It’s unfortunate, yet 85% of the real estate agents that get licensed will be out of business, out of money and looking for another career within 18 months of starting. That doesn’t sound too promising if you are thinking of calling real estate your career. Then again, there are those that get into to the business and shoot to the moon like a rocket.
Here, I uncover the 5 ways that people fail and share a few things you control to avoid failure and place you on the path to immediate success.
1) Sign on with the first company you talk to: Too often, real estate agents only talk to one company before agreeing to go to work. There is no such thing as a ‘One Size Fits All’ company. You must interview with a few companies to make sure that you find the company that fits your style and the vision you have for your future.
2) Decide to work from home too early in the game: The freedom to work from home is so tempting. But, if you want to be on the fast track to stabilizing your income, you need to surround yourself with mentors and Top Agents that can show you how the business is done. Too often, agents don’t have any leads so they stay home missing out on many learning opportunities they would get if they were in the office around other agents.
3) Join a Top Agent Team too fast: Top Agents love to bring people on their team to leverage your time to generate additional leads for them. This doesn’t make them bad…yet, this may not work out well for your future. Don’t agree too soon! Take your time to learn the company, learn the different directions you can take your business then decide if working on a team is right for you. When you learn the business right, you may be the person wanting to build your own team versus helping someone else build theirs.
4) RELY on someone else to provide you leads: It may sound great to work with a company that promises to give you a lot of leads. The concern is what happens when they decide to redirect those leads to another agent? Where does that leave you? Do your research and look at the company’s production and you may see a conflict between the promises they make and the results they get.
5) Working part time: Starting in the business as a part timer could be risky. A career in real estate is a true profession and it takes time to learn the business. So, the more time you have to invest in learning, the more likely you will succeed. If you have limited time to invest in your career, then make sure you invest that time in learning and lead generation.
Unfortunately, too many agents fall into the above traps. Though failure is common in the real estate industry, there are agents that get into the business and close 20, 30 or 40 homes their first year. Imagine earning that type of income right out of the gate. You too can make this happen when you treat real estate as a career and make sure you align yourself with others that are seeking to reach similar goals.
It’s simple…show up, be willing to learn, understand there will be hiccups, adjust when things aren’t going right and enjoy the process.