7 Must Avoid Career Killing Mistakes

Today we’re discussing the 7 top reasons that most real estate agents fail out of the business.  According to the National Association of Realtors, 87% of licensed Realtors FAIL out of the business in 5 years or less.  That means only 13% survive.  Why is this and how can you be part of the 13% not just surviving but thriving?

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Reason #1:     Absolutely no accountability of any kind.  Most agents were previously either in school (lots of accountability) or were W2 employees working at a ‘normal’ job (daily accountability).   Now you’re in a 1099, independent contractor world.  Most agents become immediately TOO independent and can go months without knowing what to do, when, or how to do it.  Sporadic work equals sporadic income.  Discipline and consistency are your friends.

Reason #2:     Confusion about where close-able, motivated buyer and seller leads actually come from.  This starts when new or newer agents have a couple of fairly easy deals right out of the gates, almost always friend or family deals.  That makes it easy to believe that all your deals will always come easily and always from people who already trust you.  

Once that runs its course, agents wait too long to become proactive or start spending money they don’t have on things that won’t work or won’t work quickly enough.  Close-able leads come from people who clearly need your help.  Refer to our podcast, Real Estate Agents 90-day Money Making Plan, and the countless other podcasts we have regarding proactive lead generation!

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Remember that a higher percentage of your past clients and sphere either closed recently at a super low rate or refinanced themselves into a lower rate. The Covid years robbed future deals from the future.  Yes, be diligent with your database communication, but you can’t count on as much business as you think, and you don’t have time to wait.

Reason #3:     Relying on luck, hopium, and speculation instead of sales skills.  Stop spending your hard-earned money on things that are not directly related to closed transactions.  

Reason #4:     Not leading with profit.  Your product is profit.  Every day, you decide to run a not-for-profit organization or a for-profit.  Which one depends on the actions you’re taking.  Refer to our podcast about your success schedule.  Activities that lead to profit in real estate are Proactive Lead Generation, Furiously Fast Lead Follow-up, Prequalifying, Presenting, Negotiating, and Closing.  The whole list is dependent on one activity: Proactive Lead Generation.  

Reason #5:     Lazy lead follow-up, overly complicated communication methods.  If you’re not using lead follow-up scripts, buyer and seller pre-qualification scripts, and furiously fast in your follow-up, you are on track to be part of the 87% who fail.  If you’re ending any day with leads you’ve not CALLED, you’re a lazy lead follow-er-upper!

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Reason #6:     No business plan, no business coach, and little exposure to success.  Influencers on Instagram and YouTube don’t count.  Birds of a feather flock together…if you’re hanging out with a bunch of new or unproductive agents, you feel like that’s normal.  Instead, follow and emulate the successful!  This business is far more simple than most agents make it.

Reason #7:     Failure to save and failure to pay taxes.  Glenn Sanford, the founder of the fastest-growing Real Estate brand in the world, said that agents are historically terrible at those two things.  You must pay yourself first, pay your taxes on time, and find multiple sources of profit from your real estate practice.

Solution?  Follow a plan, get involved with Premier Coaching, and ask us more about eXp Realty.

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