal – so don’t be afraid to practice!
By taking the necessary steps now to hone sales and negotiation skills, agents will have the confidence they need when dealing with both buyers and sellers in any given situation any time agent is.
This will enable them to build trust while creating lasting relationships with prospective customers down the line – something invaluable in today’s ever-changing real estate market landscape.
Read also: 5 Guerrilla Marketing Tips For New Agents!
No Goal Or Not Broken Into Measurable Numbers
As a new real estate agent, it’s essential to have goals. Without them, you’ll likely flounder and get lost in the industry.
To avoid failing as an average real estate agent, ensure your goal is clearly defined and broken down into measurable numbers.
It should be specific enough that you can track progress over time and adjust if needed.
Set realistic expectations for yourself by looking at past performance data from experienced agents in the same field or area.
This will give you insight into what success rate is achievable so you don’t set too high or low goals.
Look at data, not on gut feeling
Consider external factors like market conditions and economic trends when setting objectives. Once these are taken care of, break each target into smaller tasks with deadlines to ensure they get done on time.
Without proper planning, even the best-laid plans can quickly unravel due to a lack of time management and focus.
That’s why it’s crucial to develop a schedule for your own time that works for you and stick to it every day – this will help keep distractions at bay and prevent procrastination from creeping in.
Lack Of Time Management And Focus
Statistics show that over 85% of new real estate agents fail in their first year of selling real estate here.
A lack of time management and focus is one of the critical reasons for this failure. As a real estate agent, you must be able to prioritize tasks, take initiative when needed, and remain diligent even when things don’t go as planned.
To begin with, it’s essential to set realistic goals that are achievable within your current work schedule and resources.
You should also make sure to break those goals down into smaller steps or tasks so they can be tracked easily throughout the process.
Having an action plan which outlines each step on how you will reach your goal is essential.
It helps keep you accountable and focused on what needs to get done each day so nothing falls through the cracks.
Manage and organize every minute
Even if you don’t have enough money on your marketing budget, the least you can do is stay organized.
It is vital if you want to succeed as a real estate agent. This means keeping all necessary documents together in one place, such as contracts and invoices, along with any other information related to clients or transactions.
Doing this will help save valuable time by eliminating the need to search multiple files to find what you need at the last minute.
Build relationships and work ethic
Time management and focus are other factors that often fail newbies. However, this is a relationship business, and it’s paramount for any successful real estate professional.
Neglecting either could lead to disastrous results from missed deadlines or poor client relations.
With effective organization and planning, however, success in most real estate agents can still be achieved despite these challenges.
As Benjamin Franklin once said: “By failing to prepare, you are preparing to fail”; especially true in today’s competitive industry of real estate agents!
The following section focuses on resistance to change – something many new agents struggle with when starting their careers but must learn quickly to stand out.
Resistance To Change
Resistance to change is one of the biggest challenges that new real estate agents face.
It’s natural for us to be resistant when we’re feeling overwhelmed or unsure, and it can lead to stagnation in our careers if not addressed.
Even experienced and successful real estate agents will sometimes experience resistance; the key is learning how to manage it.
The first step towards managing resistance is recognizing it when it arises.
If you find yourself procrastinating on tasks, avoiding activities that involve potential risks, or even becoming more pessimistic than usual – these are indicators of resistance setting in.
Adapt, improve, and change
Once identified, take a moment to reflect on why you feel this way and ask yourself what steps you can take to address your concerns.
Mindful reflection allows us to identify patterns behind our thoughts and behaviors and make adjustments as needed.
By embracing change rather than resisting it, we open ourselves up for personal and professional growth and improvement.
This may mean taking calculated risks or pushing outside our comfort zone but ultimately leads to more tremendous success in life and the real estate business.
Make sure your goals are attainable yet challenging so that there’s a sense of accomplishment whenever those milestones are achieved!
What successful real estate agent does?
It can be easy to feel overwhelmed by the many challenges that come with the job.
To become a successful real estate professional, you must invest your skills and time to become an expert in your local area at least.
If you are diligent and take the time to develop skills such as strategic thinking, sales and negotiation tactics, and goal setting, you will have no difficulty excelling at your craft.
With these tools in hand, you’ll be able to navigate any situation or obstacle during your career.
Don't be an average agent
The biggest challenge for most new agents is fear.
Fear of making mistakes or not looking good enough can prevent them from taking risks which could bring great rewards.
So ask yourself: do I want short-term satisfaction or long-term success? Once this question has been answered, the rest should become crystal clear.
Building client relationships is one of the best ways to create a successful business model as a real estate broker or agent consultant.
It’s important to remember that communication is key – keeping an open dialogue between yourself and other real estate agents and potential customers will make all the difference in establishing trust and credibility.
If you follow these steps thoughtfully and carefully, there’s no doubt you will succeed as a real estate agent!
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