Why New Realtors Struggle (And Fail)
There are few other professions in the world than that as a real estate agent which attracts such large numbers of men and women to it every year. Sadly, a very high percentage of these new realtors fail miserably and leave this profession by the end of one year. The success rate in this career as a realtor is less than 10%.
All new realtors start with high hopes and expectations, but these expectations are dashed when they find they must work very hard and compete with already established real estate agents. There are many reasons behind the failure of a vast majority of new realtors.
People prefer to hire agents with experience
If you are a new realtor with little experience behind you, you will find it challenging to catch the attention of buyers and sellers. The reason is simple and very natural. Buying or selling is a big financial decision, and no one wants to take a chance with someone who is a rookie. Even your relatives and friends will probably not want to give you their deals as they want some experienced agent to handle their listings.
Also, it becomes difficult to earn the trust of others when you are new to a town or city. Many realtors cannot handle this pressure and break down quickly. They find it hard to survive without any clients, and they are not prepared to invest their time and effort without getting any results. Do not push yourself down the throat of your friends and relatives. It is better to refer them to a seasoned pro that you know, and you can still get up to 25% of the commission from the referral.
Remember, you must spend time with social causes in your local community and interact with potential clients on social media to establish a positive image for yourself. You will reap the rewards for this marketing later. All the networking you do in the initial period as a realtor with other realtors and other professionals come handy after some time.
Being young can work against you
If you are in your twenties, people do not take you seriously. They believe you are not mature and will not be able to handle their real estate transaction with sincerity.
You will find that the most successful and respected realtors in your area are over the age of 50. They do not only command respect but also gobble most of the real state transactions taking place in your area. People will ask questions about your age, your experience, how many homes you have sold and so on. You must remain confident, self-assured, and face doubters with a smiling face.
Your energy, hard-working attitude, and passion for real estate will slowly but surely win over the hearts and minds of your leads. Working under a favorite broker and gaining experience is one way of silencing your critics doubting your abilities.
Avoid common mistakes made by new realtors
No matter how much you study about real estate, you are still prone to make mistakes and make the wrong decisions. There is no substitute to experience and hard work in real estate.
You cannot learn everything about real estate transactions in your first deal. It is therefore prudent to learn from the mistakes committed by others to iron out wrinkles from your path as a real estate agent.
Listen to podcasts of successful realtors, attend conferences and seminars, and read as much about real estate as you can to avoid common mistakes committed by rookie realtors. You will not have answers to all the questions from your clients, but if you keep your eyes and ears open, you will quickly learn the loopholes and tricks in real estate.
Giving up too easily when faced with rejection
A vast majority of new real estate agents join this profession with high hopes but give up when they find they must struggle to get their first client. Be prepared to hear “no” a hundred times before you get a “yes” from a client. Prospecting is the key to success as a real estate agent. You will not get clients sitting at home. You will have to work hard on the leads you get through your research, phone calls, and through networking with other realtors.
Do not let your head drop in the face of negative answers from your prospects. A single “yes” after a hundred rejections can bring in a lot of money for you in the form of commission. You should keep motivating yourself as closing a single deal a month is enough for you to survive in this career as an agent.
Failing to follow up on your leads
One of the biggest mistakes committed by new realtors is their inability to follow up with their prospects. Remember, it is you who must engage with the prospect rather than the other way around.
If you say you will call, make it a point to call the prospect and inquire about the status of their listing at the right time. If you fail to do so, someone else will call your prospect and try to lure them with enticing incentives. If you fail to show up or call a lead after a promising appointment, you will never succeed in this profession. People admire real estate agents who keep their promises. If you feel you will forget to call a prospect, make use of technology to set up a reminder to help you.
Allowing one bad experience to get you down
Real estate can be a very challenging field for a newbie realtor. You are bound to meet and interact with all sorts of individuals in this career. Some of them might try to dupe you or hurt you but do not use them as an excuse to leave this profession. Use your bad experience as a learning tool and vow to yourself that you will not repeat your mistakes.