Why 87% of All Agents Fail in Real Estate?
87% of all real estate agents fail in the first 5 years. That won’t be me, I will be the 13% that succeeds!
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So a few weeks back I was flying back home and had 75 minutes to spare so I did a Facebook Q&A. Maybe a hundred people or so jumped on and started to ask me questions. About a third of them surprisingly were brand new agents. And I thought I’d do a video just for you brand new agent, veterans starting over and anyone in a slump. I’m going to give you a little more extreme of an answer with the intention that I get you very quickly out of the slump and into success.
Something to note: NAR reports 87% of all new agents fail after five years in the industry and only 13% make it. Agents don’t leave the industry because they made too much money, no, they leave the industry because they didn’t make any.
Before we dive deep, you’ve got to know your internal motive to act. What are your expectations. What do you need to produce vs. your goals. Oftentimes the gap between what we need and our goals creates a lot of unhealthy tension for people. So I say, what do you absolutely need, cover that, then set some goals.
For example, what is your monthly cost to run your household? Rent, mortgage payment, kids, dogs, food, dry cleaning, everything you spend money on – get that number. Let’s say it’s $24,000 a year. Then what about your work–let’s say it’s $8,000 a year, a total of $32,000 a year you need to survive. Then how much outside monthly income do you have (spouse income, rental unit income, etc.)?–subtract this number to your total but for now let’s say this is $0. Also, let’s say your average commission check is $8,000. Well you might be saying “Gosh, I only need to sell one house every four months to survive and sustain my business.” Feel good about it. So know exactly what your costs are and then set your goals on top of that. Now let’s get started!
1.) Affirmations. Every day write this affirmation 30 times, “I earn X amount of dollars or more.” Your reticular activating system will locate and focus in on whatever you think about the most and you will begin to see it everywhere.
2.) Create a daily action checklist. These are things that you know you have to do that day that would make you money. Prospect for leads, set appointments, take listings, get offers, close deals!
3.) Listen to something motivational or something that makes you feel good. It’s not Howard Stern, not Constant Negative News and not Fox Fair and Balance. None of that stuff. Get your mindset right. Watch some videos that will get you fired up!
2.) Call every new expired, FSBO and Make Me Move. Don’t be afraid to screw up. Make every mistake. You’re brand new, who cares? You’ll learn that the mistakes that agents make when they list these properties when they’re not really clear to the seller what it takes to get it sold. Or find out if are sellers are motivated at all.
3.) Call/contact five people that you know and say “Would you like a free home valuation?” Who do you know that’s thinking about buying or selling? All the important questions.
4.) Lead follow-up. Follow up on all your leads, no leads slipping through the cracks.
Be the Knowledge Broker:
1.) Read Keeping Current Matters everyday. Be up-to-date with latest real estate analytics and trends of the market so you can speak powerfully to customers about why now is the best time to buy and sell.
2) Study the daily hot sheets. There’s nothing more important than knowing everyday what’s listed, what’s sold, what’s cancelled, what’s expired and what’s closed. What were the numbers? What were the prices? Know the market inside and out.
Last thing is two open houses every weekend. You do all of this for nine months as a brand new agent, a rebounding agent or a fading winner and you will become a rising star. What do we know will happen? You will talk to a lot of people. You’re going to have some upsets. You’re going to have some tremendous wins. You’re going to create a lot of momentum and you’re going to be that 13% that succeeds in real estate!
Tom Ferry, http://www.tomferry.com, is a real estate coach and trainer. In a recent Facebook Q&A Tom did, he noticed a lot of questions coming from new agent, veteran agents coming back into real estate and agents just in a slump. Tom decided to do a video dedicated to this topic and gives you a killer plan to succeed in Real Estate!
Tom Ferry is a real estate coach and trainer http://www.tomferry.com
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Why 87% of All Agents Fail in Real Estate?