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Agent retention rate?

By
Real Estate Agent with Island tradition Properties

So what are the average lengths of a realtors career?  Over the past 9 months of my first year in this illustrious career I have seen many agents come and go with ease.  They come for dinner but can't seem to stay for the desert.  So what's the deal?  Do people really think this is a million dollar career in the first week?  It doesn't make very much sense to me to pay the fees for our local realtors association and the MLS fees and they leave before you give yourself a chance to at least give it a chance.  That sounds strange but very true.  I read a post the other day about how some realtors broke it down by the amount of hours put into a single transaction and divided that by the commission they received and they ended up making over a $1000 an hour.  Now that is just ridiculus to me.  How many dead leads did the agent chase?  How much time was spent farming or out talking with people before they made this deal.  We tend to work a little more than 40 hours per week on most cases to hopefully strive for one closing a month. 

Now don't get me wrong, I am working to get at least 3-5 closings per month.  Is it easy for us?  No, and I think most people already understand that.  The days of us sitting around and collecting a check are over and I never even experienced that.  But I am smart enough to know that is not the case anymore.  It seems that the people that are sticking it out and giving it a chance to make it in this industry either have a spouse who makes a ton of money, or they are ambitious enough to make it work for them.

People will always be buying homes and selling homes.  That will never change.  This is an industry that will forever need people to work in it.  The ones that stick it out will be the ones who make it.  That goes without saying.  The harder you work, the better your results will be.  Now it took me a few months to get my first deal going but I stuck with it.  Maybe we will see enough agents leave to where we will get a lot more work our way.  I'm ok with that!  Keep me busy from the time I wake up until I get home to see my beautiful children and I am happy in all aspects.  Give this industry a chance and you will see that there is a great future for you in it.  

Show All Comments Sort:
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

It is all about persistence and effort.  It requires a lot of self motivation. I have seen them come and go through the years with a lot fewer staying the course.

Jul 27, 2011 02:03 AM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Getting in when the market is a steep incline teaches you skills for life.

Jul 27, 2011 02:04 AM
FN LN
Toronto, ON

Many people get out quickly because they cannot afford the ongoing real estate fees or decide not to finish the educational requirements.

Jul 27, 2011 02:06 AM
Michael Janik
Island tradition Properties - Cocoa Beach, FL

I know what you mean Andrew.  I have another closing on Friday and its for a Fannie Mae home.  I have yet to even put a contract in on a fair market home.  Everything is short sales and REOs.  Any business is better than no business and if you stick something out when its difficult it'll make you that much better at what you do.

Jul 27, 2011 02:06 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker

I have been teaching pre licensing courses since 2004.  Many people get into this business because they think it is easy and that everyone makes tons of money and drive nice cars.  They get their license and reality sets in.

Jul 27, 2011 02:06 AM
Michael Janik
Island tradition Properties - Cocoa Beach, FL

The one thing I have noticed is that the ones making the money are the ones who have been doing this for a little longer and really are not afraid to take chances.  Communicating seems to be paramount.  Who says you can't walk up to a FSBO and talk face to face with them, or anyone for that matter.  Take chances and you will be rewarded.

Jul 27, 2011 02:13 AM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Those who get in NOW can have a CAREER if they learn how to market themselves through social media and the basics...

 

Jul 27, 2011 02:17 AM