Most of us invest our time and money in the best real estate school. But imagine putting all that effort into receiving a license and joining a brokerage, only to quit late.
Although real estate is a flourishing industry, its agent attrition rate continues to increase by the year. Some people call it the ‘agent failure rate,’ which is unfair and inaccurate. That’s because not all agents who leave the industry, represent failure. There could be various reasons why a real estate agent would want to quit the industry and move on.
In this write-up, we will address some common issues that real estate agents encounter throughout their professional journeys. Overcoming these challenges can help you overcome the urge to quit the industry for good.
Is your outdated website not generating enough leads? See how RealtyTech can help, or schedule a free demo to get on the top!
Various Reasons:
» Setting Unrealistic Expectations
» Not Getting the Right Education
» Working Independently
» Failing to Mine Every Transaction
» Not Adapting to Technology Trends
» Low Inventory
» Setting Unrealistic Expectations
If you are unwilling to spend $1,000 to $2,000 to get started, your real estate career can never take off. Many new agents are under the misconception that all they have to do is find a broker, and the money will start pouring in. However, entering the real estate business is not that simple. Be prepared to bear the cost of joining the local, national, and state associations. Moreover, you must also pay for lockboxes and for joining the local MLS, etc. Many new agents are not ready for all these expenses.
» Not Getting the Right Education
Real estate education sets the foundation for a long-lasting future career. Starting your career with the pre-licensing course is a great idea before you take the licensing exam. Rules and licensing requirements may vary in different states. Just make sure the school you opt for is licensed and accredited in your state.
» Working Independently
Since real estate agents work independently, they don’t have a boss. While that’s a good thing, it also means that you don’t have anyone to pay you at the end of every month. As a real estate agent, one must generate his/her own income. In most cases, real estate agents turn to their family and social contacts instead of building a viable client base. Make sure you research enough to get a fair idea of how the real estate industry works so you don’t have to experience any surprises.
Unless you realize that nobody will save you or advise you what to do, you will soon quit the real estate industry. However, if you want to know about the dynamics of the real-estate business, you will have to find a mentor. You can also contact your local brokerages and develop important connections to excel in your professional career.
» Failing to Mine Every Transaction
Real-estate agents work extremely hard to find a client and get a listing. Once they find it, they will market it and eventually sell it. However, this particular transaction should generate future business.
Smart real-estate agents realize the importance of mining their transactions because there is nothing that comes in automatically. The process of generating future business starts with the current client. The better services you offer, the more popular your business becomes. Make sure you provide exceptional services to every client, from start to finish.
» Not Adapting to Technology Trends
Marketing automation, algorithm updates, privacy policies, data security, SMART home technology, and SEO practices make it important for today’s agents to become tech-savvy. Many agents who fail to keep up the new trends and updates may quit sooner than agents who easily adapt to new technologies.
» Low Inventory
Another challenge that real estate agents face is a low inventory. If you want to become an expert real estate agent in your neighborhood, it is important to connect with local businesses that recommend you to their clients and customers. You can give them shoutouts on social media or mention them in your blog posts to give them credit.
Final Thoughts
Dealing with other agents, title companies, and investors is not as easy as it seems. Real estate is a tough business, so agents must grow a thick skin and toughen up to survive in the competitive industry. Set a goal of what you want to accomplish, and figure out what you must do differently to accomplish those goals. Don’t let these challenges make you quit your dream of becoming a successful real estate agent. If you want to know more about Real estate success secrets, contact Real estate marketing expert Richard Uzelac at 805.413.7888. Richard Uzelac has given thousands of presentations and talks on real estate technology. Richard Uzelac is always available as a Speaker and Consultant for Franchises, Offices, and Agents.
