Why Do New Real Estate Agents Fail?
The main reasons Why New Real Estate Agents Fail are as follows:
- They think its easy money
- They listen to other people / bad advice
- They don’t have a “Why”
- They don’t have a clear plan
- They do not have a schedule
- They have no accountability
- They blame others
- They are complacent and lazy
- They do not implement what they are coached on
- They do not know how to sell
- They are afraid of failure and end up failing
- They do not have the financial capability to survive
Real Estate Agent Fail Because They Think Its Easy Money
Nothing in life is free or easy. Many real estate agents I have personally worked with thought is was going to be easy because their aunt, best friend and two other people were going to be buying real estate in the next few months.
This is prime way to set yourself up for failure as a real estate agent.
Real Estate Agents Fail Due To Bad Advice
My friend said, you are so good with people and you should get your real estate license. “It’s a fantastic way to make a living and have a lot of free time as a real estate agent. You simply show houses and help people buy their dream home making a ton of money.”
People tend to give their opinions to others time and time again. Sad part is, many people listen and take their opinions as “good advice.”
Real Estate agents need to know for themselves “why” they want to get into real estate.
Real Estate Agent Fail Because They Have No “Why”
When real estate agents are encouraged from family and friends to get their real estate license, it can be disastrous and end up in ultimate failure.
Knowing your own “Why” is imperative to breakthrough the tough times in this business to success.
Let’s say your reason “Why” is to sell a lot of real estate and become Financially FREE, then this mindset should keep you going, thus avoiding failing as a real estate agent.
New Real Estate Agents Fail Due To No Plan
One reason Why New Real Estate Agents Fail is because they do not have a plan for success. Who is your target market? How are you going to target them and generate business? What time / days will you be doing these activities? Do you have a schedule?
No need to reinvent the wheel. Read and reread what other real estate agents have done successfully to make a lot of money in the industry. There are unlimited videos on YouTube (Check Out Our Channel) on how to be a successful real estate agent and develop a plan.
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New Real Estate Agents Fail Due No Schedule
If I hired you for $80,000 a year and you didn’t stay on the schedule that we put together, what would happen?
You would likely get fired right?
You have to stay on a schedule for consistent results. If your schedule is to make contact with 25 Past Clients / COI – Monday, Wednesday and Friday from 8-10 am, then do it.
Do not allow other distractions during this time in your schedule such as field other phone calls, emails, family disruption, other agents, etc. Strictly those 2 hours are dedicated for that task only.
PS – If you work from home figure a way to get out of there. Go to an office, Starbucks, Open House, A Park, etc. Homes are distractions in many cases unless you have you and your family trained accordingly.
NO ONE should ever dictate your schedule. Meaning a buyer calls and says “Hey Steve I am looking at the property on Maple Lane and would like to see it Wednesday at 9am.” Most agents (especially new ones) jump and and say Sure!
Well you just conflicted your schedule for your COI call campaign and the odds are against you to call them later that afternoon or another day.
So in order to not fail as a real estate agent is to ensure your schedule is tight.
Real Estate Agents Fail Because They Have No Accountability
Real estate agents do not necessarily have a boss overseeing them to ensure they are doing what they need to do every day. This can lead to complacency and laziness.
If you need the accountability, hire a coach. There are no shortages of coaches. But choose wisely. Hiring a real estate coach might not even be the best bet. There are life coaches out there they may do a better job as they tend to be more well rounded in ALL facets of life, not just your business.
You may even be able to get some accountability from your broker, office manager or even a partner.
New Real Estate Agents Fail Because They Blame Others
Too many real estate agents have an excuse or blame anything or anyone for their own demise and failure. They don’t face the fact that THEY are failing because of THEM.
You maybe reading this right now and shaking your head NO. That’s not me!! Well if you can accept this and begin to change your mindset then you can begin the process of growth.
When we interview agents, one thing I ask is what was good and bad about their last brokerage. The main response on the bad is No Leads and No Training / Broker not there for me. But you’re expecting 100% commission so what do you really expect, right?
Real Estate Agents Fail Due To Complacency
Calling 2-3 people from your COI database isn’t going to get the bread. You likely might not even speak with 1 person if you are calling 2-3. Your business will die. I suggest you read Grant Cardone’s book 10X.
Read every morning. Watch a motivational YouTube video. Get pumped for the day. And always pay attention to your “Why.”
Once I began writing down and printing pictures of my goals (my Why) and looking at them every morning, things changed for me. I was more inclined to finish my daily tasks because I know those daily tasks will get me what I want. Another investment property. Mortgage free. A nicer truck. Another vacation.
9 out of 10 agents won’t write down their goals and this is one of the main reasons why real estate agents fail. I know it.
New Real Estate Agents Don’t Implement What They Are Trained On
New real estate agent fail because they go to every training session with their broker, real estate board and even coach but do not implement any of it.
It is guaranteed that if you do a specific task every day that you will eventually get results. It just depends on how much time you are putting into those tasks.
*Everyone Is Green At One Point In Time
It is true. Everyone has insecurities of the unknown until they BEGIN.
I wanted to learn how to build this website you are reading as well as our brokerage website www.MyBeachBrokers.com – I always outsourced this because I just “didn’t have the knowledge.” I was blaming something or someone but essentially I lacked confidence of the unknown.
I failed many times. Got super frustrated and even quit for weeks at a time. BUT… I trained my mindset. Everyday that passed that I didn’t work on this stuff just made me feel like I failed and fueled me!
So, I took to YouTube and watched over 250 hours (and more as I am continually working on sites) on how to build and monetize the website for lead generation, etc. I made a promise to our agents that I would provide more leads for them. They are holding me accountable.
New Real Estate Agents Do Not Know How To Sell
It is astonishing when I talk to real estate agents just how bad they are at selling. This is SALES. It is like any other profession that you have to learn, train and practice daily. It’s not just about opening a door and talking about how great the granite looks in the kitchen.
Sales is a series of questions to get to a desired end result. You have to practice. It isn’t just the art of selling a client. It is working with other agents and industry professionals. Life is sales.
Real Estate Agents Are Afraid of Failure & End Up Failing
One thing Tony Robbins has taught after coaching thousands of people was broken down into 4 simple categories on who we can become and how to do it. I look at this diagram daily.
Our Potential is controlled by our Beliefs. Our Beliefs are controlled by our Results. And our Results are controlled by our Actions. And if we lack Potential then we simply won’t try or we give up.
So how do we break through? Do More Action!!
Adapt this mind set and you will have Unlimited Potential.
Real Estate Agent Fail Because They Have No Money
This last section maybe the most important reasons why real estate agents fail. They simply do not have money.
Many get into the business part time thinking they can make sales and eventually transition full time. They can, but many cannot.
The problem is two-fold.
#1 – Real estate agents in many cases do not set up a team in the beginning. How are you possibly going to help the public with 100% effort if you are still working 9-5 job? I suggest getting with a full time agent and working as a team. Give them 50% split on each deal. You will learn from them as well.
#2 – People are bad with money. Get your money right and you can be full time faster than you think.
Yes. The failure rate for real estate agents is dismal in the United States. However, it doesn’t have to be for you. Watch our YouTube videos, read the articles on this site and follow other real estate coaches.