Almost 87% of new real estate agents fail within the first five years of being in the business. If you want to be successful, there are some things you should do to avoid failing.
87% of new real estate agents fail within the first five years
Despite the slew of real estate websites and brokerages touting their own unique selling points, many agents struggle to achieve success. A large percentage of new agents are left to fend for themselves, while many of their more experienced counterparts snag a commission check.
To truly succeed in the real estate business, you need to know what you’re doing and what you’re not.
Marketing is the name of the game. The best real estate professionals are well-versed in both the art and science of marketing. The best agents are also able to offer more benefits to their clients than the usual run-of-the-mill realtor. Keeping abreast of industry trends is another must-do. The Keeping Current Matters blog is a great resource to keep abreast of what’s going on in the real estate community.
Setting goals and action plans
Whether you’re a new agent or a seasoned pro, setting goals and action plans is important. Without a plan in place, you’re likely to fall into the trap of being distracted and fail to reach your objectives.
To set goals, you need to research your market position. You also need to identify your best income-producing activities. In addition, you should be conscious of your cash flow and your savings. Once you have established a strong client base, you can expect to see significant gains in your income.
There are many goal-setting systems that are designed for real estate agents. For example, the SMART Goal system emphasizes finding a passion for your business and a connection to your target audience. The system includes tracking your progress toward your goals and reevaluating your strategies to maximize your results.
Letheby, the founder of The JBL Team and a certified trainer with the John Maxwell Team, advises agents to write their goals down. He suggests placing them on a bathroom mirror, a chalkboard, or on your phone. He also recommends reading them twice a day.
Pushing yourself “outside your comfort zone”
Getting past your comfort zone is a critical part of being a successful real estate agent. This will give you a chance to create gainful work and define yourself as an authentic person. You will also learn how to handle difficult situations and will find that you are more courageous. It is not always comfortable, but it is necessary to reach your full potential.
The best way to get outside your comfort zone is to experiment. You might try marketing ideas, creating an Instagram Reel or a video. You might even try a lead funnel. These are all great ways to stretch yourself and break free of limits. You can also start to develop a routine to help you step out of your comfort zone on a regular basis.
When you push yourself into new areas, you are breaking free of limitations and you are able to find a sense of meaning and fulfillment. You are also defining yourself. In the long run, you will be more productive and you will have more fun.
While you are at it, a good attitude is also a good way to get your team members motivated and pumped up to make a sale. For example, a thank you note is a nice touch. A simple thank you is a way to keep your team happy and motivated.