Studies determine that between 85 and 90% of real estate agents abandon their venture within the first five years of starting the business, estimates that are confirmed by experts globally, including the National Association of Realtors (NAR) of the United States.
The main attraction of the real estate market lies in the high income that its commercial operations can generate, and people often confuse this business with simply "selling houses," but it involves multiple aspects to develop: creating a strategic plan, investing time and resources, constant training, motivation and determination to not get discouraged by challenges, difficult experiences to manage, and the "no's" that can end your career if you fail to overcome them.
Five reasons why real estate agents fail:
1. Interest without obligation:
The desire to generate a good monthly income alone achieves nothing, because it becomes fleeting, and if the expected financial success isn't quickly attained, people tend to abandon what they started. It requires genuine commitment, which involves hard work and effective frustration management.
2. Lack of focus:
There's a saying we often hear: "Jack of all trades, master of none," and it perfectly applies here. A very common mistake in real estate is trying to serve large geographic markets instead of focusing on segmentation. Defining a specific niche is key to achieving the right approach and time management.
3. They do not adapt to change:
Adapting to the times to evolve is applicable in any scenario, and even more so with the new global reality brought about by the pandemic. It's essential to confront crises and adopt new strategies to remain competitive in business. Starting the journey is easy, but reaching the end is the complex part, and it's impossible without reinvention and an open mind to observe and anticipate changes.
4. They do not establish customer loyalty:
Nurturing a client portfolio guarantees recurring sales opportunities and a solid referral base. How is this achieved? Through customer loyalty. Accordingly, a real estate agent must create long-term relationships by establishing affinity with the people who require their services.
Strengthening communication skills and personal development are crucial for building lasting connections. Providing human value beyond the numbers is essential to being a truly ethical real estate agent.
5. They are not willing to invest quality time and resources:
A business in any field requires resources for its sustainability and to advance to the next level and meet or exceed your expectations. Therefore, you cannot succeed if you are not willing to invest in both your personal development and the right tools to achieve your goals.
Dedicating only a few hours a week will not be enough; real estate management tasks such as lead generation, customer service, training, meetings, office attendance, visits, and other activities inherent to the profession require quality time, and this is where organization plays a fundamental role.
It's about creating habits: "Discipline is the bridge between goals and achievement," said Jim Rohn, an American businessman.
Source: José Miguel Raidi Núñez
RE/MAX Chile.
