I have been in Real Estate about 3 years. During that relatively short time I have seen many agents come and go. I started thinking about why so many agents fail or leave our business:
- 1. They got in for all the wrong reasons: No plan, no understanding of the way this business works and how tough it can be. Lack of understanding and lack of preparation for the tough times ahead.
2. Unable to sustain themselves through startup: No matter the market or where in the cycle, you need sufficient money to build your business as well as pay ongoing expenses.
3. Lack of adequate sales training: I am convinced the primary reason I am still here is because of my sales background. I see agents with no/little sales training making the same mistakes over and over and wondering how others get so lucky ! Unfortunately, you have it or you don't. I'm not talking about a short course on sales technique. What is so critical is having been in a sales position, preferably commission based, where you had to sell to survive. Without it you either need a booming market or lots of experience to make a go of it.
4. This is a cyclical business: Talk to any of the older agents and they can tell you about how the market comes and goes. If you can't adjust to that you probably won't like this business.
5. No effective mentoring : This is the point to this post. It would be very difficult/impractical to go back and get " Field " experience in commission sales. We have no control over the other points listed above. What we can do is have a strong mentoring program in our offices. Experienced agents are typically very eager to help newer agents. Consider all of the time/money being spent in marketing programs. All to no avail if the agent working with the buyer is less than effective due to poor selling skills. The ability to fact-find, qualify, and close a sale are skills absolutely essential in this market. Just my thoughts on a tough market.