Every year, I see new Real Estate Agents enter the business and I see many of them leave. Nobody said running a business was going to be easy, but I believe many new REALTORS haven’t really thought enough about what they are getting into. It’s a lot of hard work making it as a Real Estate Salesperson today. 80% of new REALTORS leave the business in the first 2 years, that’s right, 80%!
Here are 5 mistakes that I see new Real Estate Agents making when they launch their new business.
1. Not Prospecting Each and Every Day
Many new REALTORS start out well, and with the right intentions. But they soon find one or two buyers and quickly forget about their prospecting for leads. Lead generation has to continue each and every week. What we prospect for now comes to fruition 30, 60 or 90 days down the road. The relationship you cultivate now, may not pay off for months and months down the road. But by constantly adding new people to our Database and keeping in touch regularly, we can expect to do many deals.
2. Not Keeping In Touch Enough
As I mentioned above, we need to keep in touch well with our database if we hope to get any referrals. I recently just did a training program where I asked my audience how often that they need to keep in touch each year with their clients. I was shocked that some agents felt that 2 or 3 times a year was enough. Are you kidding me? A good Agent will stay in contact between 26-32 times a year! Now I don’t mean phoning each client that many times, but “touching” them that many times is a must.
Examples would be a monthly newsletter, phoning your clients, writing personal notes, taking clients out for lunch, client appreciation parties! All of these are excellent examples of how to stay in touch regularly!
3. Not having a great Listing Presentation
Many new Agents go on appointments totally unprepared. They think that they can go in their and just wing it. Well if they are competing for the business it’s unlikely for them to get the listing when they are up against someone who has a full on listing presentation already prepared and practiced! A full presentation with Statistics, Market Share, Your Bio, Home Marketing Strategy etc is really important for you to make a good impression and show you are the REALTOR for the job!
4. Poor Time Management Skills.
Many Agents are terrible with their time management. They likely have come from a 9 to 5 job and are not very good at organizing their days. They are unsure what they are supposed to be doing each day and end up wasting time at the office instead…