jump to navigation

11 Things That New Real Estate Agents Do Wrong May 23, 2007

Posted by Darin Persinger in Business Planning, Coaching, Education, Info, Real Estate, Sales.
trackback

Real Estate is an easy industry to get into but a tough industry to succeed in. It has been estimated that 90% of agents fail out of the real estate industry within 18 months. Mo Anderson, current Vice-Chairman of the Board for Keller Williams, explains that if a new licensee gets the correct training in the first 6 months that a real estate agents chance for success becomes 70%. Jonathon Dalton, from Century21 comments on Greg Tracy’s Blue Roof Blog in the article Brokerages Don’t Earn Commission, Realtor’s Do

“Brokerages do have an impact on an agent’s success and either can be positive or negative. Starting splits often are weighted so heavily toward the broker that only volume will allow the agent to survive financially and volume is the one thing most new agents don’t have. At the same time, a firm with a solid training program (and some of them really do exist) who can teach the agent something of use vs. the state licensing exams that require knowledge of virtually nothing relevant to the day-to-day can help an agent create a strong foundation on which to build. Steep splits plus poor training = disaster for agents….”.

There are many things that contribute to an agents success and many things that contribute to their failure. Here is my list of eleven things I see new real estate agents do wrong.

11 Things New Real Estate Agents Do Wrong

overwhelmed real estate agent1. DO NOTHING- There is so much to learn in this industry, new real estate agents can sometimes be overwhelmed and go into a state of shock(Sell Shocked). They do nothing instead of something. The correct training and accountability are key.

2. SPEND TO MUCH MONEY ON WRONG THINGS- “You have to spend money to make money” Sure, but you need to make money to spend money. Lead with revenue. There are many vendors out there claiming the “magic pill” for your lead generation and marketing needs. And as Jonathon Dalton comments many agents are giving so much money up to their broker there is not a lot left to build their own sales business. The first year can be difficult in real estate if not guided in the right direction. Many agents fail because they do #1 and #2.

 3.NOT ALIGN WITH TOP PRODUCERS- Find out who the top agents are in your office, in your company. Take them out for coffee, ask them about when the started, their training, their break through, their advice, ask them what the would do over if they started now.

4. NOT LEARNING FROM NON-PRODUCERS-You can learn a lot from these people also. Learn what not to do. Do not listen to someone that does not have a track record of success. In fact, whatever they tell you not to do, think strongly about doing just that. An example is a Non-producer might tell you not to call FSBO’s “It doesn’t work.” they will say. I would go immediately and call a FSBO. 

5. NOT ASKING FOR HELP -When a new real estate agent hits that overwhelm, overload moment, they need to stop and ask for directions. Your manager, your fellow agents, your fellow Realtors. Find someone that is willing and wanting to help. You can’t succeed along in this business, in any business. Even a boxer has people in their corner. Even a golfer has coaches and a caddie on the course with them. Even a race car driver has pit crew.

6. NOT CONTACTING YOUR SPHERE-This is the group of people that like you, trust you and want you to succeed. Your friends, family, neighbors, past co-workers, church members, club members. Real estate is a relationship business. People prefer to work with those that they have relationship with. Ask them to help you find business and ask them for business. People will want to help and will enjoy being a part of your success. Succeed through others. See #5.

7. WORKING WITH TIME KILLERS New agents think because they have nothing better to do that they will work  buyers that will “know what they want when they see it” or the seller that “might sell if they get the right price”. Make good a habits because habits are hard to break. If you can rid of these time-killers early, your ability to do this later in your career will be easy. Focus your time on lead generation activities that bring you the type of buyers and sellers that you want to work with.Dream Big 8. NOT DREAMING BIG ENOUGH-The worst thought you can put into your head is average. Even worse is failure. Earl Nightingale says “You become what you think about”. Gary Keller says “Think Big. Aim High. Be Bold.”

9. TELLING PEOPLE YOU ARE NEW– If you have developed your skills, practiced scripting, rehearsed your presentation, know the market and numbers,  no one will question your experience level. If you don’t do all these things they will question your skill level, which might lead them to question if you are new. Never volunteer that info though. Let your great skills speak for them self. Have a quiet confidence.

10. NOT HAVING A BUSINESS PLAN You are starting a new business. You are operating a business. You are the CEO of your real estate sales business. Why would you not have a plan? Some agents might spend a couple hours doing their business plan for a year to never look at it again. Your long term plan should be reviewed once a week. Your one month plan should be reviewed daily. Whenever you feel lost, uninspired, unmotivated-you should review the plan to get refocused on the big picture. Also have another individual hold you accountable to your goals and plan. Be accountable to them and have them help you succeed.

11. NOT GETTING THE RIGHT/ENOUGH TRAINING-Many brokerages training barely scratches the surface for an agent on how to start a successful business in this industry. The training that many agents get is just enough to let a new real estate agent know just how much they don’t know. See #1. It is your responsibility to find the right training if your brokerage is not offering it. Also many agents will think because they have sat through a course once they are done. NO. You take and retake. You take and you master. If you are not ready to teach the course you should retake the course until you are. This is called spaced repetition.Be learning based and action focused and success is yours!!!

Advertisements

Comments»

1. Contacting Your Sphere Of Influence Part 1 « More Listings | More Sales - June 10, 2007

[…] Coaching, Sales, Real Estate, Marketing. trackback I have recieved  a few emails on my blog 11 Things New Agents Do Wrong. Real Estate Agents have agreed that they know they have to contact their sphere and that is going […]

2. Sit At Floor Duty…Sit At Open Houses…Sit. Sit. Sit. « More Listings | More Sales - September 20, 2007

[…] 11 Things New Agents Do Wrong […]

3. 6Percenter - November 11, 2007

“6. NOT CONTACTING YOUR SPHERE-This is the group of people that like you, trust you and want you to succeed. Your friends, family, neighbors, past co-workers, church members, club members. Real estate is a relationship business. People prefer to work with those that they have relationship with. Ask them to help you find business and ask them for business. People will want to help and will enjoy being a part of your success. Succeed through others. See #5. ”

HAHAH This is that FASTEST way to lose your so called friends too…
Especially at a time when prices are declining…

snicker.

4. edynrealestate - November 11, 2007

6Percenter, thanks for your time to visit the site and leave a comment, to bad you didn’t leave a link. I usually delete comments where people hide.
Why don’t you share with what does work? I have a feeling you probably have never succeeded through others. In your short cynical comment I sense, someone that does not know how to provide value and be a true friend. In a tough market, people are really looking for someone that they know, like and trust.
Do you have anyone that knows you, like’s you, trusts you?
Also, not every market has declining prices, but that’s another post isn’t it?

5. larry trimboli - December 6, 2008

hi…my name is larry trimboli and i own sierra log homes. i am trying to build a network with realtors. my thought is if i can help them get business, in return i could generate more business. so one thing i am doing is creating a listing database for raw land on my website to help them with exposure (working on getting it up currently) …do you have any other ideas?…would love to hear your thoughts…thanks


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: