The Top 5 Reasons New Real Estate Agents Fail
Real estate agents are in a tough industry to get into, and it can be equally difficult to stay afloat if you’re not careful. Here are five reasons new real estate agents often fail: 1) They don’t have enough money saved to tide them over until they start receiving income; 2) they spend too much time on activities that do not make them any money as opposed to those, like marketing and advertising which actually generate revenue; 3) they don’t know what it takes to set up a successful website; 4) they don’t understand how important social media is in today’s age; 5) they give up before they’ve even gotten started.
1) They don’t have enough money saved to tide them over until they start receiving income
New agents often don’t have any money saved up when they start working. This means that they will need to depend on their family for almost everything until they start earning an income. It’s not wise to depend on your family though because this puts an unfair burden on them and could lead to resentment. It’s helpful to save enough so that you can handle necessities like rent, food, clothing, transportation, cell phone bill, etc while you are new in the industry. This will take a lot of the pressure off and allow you to focus your energy on doing your job well.
2) They spend too much time on activities that do not make them any money as opposed to those, like marketing and advertising which actually generate revenue
New agents need to be more mindful of the time they invest in various activities. Not everything you do will make you money, but there are some things that can generate revenue for you – like marketing and advertising. If you want to succeed, you need to focus your efforts on those tasks that actually produce income. As a new agent, it’s important to spend the majority of your time on activities that will generate revenue for you – like marketing and advertising. Social media sites are great for this because people are spending more and more time on social media sites. For example, did you know that Facebook has 1.28 billion daily active users? That’s an incredible number of potential clients right there! In addition to its enormous reach, Facebook is free or relatively affordable for agents to use. LinkedIn offers a huge global network – especially if you pay for a premium membership. Twitter offers a much smaller but more targeted audience and also allows for video uploading and sharing via Periscope, which can be a really effective medium for real estate agent marketing. Many other social media sites offer opportunities for agent marketing as well, such as Instagram, Google+, Pinterest, Snapchat, and more! The nice thing about social media is that it can be done anytime, anywhere – not just when you’re in the office. It’s also free or relatively affordable to use most of these sites.
3) They don’t know what it takes to set up a successful website
It’s no secret that the internet has changed the world. It’s also no secret how important it is to have a website if you are in real estate. There are many variables when setting up a website, but one of the most important things is figuring out who your target audience is and what type of content will be most helpful for them. You need to think about how you can stand out from other agents in your area as well. If you’re just starting out, there’s no need to develop a whole site with extensive features – start by developing a very basic site with some simple features and then introduce more as time goes on! There are many different techniques you can use to promote your site and build an audience – for example, blogging.
4) They don’t understand how important social media is in today’s age
Social media is of huge importance in marketing today. It’s more effective than any other type of marketing because it allows for interaction. The problem is that many agents don’t realize how important social media marketing is and continue to spend their time on other avenues that are less or not at all effective. Marketing via social media sites like Facebook, Twitter, LinkedIn, Pinterest, Digg, etc has proven to produce better results than more traditional avenues of marketing. It’s more personal and interactive which creates an environment where people are much more willing to listen to what you have to say.
5) They give up before they’ve even gotten started
Many people give up before they’ve even had a chance to get started. One of the most important things you need is determination, and most people quit before they ever reach that point. It’s also tough because anyone can become discouraged when there are many obstacles in your path at first. However, if you keep trying and never give up then one day it will happen for you.
So, if you’ve been unsuccessful in the past, don’t give up. Be determined and stay focused on your goals. These 5 reasons new agents often fail also happen to be some of the most important tips for success as a real estate agent- so if any of this resonates with you or has helped clarify anything about what it takes to succeed, we encourage you to share this article with friends who are looking into becoming agents themselves! If there’s one thing our team knows well, it’s how to help people reach their potential and realize their dreams by providing them with everything they need: from online marketing software for lead generation, to workflow automation to save administrative time, and client engagement strategies to bring value to past clients to drive referrals. All of this is delivered with a “high-touch, high-tech” strategy with weekly, live-monitored online courses that teach our partners all about marketing strategies that can help boost sales leads for the real estate and mortgage industries. If you would like to learn more about System Dynamix and partnership opportunities, click here.