Next 4 Reasons Why Real Estate Agents Fail

By
Services for Real Estate Pros with REVA Online | SEO Boost For Real Estate, Social Media Marketing for Real Estate and Real Estate Blogging Expert Real Estate Social Expert

Next 4 Reasons Why Real Estate Agents Fail

Why real estate agents sometimes fail. It's about more than talking to people.According to the National Association of Realtors, 82% of home buyers begin their search online. That means if you don’t have an online presence you’re invisible to 82% of buyers.

Here are 4 More Reasons Why Some Real Estate Agents Fail

    1. Didn't Anticipate Operating/Marketing Costs. Are you working with Social Media Marketing. Did you set a budget for that? Did you set enough aside in your budget for that? Every year you should increase your Social Media Marketing budget. Every year. We are three months into 2017 and I have clients who are telling me they wished they would have set more aside. There are new tools and services every day. If you hadn't set enough money aside before you started your business, then it may be  likely that you will run out of money before you get the chance to impress clients. If you are operating as a part-time agent, you can just about throw in the towel now. If potential clients can only reach you after 5 pm and after the kid's soccer and baseball games, you are not likely to connect with too many people.
    2. Going it alone. One of the hardest things to do in life is to start a new job. This is especially true if you have never done that job before and are unfamiliar with what has to happen every day to make the business successful. Very few people can walk into the operating room and perform surgery after they have been a truck driver for 20 years. The old saying goes, "you gotta walk before you run." It means don't be afraid to ask for help and get additional training. Shadow several agents for a little while and see if it looks like something you can do. Just because "you're good with people" doesn't make you a Real Estate Agent. 

When you listen to what people are saying they know that you care enough to earn that trust.

  1. Not Listening to their clients. Many a client has parted ways with their Agent because they feel that their agent just doesn't listen to what they are saying. If they are looking for a 3 bedroom home in the burbs and the agent is showing them homes downtown, they are not listening to their client. Of course we all know that there are times when you can and should make a recommendation to your clients based on the fact that you WERE listening. 
  2. Working With the Wrong Broker. Don't judge a broker by their fees. When an agent first starts with a company, they are looking at everything the broker offers. Many times decisions on which firm they start with is based on money. Choosing a broker because they have the lowest fees and the highest commission split with the agent is not a good way to start. You are going to need all the training and support of a qualified broker who understands what you are going through as a newbie and tries to make things work for you. This is a person who understands and empathizes with you. That's when you can count on the additional training if you screw up or the atta boy if you get the contract!
  3. Finally, a BONUS!!!! Many agents just starting out are willing to negotiate a lower fee to get the client. That's just not a good habit to start. As agents are required to look out for their clients, they cannot negotiate a better deal for the other side so the deal goes through. If you do what's best for you to be able to close the deal, word gets around. However, if you do what is in your client's best interest and get the deal, you are looking at referrals.

Here are a few tips to Start Off on the Right Foot.

  • Bring the donuts on your first day. Make an impressionn!Be ready the night before.
  • Buy donuts for the office.
  • Be on time.
  • Interact with everyone to gain perspective and come out of your shell.
  • Be sure your training has prepared you well.
  • Keep your eyes and ears open. You never know who might be dating whom; and who you should watch out for!
  • Hang out with the popular crowd. These are normally the Top Producers in the office and you can learn a lot from them. Take them out for coffee or donuts one day to get comfortable and ask pertinent questions. But, never, ever waste their time.
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Best Practices
Groups:
Active Rain Newbies
Services for Real Estate Professionals
Addicted to Active Rain
Bananatude
Bartender, Make it a Double
Tags:
real estate education

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
2,845,044
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Underestimating  marketing costs is one I see a lot of new agents go through.

Mar 20, 2017 06:42 PM #1
Rainmaker
539,751
Mike McCann - Nebraska Farm Land Broker
Mike McCann - Broker, Farmland Broker-Auctioneer Serving Rural Nebraska - Kearney, NE
Farm Land For Sale 308-627-3700 or 800-241-3940

I tell all new agents to make sure they afford to live while getting established...and that to get established they need to be recognized in their market as a knowledgeable  agent in their field of expertise. IE: If it is a specific subdivision then they better get to know everyone in it. And make sure they know you exist.  I also explain that hard work and working smart are not always the same thing. 

Mar 21, 2017 07:33 PM #2
Rainer
366,471
Anna Hatridge
Goodson Realty - Bonne Terre, MO
Missouri Realtor with Goodson Realty

Sometimes just standing by the popular crowd will help you learn what they do or say that makes them popular.  Listen and then listen more, works every time.

Mar 22, 2017 01:59 AM #3
Rainmaker
297,137
Teri Pacitto
Compass - Westlake Village, CA
Real Estate, Your Style...Your Home...My Specialty

All good points, but bottom line until licensing and training guidelines change and real estate is understood to be a business the failure rate will remain.  Donuts, hanging with top agents don't cut it and that's part of the issue with the image of this business.  Good awareness post.

Mar 22, 2017 06:20 AM #4
Rainer
234,931
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

Get your personal life in order to become a Marketer 1st and a Realtor 2nd.

Mar 22, 2017 07:06 AM #5
Rainmaker
286,948
John Wiley
Jones & Co. Realty - Fort Myers, FL
Lee County, FL Real Estate GRI, SRES,GREEN,PSA

What so many fail to consider when getting a Real Estate license is that there is actual work involved. It takes time, money and effort.

Sitting at the beach everyday waiting for the bus to drop off all these customers is just a dream.

Mar 22, 2017 10:50 AM #6
Rainmaker
917,333
Brigita McKelvie, Associate Broker
Cindy Stys Equestrian and Country Properties, Ltd. - Lehigh Valley, PA
The Broker with horse sense and no horsing around

Hi, Kathy!

What some do not understand is that becoming a real estate agent does not mean getting rich quickly.  There is a lot of work involved as well as costs.  We are considered as self-employed and must treat it like business owners. 

Brigita

Mar 22, 2017 11:58 AM #7
Rainmaker
407,957
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

I wish more brokers would emphasize having a personal, on line presence to new agents.  It is so important-- a lesson I learned on my own and it's paid off.

Mar 22, 2017 02:40 PM #8
Rainer
117,710
Sam Kader
Pacific Coast Financial LLC - Seattle, WA
Real Estate and Mortgage Broker

Excellent ideas Kathy! 

 

Mar 22, 2017 03:16 PM #9
Rainer
419,825
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Regardless of the systems, technologies, and actions, without a comprehensive business plan, failure is more apt to occur than not, especially if your goals and objectives are not achieved within projected timelines. 

Mar 23, 2017 04:01 AM #10
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
142,047

Kathy Goldman

Social Media & Marketing for Real Estate
Ask Me Anything About Social Media
*
*
*
*
Spam prevention

Additional Information