As a real estate agent, you know the business is all about helping people buy and sell properties. However, you also know that some agents don’t seem to be able to get the job done. So what’s the deal? Why are some agents so successful while others struggle? There are quite a few ways to get yourself into hot water if you ignore what’s happening around you and how it affects your business. Real estate can be a difficult industry to succeed in, but it doesn’t have to be. To help you avoid the pitfalls, here are the three main reasons why many real estate agents fail:
1, Improper time and expense management. As newcomers to the industry, they’re often overwhelmed by numerous responsibilities, leading to a mismanaged schedule. They may find themselves running all over town without a proper plan. Furthermore, being their own boss for the first time, they may chase after enticing opportunities without properly evaluating the associated costs. This lack of financial management is a major pitfall.
A substantial part of a real estate agent’s job is sourcing new business.
2. Disregarding lead generation as a top priority. Contrary to what reality TV shows portray, a substantial part of a real estate agent’s job is sourcing new business. This involves actively reaching out and finding potential clients to assist. If agents fail to systematically and deliberately dedicate time to this task, they risk failing in the industry. Unfortunately, many newcomers and their brokerages do not invest sufficient time in training for this crucial skill.
3. Failing to realize that real estate is a full-time job that requires a clear vision and mission. During the first few years, it’s easy to lose sight of one’s goals and become engulfed in the day-to-day operations. If agents aren’t focused on personal leadership and the reasons for showing up to work each day, they can easily become disillusioned.
I hope this discussion has been insightful. If you have any questions or would like to learn about our strategies to overcome these common pitfalls, please call or email me. I look forward to hearing from you.