Real estate is one of the most successful industries in Pakistan. The real estate agent is a profession that has unlimited income potential, flexible schedules and the opportunity to network with many people. In spite of this fact, it is not necessary that real estate agents always be successful. According to research 80% of real estate agents fail and quit in the first year of their real estate career.
If you are new at being a real estate agent, here we have compiled some reasons for how real estate agents fail. You can avoid these and have a perfect start to your career.
NOT WORKING HARD
Young real estate agents think that they can achieve success in very little time. But one thing that they fail to understand is being successful in this field requires a lot of long days and nights along with blood, sweat and tears. Real estate is not a regular 9-5 job, it is 24 hours work and you need to be accessible via email and phone. Real estate agents usually fail. because they are not willing to adopt this approach.
NOT SAVING ENOUGH MONEY
Real estate agents earn majorly on the commissions they get. It takes months sometimes a year to close a good deal, this means not having enough earning for quite some time. However, Saving money is the key to run a successful real estate business make sure you have enough money to pay car loan payments, pay bills, buy groceries, etc. As a general rule of thumb, be sure to have enough saved to sustain you for at least 6 months. You will be able to work more effectively knowing that your bills are taken care of.
Considering real estate as a part-time job is one of the biggest mistakes that agents make. It is required to work full-time in this industry to earn a position in the market. When buyers and sellers are looking for an agent, they will want someone that is readily available. As a result, they are more likely to hire a full-time agent than a part-time agent. Being a part-time agent you can miss lead generation opportunities such as open houses and conferences.
NOT KNOWING HOW TO GENERATE REAL ESTATE LEADS
Generating leads is one of the most important skills of a good real estate agent. Not having leads means not being able to close deals. The first thing you need to do as a new agent is to decide how you will generate leads. Will you hold open houses every week? Moreover, will you go around the neighborhood knocking on doors? Will you create paid Facebook ads? Will you use online lead generation tools or even pay for qualified leads? Find a strategy that works for you and get aggressive about real estate lead generation.
Another reason real estate agents fail: they spend too much time on unqualified leads. While you should never throw away leads, you should be giving each lead the time he/she deserves (or doesn’t deserve). The only way to avoid this mistake is to ensure you qualify your real estate leads. Try using Dashboard for real estate lead qualification. This tool uses predictive analytics to instantly qualify leads for you. Book a demo to learn more.