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You’ve probably heard already that the majority of real estate agents won’t make it through the first year in the industry. According to the National Association of REALTORs, 87 percent of agents won’t be in the business five years from now.
If you’ve committed yourself to a career in real estate, then you have to take a hard look at the reasons why most real estate agents fail, and develop a strategy to avoid the same pitfalls. Fortunately, the tools to succeed in real estate are easily attainable with some hard work, attention to detail, and motivation.
We’ve already discussed a few reasons why most agents fail; here are three more common mistakes, and how you can avoid them.
Tom Ferry explains the difference between being interested and being committed to a career this way: “When you’re interested, you do things when they’re convenient,” versus “doing whatever it takes as long as it takes to achieve your goals.” If you got into real estate because it seemed like easy money, or because you thought you’d be able to work steady hours, you’re in for a rude awakening. Real estate takes a lot of work – prospecting, following up with clients, answering inquiries at all hours of the day and night. If you haven’t committed to doing the work that’s required, then you won’t make it as a real estate agent.
Real estate attracts people who want to help others. Seeing a person’s face light up when they buy a home, or how a new home with more room or features can change their life, can be deeply rewarding. However, real estate agents have to have some sales skills in order to be successful. You must know how to overcome objections and think on your feet so that you know what to say to your clients to make them feel comfortable making a decision. These sales skills are so fundamental to real estate that there are a wealth of scripts available online to help you know what to say to your clients. Practice the scripts until they come naturally when speaking to prospects.
As with any sales-based career, real estate is all about the numbers. An agent is going to hear “no” a lot! If you let yourself become discouraged and lose motivation, you won’t get anywhere in real estate. Accept now that you will deal with difficult-to-please clients, you will have clients who decide to work with another agent, and some sales will fall through right when you finish making plans for that commission check. The sooner you’re able to let these disappointments roll off your back, and to learn from them, the sooner you’ll be able to rebound and go back to selling real estate.
Real estate is a rewarding, but challenging career choice. If you make the decision to stick with it and overcome some of the hurdles, you will grow your business and be successful.