Being a real estate agent may be one of the most rewarding careers we can imagine, but there’s no denying it’s not always all glamour and big commission checks. In fact, Realtors work harder extremely hard and often sacrifice their nights, weekends, and family time, with no guarantees of a six-figure income – or anywhere close to it. The current data for the real estate sales profession reveals that the average Realtors makes about ,500 per year. While that may seem solid in many markets, consider that the average Realtor only makes .93 per hour, and often has a mountain of expenses that most salaried employees do not. So it’s no wonder why real estate agents have a high attrition rate
In fact, an astounding 87% of all real estate agents fail in their first 5 years of business according to Tom Ferry, and other estimates say that 75% of Realtors fall flat, either making les than minimum wage or quitting the industry all together, in their first year!
The good news is that there is a proven methodology for success as a real estate agent and it’s no secret. We spend plenty of time covering what Realtors can do RIGHT to succeed, so in this blog we’ll cover 17 things they can do WRONG; the biggest mistakes Realtors make that drive them from business.
How many of these career-killing mistakes are you making?
Mistake #1 Not realizing it’s a numbers game
The first, second, and third most important things you can do every day as a Realtor to ensure your success are reaching out to people and asking for their business. It sounds simple enough, but once we call it “prospecting,” many Realtors get intimidated or make everything else on their To Do list a priority. But real estate sales is a numbers game, so the more people you call, email, write, message, meet, greet, network and socialize with, the better you will do. Period.
Mistake #2 Fear of “no”
Maybe the reason so many people fail to prospect like wildfire is because they are afraid of rejection, often wrapped into that terrible little two-letter word, “no.” But getting turned down flat when asking for business is perfectly OK; in fact, it’s liberating because you know that you don’t have a client so you can stop wasting time. And since real estate prospecting is a numbers game, you should actually embrace the NO’s because they more you get through, the more likely you are to hear “yes” very soon. Prospecting IS NOT personal, so leave your fear of rejection at home if you want to be a top real estate agent.
Mistake #4 Choose the wrong broker/company
Some people like small towns, some like big cities. Some people like rock n’ roll, while others love dancing to the oldies. No matter who you are and what your personality, there is a real estate company that best fits your needs. As an agent it’s so important to find the right broker or real estate firm to hang your license; someplace that you will feel energized, positive, and supported every morning when you go into work. There are plenty of huge international brokerages and just as many mom and pop shops, so find the right work environment and mix of reputation, mentoring, technology, support, resources, and yes, compensation, that is the right fit for you.
Mistake #5 Not creating systems.
Do you have a successful business, or are you that business? That’s the fundamental difference between working as a lone wolf entrepreneur that only gets as far as their last day’s effort, compared to mega successful real estate agents who really break through and build long careers. That difference is all predicated on building systems, which allow you to leverage the time, money, and energy of others, scale to much bigger results, and automate minor tasks and important transactional functions alike, allowing you to “play a much bigger game” – and win.
Mistake #6 Not making time your biggest ally.
Successful real estate pros can tell you exactly what they’ll be doing this time tomorrow, and next week, and probably a year from now. That’s because they carefully organize, prioritize, and schedule all of their important functions. Not only does this allow them to run like a well-oiled machine, but it actually frees them up to focus on personal relationships with their clients, families, personal growth and health – and actually enjoy the ride without getting burnt out.
Mistake #7 Not holding yourself accountable.
Top-producing real estate agents always hold themselves accountable, carefully tracking their marketing activities, measuring results and making sure they hit their prospecting targets. Only then can they discern what is working and what is not, make critical adjustments to their game plan, and make sure they are on the right track.
Mistake #8 Not paying attention to clients AFTER the sale.
Far too often, real estate agents represent a buyer or seller with intensity and focus just until the point where the transaction closes and they get their commission check, and then they disappear never to be heard from again. That’s a huge mistake, because the best time to ensure the client is happy, foster lasting loyalty, and most importantly, ask for referrals, is after the deal closes. Treat your clients like superstars all the time – not just when a commission check is on the line – because they’re smart enough to realize it, and will love you for it.
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Stay tuned for part two of this blog where we cover the next 9 common mistakes real estate agents make!