Big V here! Today, I’m diving into why REALTORS fail and, more importantly, how you can avoid these pitfalls. Whether you’re just starting out or looking to revitalize your career, understanding these common mistakes is crucial. Let’s get into it.
Let me start with the short answer: REALTORS fail because they don’t do the work. They don’t know what to do and spend most of their day on activities that don’t generate new opportunities. They get caught up in busy work that doesn’t bring in business. Zig Ziglar calls this “getting cooked into squat, fixing to rise.”
Being around non-productive agents can also drag you down. If you surround yourself with people who aren’t achieving, you’re likely to end up the same way. So, how do you avoid these traps? I’m going to share the top 10 reasons why REALTORS fail and how to overcome them.
Top 10 Reasons REALTORS Fail
1. Lack of Prospecting
REALTORS only do three things: prospect, show houses, and negotiate contracts. If you’re not listing or negotiating, you should be prospecting. How many hours a day do you spend looking for new business? It should be around eight hours. If you’re not with a client, you should be focused on finding new opportunities.
2. Poor Time Management
We often get busy with tasks that don’t matter, like watching videos or browsing social media. Wish marketing, or hoping business will come to you, doesn’t work. Focus on dollar-productive activities instead.
3. Lack of Follow-Up
A recent survey showed that the average lead response time is over 24 hours, with only 50% of leads being followed up on. Consistent and timely follow-up is essential.
4. Inadequate Training
Not knowing what to do isn’t your fault—it’s your broker’s or team leader’s responsibility to provide training. Get involved in training programs and find a mentor.
5. Failure to Adapt to Technology
Technology is a great equalizer. Utilizing tools and artificial intelligence can help you become excellent faster. Embrace new technologies to stay ahead.
6. No Plan
Without a clear plan, all the training in the world won’t help you. Know where you want to go and create a detailed plan to get there. Personal branding is also crucial—stay top of mind with clients by being excellent in your communication.
7. Low Resilience
Real estate is hard. Many agents lack the financial resources, fortitude, and resilience to persist until they succeed. Adopt a mindset of persistence and surround yourself with motivated individuals.
8. Poor Negotiation Skills
Negotiation is a key part of real estate. Improve your skills through training programs and practice.
9. Lack of Accountability
Having someone to hold you accountable can make the difference between average and exceptional performance. Find a coach or mentor who will ensure you keep your commitments.
10. Low Financial Management
Managing finances is critical. Budgeting and financial planning can help you sustain through tough times and invest in your growth.
Overcoming These Challenges
- How to Eliminate Lack of Prospecting: Block time every day for prospecting. Practice scripts and dialogues, and commit to at least an hour of prospecting daily. Ideally, aim for three hours until you’re consistently making money.
- Managing Your Time: Use the “My Perfect Week” system to manage your time effectively. Focus on lead management using the ABCs of Lead Management.
- Training and Development: Take advantage of training programs like Rising Agent Mastery (RAMP), Buyer’s Agent Mastery (BAM), and Seller Listing Agent Mastery (SLAM). Get the training you need to excel.
- Creating a Business Plan: Develop a clear plan with measurable results. Write down your goals to increase your likelihood of achieving them.
- Building Your Personal Brand: Invest time and resources in building your brand. Develop strong relationships and stay visible to your clients.
- Boosting Resilience: Surround yourself with goal-oriented individuals. Being in a positive, productive environment will help you stay resilient.
- Improving Negotiation Skills: Utilize tools and training to enhance your negotiation abilities.
- Accountability: Engage a high-performance coach to keep you accountable and committed to your goals.
Final Thoughts
Success in real estate isn’t magical or mysterious—it’s about doing the work others aren’t willing to do. Eliminate your excuses for failure, and you’ll find that success follows. Remember, failure is only an option if you allow it to be. Decide to be successful, put in the work, and watch your real estate career thrive.
Subscribe to my YouTube channel to gain access to the “ABCs of Lead Management”, and “Ways to Eliminate the Top 10 Excuses for Failure” as well as to set up a coaching consultation (along with access to ALL of my downloads) and put these tactics into play.
