5 Reasons Why New Agents Fail in Real Estate

Doug Hannan By Coach Doug Hannan

Everyone gets into this wonderful business for one reason or another, hoping to rise to great levels of success. Unfortunately, a large group will not do well and will be forced out of the industry within the first year.

Here are 5 reasons why this might happen and what you can do to make sure you don’t fall into the same category.

Why New Agents Fail 

1. They think real estate is easy. Real estate is hard work. Unless you have a bottomless bucket of cash to buy leads with from day one, you need to put in the work to get your career going. To be successful in this business, you must put in the time, put in the work and be accountable to your clients.

2. They don’t have a plan or goal. A real goal must be set. How much income? How many deals are needed to get there? What sources will the business come from and what specifically will you need to do to get there? If you don’t have a plan, sit down and develop one with your broker, manager, or coach.

3. They hang out with the wrong people. New agents tend to hang out with new agents. Instead, hang out with experienced and successful agents. Take them to lunch and pick their brain. Ask if you can shadow them on listing appointments, buyer appointments, etc. In life and in business, you become an average of the 5 people you spend the most time with, so… spend time with the right people!

4. They don’t immediately develop a list of people to ask for referrals. You should have a list put together the day you got your license. Immediately connect with them and talk to them about real estate. You don’t have to bug them about buying and selling. Keep them informed and offer to help the people that they know. 

5. They don’t spend enough time working on their sales skills. This is a sales business after all. Work on your prospecting skills, scripts for lead follow up, buyer presentation, listing presentation, etc. Even something as basic as an open house requires skill as to what to say and what to do. The more you study and practice, the sooner you will be a professional that people want to work with. 

On a scale of 1 to 10 how would you rate yourself on these 5 reasons?  What is your plan and who will you reach out to for help?

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