Setting yourself up for success from day one is essential in order to last in this industry. Keep reading for the top three reasons why real estate agents fail, and how to avoid these pitfalls.
#1 Reason: Part-Time Agents
The best piece of advice I got when I started in the industry came from my broker, who said, “You’ve got to be full-time in this business.”
As a real estate professional, you are helping somebody with their largest financial asset, ever. You do not want to come off as a part-timer because your clients expect you to be there for them, full-time.
There are two ways you can avoid being a part-timer:
Have three to six months of savings before you start your career. It will be hard in the beginning, but even if you sign a deal within your first couple of weeks, it will take 45-60 days before you see a check.
Hold a second job at night. If you use this option, your full-time position is real estate, and your second job is only to get you through the first few months of bills.
#2 Reason: Wrong Team or Brokerage
It’s easy to end up on the wrong team. Almost every broker is going to tell you, “I’m recruiting you,” or, “I’m offering you a position.” It’s going to make you feel warm and fuzzy. But most brokerages are going to offer anybody with a license a position. So, this isn’t a big win.
Instead of waiting to be selected by a team or brokerage, flip the script.
Interview brokerages and teams. When you sit down with different teams, make sure you ask questions, not based on split or commission, but how they are going to support you. What new agent training do they have? What will they do for your business? How will they hold you accountable? What support do they provide for your buyers and sellers?
Work with the top team in your area. Do your research and find out who the top three teams are in your marketplace. Aim to work with one of them.
#3 Reason: No Leads
You need to have some type of online leads coming to you when you are first starting out in the business. Consumers start their search online, so having different lead sources is extremely beneficial.
Here are two ways you can ensure you are able to get leads for the short-term and long term.
Pay for leads. This is the short-term solution, and it’s necessary in today’s industry. You can pay for leads yourself, or select a team that provides leads. The more lead sources available, the better.
Build Your Brand. Make sure you are building your brand online. This is a long-term play, so don’t expect to see leads from your branding for a few years. Use the platforms where you know your sphere and network are consuming content, add value to your community, and continue to let everyone know that you are in the business of real estate.
At the end of the day, it’s simple:
You need to have leads to close.
You need to have support.
And you need to work full-time to be able to execute.