
According to a National Association of REALTORS® study, 87% of new real estate agents quit or fail in their first five years of real estate. I’ll go so far as to say that 90% of the 13 that don’t quit or fail, just don’t produce; which is ultimately still failing right?
But I want to briefly talk about the why. Why do 87% of agents fail and why are most active agents not selling anything? Well, I cannot speak for every agent but I can speak for myself. As an agent of three years I can speak on my experience and why I think agents are not succeeding.
In my first year of real estate, I hardly sold anything. In 6 months I managed to squeeze out 3 transactions which was very hard to achieve. I was not only new to real estate but I was also new to the area. With no family, friends, or connections in Georgia I relied mostly on social media to find potential clients.
Social media alone gave me ONE client. My efforts were inefficient and I didn’t know what I didn’t know and that's what I believe is the core of the issue with most agents. You don’t have any guidance or direction, so you don't know how to prepare yourself.
The solution to this issue is to get proper training. If your brokerage does not offer training, maybe consider hanging your license with another brokerage. I’m kidding, however training is one of the most important aspects a company can offer in my opinion.
But in the event that your brokerage really doesn’t offer training and education, you need to find a third party that does. There are tons of coaches out there waiting to help you. Do not be afraid to reach out.
Lean into your mentorship as much as possible and take full advantage of your education. I see lots of agents who have the, “I can figure it out by myself” mentality, but the truth is that we achieve very little on our own. Openly receive the mentorship, put your ego aside and admit that you still have learning to do.
Another reason why I believe real estate agents fail is because they fear rejection. The thing about real estate agents is: we play many roles and wear many hats. We are agents, therapists and sometimes we serve as punching bags.
You need to be able to digest the abrasiveness of some of your leads who aren't expecting your call; and don’t take anything personally. You must learn to change your mindset into believing that every “no” brings you that much closer to a “yes”.
It may not seem like it’s worth the stress right now, but getting through those no’s can mean the difference between $0 and $10,000+ in gross commissions.
TIP: When you pick up the phones, keep your goal at the forefront of your mind and remember WHY you are calling. You are only trying to help and give value.
Last, I believe agents fail because they get stuck in the education phase and end up taking no action. This is common especially in analytical personality types. BEWARE.
This is a disease in which I’ve named Analysis Paralysis and it basically means, you are attempting to learn everything before you make any moves. The reality is, you will NEVER know everything in real estate.
Just when you think you have it all nailed down, there will be changes made to the contracts or the law. Just be sure to continue your education daily and pair your education with actionable tasks to put you to work.
Honestly, I could rattle off and name 101 reasons why I believe agents fail but I personally related to the reasons I’ve listed. These things have slowed my progress and growth but now that I am aware, I can move past these issues and run a successful business.
I hope you can learn from my mistakes and save yourself some time. If you ever need to talk about the things you feel are stopping you from being great, book a 30 minute consultation with me by clicking the link below ! Talk to you next time!
Click this link if you are interested in having a conversation about being a Realtor.
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