Last week, I sent out an email asking real estate agents to answer one question. The question I asked was: What do you think is the biggest reason why real estate agents fail?
My survey met its quota very quickly and automatically closed. Below I have included some of the answers I received to this question. These answers came from agents from all over North America. These folks are in the trenches just like you. I found their answers to be very informative. (Please note that these are not in any particular order.)
- I think they fail because even if I hand leads to agents, give them the tools to convert them to clients and train them on what to do after they become clients, the majority of those that are in their first 3 years do no want to do the work to make the money that is available. Maybe it’s not because they were lazy, they just didn’t like the types of things they needed to do to be successful.The agents on housing sites that simply sell the client that walks in the door, for instance are usually terrible when taken off site and are expected to convert the leads on their own. Therefore, it’s not the practice of real estate transaction
that is the problem, it’s the lack of drive/ambition/perserverence that keeps them for succeeding.
- Very simple, they do not treat their business as a business, they are the business.
- In my opinion there is no ONE reason agents fail….I have been an agent for 30 years and successful but presently I am struggling..why am I failing .. The economy…..my failure to dig deep enough inside of me and overcome all obstacles… buyers that can’t qualify. .banks that won’t loan .. appraisals that are LOW BAD AGENTS that are in the business to say "Oh I sell real estate" because they think it’s impressive to say that….agents that are agents as a "HOBBY" YOU TELL Me what I can do different that will really work and I’ll love you forever!!!!!
- My answer would be that agents wait for clients to come to them, instead of being proactive.
- Many agents do not work RE as a real job and are not willing to spend time and money on more education.
- Lack of discipline to prospect!
- No real way of marketing themselves and what they have to offer.
- They don’t follow-up.
- Our business is very complex sometimes as different issues arise. Real Estate agents must have practical experience and learn how to do things properly the first time. I believe that an abundance of real estate agents came into our business when the market was flying, and now they are starving because the market is down. I have noticed that a lot of agents do not follow through with requests from consumers and/or other agents. I have made it a practice in my 25 years in the business to follow up; show people that you care; answer their questions/concerns; and remain in contact with them throughout the years. They will remember you when they have a real estate need in the future!
- Drinking on the job!
- The biggest reason agents fail in real estate is not treating this business like a business and not building a solid referral base. Not using their sphere of influence to generate welcoming leads to further their business.
- Not having a good business plan
- They come into the industry without a large Sphere of Influance. It is very hard to get going without contacts.
- They don’t follow a system.
- 1. market conditions 2. lack of positive thinking
- Because they are taught to service the public at any cost, and not run their business like a business.
- They all think the same, no one thinks for themselves about what will work. As a new agent going a different direction it is driving my broker crazy. They want everyone to conform and do the same thing as everyone else.
- I feel agents fail because they give up. Real Estate is like a rollercoaster but if you stay positive & Keep working hard you will get to the top.
- No action and FEAR. We fail to market ourselves and we fail to get and use proper resources to market ourselves. At least that’s my problem.
- They think it’s easy and people come to them because they see agents making money. You really have to go out and find the buyers and sellers.
I reviewed and studied all of the responses we received. I noted two strong trends from all of the answers. I’ll share more on these trends in an upcoming blog post. Can you spot these trends, too?
Check back later in the week for my findings on the two trends. It’s something we all need to pay attention to in our businesses.
P.S. Last week, I gave out the wrong web address for my twitter updates. You can follow me on Twitter by visiting: http://www.twitter.com/robminton