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5 reasons of failure in Real Estate
While the exact number of real estate agents who fail are not known, the figures are not insignificant. Some estimates put the number in the 80% range.
The big question that is often asked is, ‘Why Do Most Real Estate Agents Fail To Succeed In Real Estate?’.
There is no one particular reason for the failure, but in most cases, there are several contributing factors, including the following:
#1 : Don’t know where to begin
Most people as a fresher or someone who quit their job to start afresh in real estate, don’t know where to start in this business.
They often are misguided or not guided at all which tend them to not reach their goal which eventually leads to failure.
#2 : Unrealistic expectations
A great many new real estate agents enter the profession thinking that they are going to make a ton of money right away.
Except for a few good luck stories, the majority of new agents will find that there is significant competition for listings and it can take at least several years to get going.
To make a lot of money can take time as it requires hard work, skill, reputation, and building a clientele list.
#3 : No investor or resources
New real estate agents often feel that they can breakthrough on their own and rarely ask other experienced realtors for advice.
While this approach may work a small portion of the time, traditionally the profession requires teamwork and asking senior members for advice, especially when getting started.
#4 : Wrong implementation
Like any profession, to be successful in real estate one needs to invest in the business and make it grow. Increasing the sphere of influence is a costly affair, and hiring people is also a major expense.
Many novice realtors sell one home and within a few weeks have spent their commission. These individuals are forever broke and have no money left for any type of investment or building their business.
The key to success in real estate is to start saving early because there is no guarantee that the market will always be booming.
#5 : No leads
To become successful as a realtor one should know how to generate leads.
Many new realtors assume that they will spontaneously get calls from people to sell their homes- this is a false notion. The realtor should be constantly thinking of ways to generate leads-otherwise he or she will have no homes for sale.
Remaining glued to the mobile phone is not a great way to generate leads.
The real estate market is fraught with hassles and disappointments, but one should know how to overcome these issues. Not every lead will be positive, and not every phone call will result in a sell. Real estate agents need to know how to make it through lean periods when lead generation stalls.
The real estate market is huge, and there is room for most people to succeed, but this also requires hard work. Lots of it. For those who remain dedicated, success will come sooner or later.
The key is to be persistent, be highly visible online and off, and continually market themselves in innovative ways.
Love and abundance always,
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9 thoughts on “Why do most Real Estate agents fail?”
Let me know ur experience
Exact reasons, well explained
I am interior designer . Really interested to be part of real estate and I am confused . Please advice
Very well said
I AM A REAL ESTATE AGENT I ENTERED THIS FIELD 1 YEAR AGO TILL NOW HOW MUCH HARD I SHD TRIED TO FINISH THE DEAL IT WILL NOT COME IN PROPER WAY AT THE TIME OF FINAL DEAL WEATHER BUYER MIND IS CHANGED OR SELLER MIND IS CHANGED DONT KNOW ITS PUSHES THE DAYS LIKE A TORTOISE EVERY DEAL IS GOING LIKE THIS WHATS THE PROPER WAYS TO FINISH THE DEAL PLSS GIVE ME A PROPER IDEAS TO FINISH THE DEAL..
Hi Amit, you need to do following things to ensure that your deal goes through
1. Ensure that you the buyer has a genuine need. You can know this by asking some detailed questions regarding the plan and the finance
2. Once you have established the need, find out why he likes or dislikes properties. This will help you understand his motivations, decision making and intentions to close.
3. Ask the closing question, by when are you planning to give the token to book the property?
Well explained… Loads of Thanks
B Ram Ganesh
I am real estate agent how can I ganerate. Leads free of cost.
Because I have to purchase leads package from other firm
Kindly can you give me idea for free lead so I can generate.
It is very easy to generate quality leads for your properties yourself…You can join our network by enrolling in our Workshop…We will help you to solve your issue