Many aspiring new agents would have heard from friends or attend recruitment seminars selling the idea of how lucrative the real estate business is. It is not unusual for the top achievers in ERA to close 5 or even 6 digits commission in a single month.
How did they do it, you may wonder?
On the other hand, many new agents drop out within the first 12 months of their sales career. What mistakes did they make?
Here, let me digest for you the top 8 reasons why these agents joined with a big bang but left quietly after sometime.
Some agents join this career for the novelty. Others are retrenched and they fall back to real estate sales as a contingency. They have dreams of closing big commission deals. The lack of a real purpose why they are in sales will hinder them psychologically. Ultimately, when they fail to generate a sustainable income from this business, they will leave this trade.
Those agents that fail usually assume that houses ‘sell by themselves’ without much effort on their part. They are reluctant to upgrade themselves with new skills and market trends. Their weakness will haunt them when they burst a big deal because of their complacency. It will be too late by then to cry over spilled milk.
Real estate sale is a business. You need money to run any business. Many agents drop out when their funds are dry or when they do not close any deals during the first few months. It is not unusual not to close any deals for the first few months. When their savings run low and bills need to be paid, the urge of returning to a fixed paying job is very attractive. This is one of the most common reasons agents drop out when they are short of money.
Perseverance is essential for any agents to survive in this highly competitive sales business. You need to have a heart of steel if you want to do well in this trade. Many give up too easily when they are faced with objections. They lack the mental strength to overcome setbacks. In short, they lack the perseverance to see through their goals.
A supportive family is paramount to any agent’s success. If you have family members who keep discouraging you from this business, it will be a matter of time they will influence you and pull you down. Gain their support and understanding during this time. Tell your family that you are embarking on a business. You must prove to them that you will succeed.
A real estate agent job is to sell houses. If you fail to have sufficient property listings, you will fail to last. This is our livelihood. This is the same for those agents that are doing new homes. If you failed to have any buyers to buy from you. Your career in this industry could be shortened.
You need to have a positive attitude to do well in this industry. Irony it is this small little thing we each possess that differential those that survive well and those that drop out.
One of the most common failures of agents is they drop out because they fail to overcome their greatest fear. Their fears can be manifested in many different forms. It could mean fear of approaching customers, fear of doing difficult but effective prospecting. Your success will come when you overcome the greatest fear in you!
In the last 9 years of my career. I have seen numerous agents who come and go. Some joined with very strong enthusiasm but left with disastrous results. Their failure can be prevented. I hope by sharing the above 8 pointers, it will help you to avoid a disaster ahead!