A recent Inman News article gives good insight into the top three reasons the majority of Real Estate agents do not make it past their 2nd year anniversary. In fact, according to NAR (National Association of Realtors), over 80% of new agents do not survive 2 years in the business.
These 3 reasons are:
1. They did not have a mentor they could learn the business from. Inman suggests “The best thing a new agent can do is find an excellent and generous agent mentor or coach to whom they should make themselves indispensable.” Most new agents wallow through the first year with little or no traction because they are not trained properly. Agents should seek out mentors and companies with real training programs.
2. They did not learn how to LEAD GENERATE. Being an expert at contracts, staging, marketing, and social media is worthless if you do not have anyone to sell your services to. Discovering what type of lead generation works for the individual agent is invaluable. An agent needs proper training to learn how to get in front of the next client.
3. New agents can fall into the trap of not knowing what is the most productive thing they can do each day. Many agents just wake up and see what happens that day. With no “Boss”, other than themselves, they struggle prioritizing each day. Time blocking is a learned skill. New agents need to learn it from a mentor. According to Inman “More than three-quarters of respondents (77.39 percent) said that new agents fail at least in part because they are unprepared for the realities of working as an independent contractor.”
I have built my business on the foundation that if every new agent learns the business the correct way then all the other agents will be more successful. “A rising tide raises all ships”. When the level of professionalism rises then so do incomes and customer satisfaction. If you have ever wanted to start a career in Real Estate you need to know the facts about what you will need to know to be successful.