Five Reasons Why Today's Realtor's Fail
Sisyphus and his Rock!
It's like Sisyphus, in Greek mythology, Sisyphus was the king of Corinth who was punished in Hades by repeatedly having to roll a huge stone up a hill only to have it roll down again as soon as he had brought it to the top of the hill. Do you ever feel like Sisyphus?
Five Reasons Why Today's Realtors Fail
First, these are the numbers. In order to set your goals and head in the right direction it is important to know the numbers!
It's always best to start at the begining, isn't it? The paragraphs below are directly from The National Association of Realtors.
The latest survey revealed that 24 percent of members (NAR) make under $10,000, and 24 percent make above $100,000. It is not surprising that median gross income and the number of transactions increase with experience; last year, Realtors® in business for more than 16 years earned a median income of $78,850 (up from $73,400 in 2015) and had 15 transactions, the same number as 2015. Realtors® with two years or less experience had a median gross income of $8,930, an increase from $7,400 in 2015, and had four transactions.
Income also varied by license type, as members licensed as brokers earned $69,640 in 2016, while the median earnings for sales agents were $31,670.
The typical Realtor® is a 53-year-old female who attended college and is a homeowner; women represent 63 percent of Realtors®, accounting for 58 percent of brokers and 67 percent of sales agents.
The median gross income of REALTORS® was $42,500 in 2016, an increase from $39,200 in 2015
Between 72% and 82% of real estate agents getting into the business are gone within five years. They are not good odds!
My Five Reasons Why Realtor's Fail
1. Poor Management:
The Broker of the real estate company just doesn't inform the new agent what is going on. I'm saying that the Broker doesn't know what they are doing, I'm saying they are busy, and they might not be "teachers" per say.
2. No Business Plan:
The new real estate agent is just like an independent business man/woman. They have no training on setting goals. The new agent may sit there and write down their wants and desires. However, there is not a game plan, no USP's, no positioning statement. What makes them different than other people? Whay should the customer do business with them?
3. Zero Marketing Plan:
Marketing is where the MONEY is. No leads, no listings and no clue? You need a valid strong marketing plan. One big problem. In the old days, the Broker in the office and all of their friends tell the new agent "use your sphere of influence", start "farming areas" and begin "attending all of the local events you can". Times they are a changing! This doesn't work anymore!
4. A proper sales strategy for today's new customer:
As I continue to point out. The customer is different. You must use today's sales tactics to win the game. Attack those objections in the beginning. Lead the customer down the sales funnel using a series of commitments until you get the final commitment.
5. Implementing a Follow-Up Program:
According to the National Association of Realtors, 60% of Realtors do not use a CRM tool. This is not good! You MUST use some kind of customer follow-up program. Do you want to stick out in your customer's mind? Get in front of them.
Stick with John Weber Coaching, we will take you to the promised land!