Real estate seems like a great profession, right? You’re your own boss; you pick and choose when and for how long you want to work; you make tons of money; no one’s telling you what to do; you have ultimate freedom.
If being a real estate is so great, then why do nearly 75 – 87% leave it within 5 years of beginning? That’s a higher attrition rate than the approximately 72% (figure from the National Association of Restaurants) restaurants that close their doors within 5 years of opening.
Let’s take a look at some of the reasons real estate agents leave, quit, fail…you choose the word…within 5 years or less of hanging up their shingle.
1. Many who become agents are interested in real estate as a profession but not committed to it. Let’s face it. Work is work and work isn’t convenient regardless of what kind of work we choose. Being successful in real estate, or any type of work, is about being committed and doing whatever it takes.
2. Many who become agents do not approach the work strategically. Being strategic means knowing the market and its trends cold. Being strategic means being able to analyze the market and create your place in it.
3. Fear of making mistakes. Let’s face it…everyone makes mistakes. And, research shows that all of us learn much more from the mistakes we make than from the “successes” we have. The key…to not make the same mistake twice.4. Not having a mentor or role model from whom to learn the in’s and out’s of the business. This is critically important. Having a mentor, someone who is a successful professional as well as a successful human being, means having the opportunity to learn and to become accountable to someone who makes it daily in your chosen profession.
5. No sales swagger. Being a real estate agent means selling, marketing and negotiating. If you need help with any/all of these things, help, lots of it, is available. Just make sure the help you solicit is worth soliciting.
6. No metrics that analyze your efforts. Agents who “know their numbers” in all aspects of their business are in control of all aspects of their business. There are many software solutions that can dial you in to your metrics and your numbers
I am purposely not mentioning working part-time or working within a prescribed schedule as possible reasons that agents fail. I see these two things as excuses, not reasons. There are many, many agents who work part time and/or within a prescribed schedule who are successful. They’re successful for the same reason “full time” agents are successful…while working, successful agents are fully focused, fully committed and have an uncompromised work ethic.