As a long-time Licensed Principal Broker under Graystone Real Estate, I want you to be aware of things that maybe you never heard before. Take a step back and allow me to help you reflect for a moment on your current growth and status as an Agent. Do you want to know one of the biggest mistakes why agents fail? Maybe you will be surprised, but to be honest, the main reason for failure is most agents are waiting for the perfect scenario to make money. They want to work only on perfect scenarios. That’s it!
Research shows that 87% of new Real Estate Agents fail within the first five years. That is not an easy number to deal with, though. Obviously, this is a call for us to be diligent and really work on making the numbers go down. We don’t want to contribute to the failure rate anymore!
Working as a Real Estate Agent is one of the most satisfying and rewarding jobs ever. However, based on my experience, failure is rarely discussed. That is what we will bravely deal with in this article.
Real Estate Agent Checklist
To begin, here is a checklist. Don’t be ashamed of your answers, and you don’t have to share them with anyone. Answer these five YES or NO questions honestly.
- Do you wait for the perfect listings in the market?
- Do you look for the perfect buyer and reject others that you think will not be worth it?
- Do you search for the perfect property and are always disregarding any property that will not fit?
- Do you just sit and wait there for a perfect client that will pay you over 60% of your effort?
- Do you wait for the perfect credit, perfect income, and perfect buyer to come along your way?
If you find you have more “yes” answers, I’m afraid you are in danger of being another failed Real Estate agent.
As a broker, I certainly do not want you to fail. However, if this is your mindset, rest assured that eventually, you will face losses and declines. We cannot afford that in our industry.
The Imperfect Scenario
Now, moving forward, I know that you may be puzzled by the idea that perfection will not work. It is not in your best interest to wait for the perfect listing, buyer, client, income, and property to start the cash flow cycle.
Simply put, the perfect way to deal with imperfect scenarios is to provide solutions. Yes! Always begin by providing a solution, whatever the situation might be. Don’t let it go if, for example, the property is not in good shape, or you think the buyer will pay a much lower price.
If you don’t take a risk and wait for everything to be perfect and fall right in front of you like the guy under the mango tree, you will be disappointed because perfection is rare. Most of the time, you will find it is in your hands to make a deal feasible.
Successful Real Estate Agent Tips
Now, after laying out the main reason why agents fail, I want you to consider these seven helpful tips for becoming a thriving and successful Real Estate Agent:
- Know every side of real estate: Wholesaling, retailing, lending, private lending, creative purchases, and such.
- Have the right connections. Be able to provide that extra effort and serve people.
- Allow the market to help you educate the client on pricing. Offer various options and let the client see that they should trust you instead.
- Come around as an advisor. If the property condition is not great, find a solution. Provide the client with contacts that they will be able to rely on. If it’s a money issue, determine if a payment plan will work for the client.
- Be proactive.
- Start working with not perfect properties and not perfect scenarios.
- Start taking some of the difficult deals.
Take It to the Next Level
Lastly, to stay ahead of the game, always remember that you must find ways. Take the toughest, most impossible deal you have and make it happen. Take your business to the next level. Don’t be another agent that fails.
As you continue in your career, I hope the things discussed here will serve as a challenge for you. Be living proof that perfection is not something that might happen but something you make happen.
Graystone Investment Group
Graystone is an experienced Investment Group in the Greater Tampa Bay market. Our company is designed to help new and seasoned investors.
If you’re ready to dive into the real estate market, contact us. Whether the type of real estate investing you want to do is wholesaling, buy-and-hold, commercial investment, or fix-and-flips, we can help.