The practice of real estate has a huge attrition rate. Some statistics indicate over 50%, others say over 80%, of all new real estate agents will fail. Why many real estate agents drop out may come as a bit of a surprise to some.
With the real estate market improving, there are newer, less seasoned agents coming into the industry, and some of these agents come in with the wrong mindset. We’ve always seen new agents who come in with the hopes of “making it big.” Some view the practice of real estate to be relatively easy and they, therefore, think the money they earn will be easily earned. This is one fallacy that is so far from the truth, that I would bet that any 10 agents would all say the same thing, i.e. practicing real estate is hard work (sometimes)!
Why many real estate agents drop out does not always equate to being unhappy. Studies have shown that many agents drop out because of various reasons, and that we have the highest attrition rate of any profession in the nation. The mindset that is required to become a successful real estate agent is not the mindset that most new agents have. This industry requires positive thinking, an entrepreneurial spirit, and a determination to stick to it, no matter what the market does, no matter how far and few between the closings occur, and no matter how the customers or clients treat us.
When a real estate agent calls it quits and moves on to something else, the natural perception is to think the reason behind it was that the agent could not make enough money. I would dare to disagree with that reasoning. From what I see, many times an agent drops out because he or she either doesn’t do what it takes to become successful, doesn’t have the mindset necessary or because he or she does not believe, in the very depths of his or her heart, that success can be theirs. Many people do not believe they deserve to be successful. They’ve been locked into their world for so long that they don’t truly see themselves getting out of it.
Why many real estate agents drop out is not that easy to sum up. Each one of us is an individual with unique thought patterns, so maybe some of the reasons laid out here do not fit one of us. All I know is that over the many years I’ve been in business, I’ve seen good people drop out and in my heart I believed they could have succeeded. Before you get into this business as a new agent, it is to your advantage to really think about your motives, your passions and the dreams you may have. If you are willing to change some of your habits and thought patterns, real estate can be a dynamic and rewarding career.
We who are part of TEAM Hughes believe in what we do. We believe we can give you everything you need to successfully obtain a real estate license. Beyond that, it’s up to you. Our passion is to see every one of our students become successful. With our passion joining forces with your passion, we can make a great team! Let us know if you want our help. Register for a class today!
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