The real estate profession can be one of the most rewarding for many reasons. The flexibility of time, unlimited income potential, and of course, helping people with one of the largest transactions of their entire lives are the best parts of running a successful real estate business.
One thing that is rarely discussed, is the alarming percentage of agents who fail to succeed in the business. Depending on the source, we know that the real estate agents that fail do so within the first 5 years. Between 80-90% of agents fail in the first 5 years of gaining their licence. When you think about it, nearly 9 of 10 new agents can expect to fail, which is an eye opener.
In this article you’re going to find out the top 5 reasons why real estate agents fail. If you’re thinking about getting your real estate license, are newly licensed, or are a 20 year veteran, you need to keep in mind why most agents are failing in the business. Knowledge is power and staying on top of the pitfalls of the real estate business will help you stay out of them.
1. They Get Involved In Real Estate For The Wrong Reasons
Selling real estate is not for everyone, end of story. Another reason why most real estate agents fail is because they get involved in real estate for the wrong reasons.
One of the most common reasons why people attempt to sell real estate is because they think all real estate agents make boatloads of money. This is a huge real estate myth and actually is the furthest from the truth. The average real estate agent makes less than $40,000 per year.
2. They Don’t Save Enough Money To Live On
Successful real estate agents spend money to build their business because they know how important it is. Whether it’s investing in promoting themselves to their sphere of influence or using top real estate marketing strategies to sell homes, it costs money.
Many real estate agents fail because they don’t realize that it costs money to run their business and they don’t have enough money saved to live on.
It’s highly recommended that before you attempt to sell real estate full time with no other means of incoming capital, that you have at least 6 months of money saved to pay all your bills.
3. They’re Selling Real Estate Part Time
I acknowledge that it’s feasible to be a successful part time agent. The reality, however, is that the majority of part time real estate agents fail to make it in the business.
Being a successful entrepreneur takes a lot of hard work. It doesn’t matter what industry, starting a business is going to mean long hours and lots of blood, sweat, and tears.
Successful real estate agents work odd and long hours. There are few successful agents who work “banker hours” of 8 AM – 5 PM, Monday through Friday.
Being a successful real estate agent means working many nights and weekends and being available via phone or e-mail nearly 24 hours a day.
4. They Don’t Know How To Generate Leads
One of the best things about being a real estate professional is the sheer number of ways you can generate leads. They are the agents bread and butter!
One common trait of successful real estate agents is that they understand how they’re going to generate new leads for their business. For example, there are many PROs and CONs of open houses, do you know what they are?
Here’s a quick tip: the best method of getting the best leads? Let the professionals do it for you! Blake Cory Home Selling Team has an expert marketing team pulling in 100s of leads each month for its agents. Why do all the heavy lifting?
5. They’re Difficult To Work With
When you’re working in a profession that deals with other people, it’s extremely important that working with you is enjoyable. Many agents come off a stand-offish or money-grabbers. Think that doesn’t sound like you? Why take the risk?
An agent who has a good reputation with other agents also has a greater probability of making it in the business. Get professional training from Real Estate Coach and Mentor Blake Cory for free by joining the Blake Cory Home Selling Team!
Its easy to slip and fall in the real estate industry. One wrong move and you might find yourself out of business and out of money. The Blake Cory Home Selling Team is just that A Team. We want our agents equipped with the best tools to be successful, high value earners. Find out how you can sell upward of 40 homes per year by going to www.joinblakecory.com.