Have you ever felt the frustration of spending your days, weeks, months or even years of doing something that just doesn't work? That everything is not going along the way you planned it?
Everyone in real estate has or will experience some level of failure at some point - this is inevitable. However, if we recognize some of the habits of failure and learn alternative ways to navigate through the smaller failures, we can prosper.
So, how do you we recognize these bad habits?
By studying the bad habits of others. Luckly, we've condensed a few of these bad habits for you, from years of observing other agents.
In my last post, I have shared with you guys on how we'll be able to keep the momentum going as a newer real estate agent. But let's be realistic here, it's not always smooth sailing. We all know that there will be a lot of hindrances, obstacles we may encounter along the way which may cause failure.
In this post, we'll be talking about new agents who come in the industry, full of determination and enthusiasm but weren't able to meet goals or expectations and ends up failing in the business.
Knowing the best practices of the Top Agents is as significant as knowing the bad habits of other less-stellar agents. Why do most of them fail? Here are my thoughts.
Not Being Realistic with their prospecting numbers
Real estate agents should always think big and think ahead. It would probably take 10 times more of the amount that you would normally think to get that first client.
There's an average of about 60 outreach programs, 60 phone calls that you have to do, 60 people that you have to meet to capture one deal. Whatever your number is whether it be a hot area or not, always do more prospecting that what you normally do.
Challenge yourself, if you did 60 phone calls today, try doubling that number - then re-evaluate. How many more leads were you able to qualify?
Do whatever it takes to get that first loyal client, and through that you'll be able to calculate your conversion rate on how many calls or meeting you need to make on a daily, weekly or monthly basis.
Working in the wrong time frame
Most "normal" homeowners are working on a 9-5 schedule and will probably have no time to do business with you during those periods. I have noticed that (mistakingly) most real estate agents will do their prospecting during those busy hours.
I suggest to reverse it. Most clients aren't home until around 6 and that's where you should start prospecting.
Don't go too late, don't go too early either.
You'll find that sweet spot when people are getting off from work, usually on a Friday night, they're in a good mood, they're not going to hang up on you as much.
Try to reverse your usual prospecting hours, and you're going to see better results.
Failing to plan is planning to fail. Having a plan is extremely essential in doing this business. Planning leads to success. If you are able to strategically plan your work, setting weekly, monthly and quarterly goals and how to meet them, hitting your target is easy.
If Plan A fails, you have the rest of the alphabet to try on.
No Money Reserves
Most real estate agents are clueless on how much money reserves you got to have or what living situation you have to support this business.
You need to have that reserved cash or reserved living situation to get you through the first couple of years up until you're able to build your client base and to help you get through the hard times.
No Commitment to the Business.
In starting something, you should always put your 101% and devote yourself in what you do because if not, you are just wasting your time.
Commitment is a vital quality a real estate agent must possess in order to succeed in this business. If you don't have commitment in doing your job, commitment to get a listing, it's just not going to happen. Especially in this industry wherein competition is really tight, prices are high, agents are really determined to get a listing.
You really have to be committed whether or not it's a part-time or full-time job, once you step into the industry, take that leap of faith. Hit them with your best shot, believe that you can and you are already half-way there
Now, if things still go wrong and all else fails, you next step is very important. Ask yourself.
" In the moment of failure, what do I do? "
Evaluate your mistakes. Analyze what you've done wrong and what you've learned so you won't make the same mistake twice.
Eye on the goal. Don't dwell on your failure. Immediately re-focus your energy on the next goal.
Surround yourself with people who can motivate you. People who can remind you of who you are and what you are capable of.
Don't be part of that huge percentage of realtors who fail.
Make that commitment to yourself that you're gonna go all in, you have your money reserves, you have a plan and you are not working on a wrong time frame.
Combine all these and you will be a prospecting machine.
Remember that there is nothing wrong in failing. If you're not failing, you're probably not pushing yourself hard enough.
I hope you guys are able to get value out of this. If you got failure stories you want to share and how you're able to overcome and surpass it, I'm all ears. You can send it to firstname.lastname@example.org.
I'll talk to you guys, tomorrow. Have a great and powerful day.
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