Why is it that close to 90% of real estate agents quit within that first year? Let's talk about four things that I think are vital to success in the first year in Real Estate. These are
Why REALTORS® Quit First Year!
Dated: October 21 2021
Why is it that close to 90% of real estate agents quit within that first year?
Let's talk about four things that I think are vital to success in the first year in Real Estate. These are Mentality, Consistency, Patience and Taking action. Let's first talk about Mentality. As far as mentality is concerned, I would say you have to have the right mentality to get into this business, it's very tough and you have to have a go-getter attitude when you get into the real estate business. So a lot of people have a misconception of what it takes to be successful in Real Estate, myself included. We do not quite understand what it really takes to be a Top Producing real estate agent. When I say what it takes, the dedication, the time, the commitment to being a successful realtor. The mentality is we all think it's easy. We assume that when we get into this business, we show a few houses, and commission checks just start coming in. This is far from the truth. As a realtor you are considered an independent contractor so that means that you are your own boss. Your broker is not your boss, you only provide your license there at that brokerage. They are not going to tell you what you have to do, they are not going to mandate you things to do because you work for yourself. So the buck begins and ends with you so if you're not doing what you're supposed to do on a daily basis or you're not taking initiative to find out how to get smarter in this business you are not going to be successful. Because in real estate there is no supervisor there telling you what you have to do each and every day. It's not the normal nine-to-five job. This is a business that you own and you have to treat it as such.
So everyday is a continuous grind going into that which leads me to my next point Consistency. You have to consistently take action every day. You must have a plan and every day you execute that plan. You have to understand that like I said before you are your own boss so you must stay self-motivated or you're not going to do it. I mean we've had the mentality put into us since we're younger, go to school, get a job, work a 9-5 and be successful. Yett in real estate that does not work because this is not a 9-5, this is a business that you have to run each and every day. So you have to stay consistent in what you're doing, you have to find what works, you have to learn from others around you who are successful and find out what they're doing and you can mimic exactly what they're doing or you may want to only take what works for you and mimic it every day.
Next thing I want to talk about is Patience. I can remember a deal that I did early on as an agent and it took me nearly four months to close. Now that’s what I mean about patience. Transactions sometimes take a few months to go under contract and close. There could be a number of reasons for this to happen as well and you will need to know how to handle it. They take a few months before they're under contract and go into closing. That’s why it’s super important to stay consistent and always be prospecting in order to have multiple deals lined up. When you have One, two, three, four deals per month because if you go a month or two without getting a commission check, how are you paying the bills? How are you taking out your family? So you have to be consistent, be patient and have the right mentality to understand that this is 100% commission based business. You don't get paid until we close at the closing table. Let me make another point about patience. When you first start out, and I can speak to a few people that I've watched their videos on social media, you'll watch a lot of really successful realtors. They basically did not make any money that first year in real estate, or made one or two deals their first year so it took them some time to get to where they are now. It took some patience because they understood that they had the right mentality, they stayed consistent and had a little patience to know it was what's on the other side of that hard work and the consistency and that mentality of being successful. So you have to take those things into consideration once you become a real estate agent/realtor.
The last thing let's talk about Taking Action. When I mean by taking action is that you have to have actions that are growing your business. Every day you should be doing money generated tasks or actions. If you haven't done that every day, it wasn’t a successful day. Your day is not what it's supposed to be. Every day I am doing something that is going to generate me some new business. It may not generate any income today, tomorrow, or even in the next week but down the line business will come from the actions that I'm taking so that's where you got to understand that all these things go together. You're taking action, having that patience to understand that it will happen for you. As you stay consistent with it, and have the right mentality of fearlessness that you're going to be successful, not IF you're going to be successful but when!. If you don't have those four things you're not gonna make it in this business.
That's a pretty quick cut and dry of my opinion and why real estate agents aren’t making it in their first year.
Hi, I'm Maurice Murphy, a retired veteran, and a licensed Florida Realtor; I'd love to assist you. Whether you're just in the research phase at the beginning of your real estate search or you know exa....