The Perpetual Preparer Syndrome
I often wondered why the fail rate in real estate was so high. In a few places I’ve read it’s up to 80% of new agents entering the market will be out of the business within a year. I don’t know of another profession where the fail rate is so high, except maybe professional sports. Studying a typical real estate office on any given day where you have a mixture of new agents and seasoned pros – An overwhelming consistent trait stands out – The new agents are waiting to learn before they do. The agents that seem to make in this business do then learn as they make mistakes.
I recently studied our main office here in Savannah, GA and I noticed agents walking around doing a variety of different things. The new agents seem to want to go to office depot or staples two or three times a week to get an extra set of pens, cases of paper, and desk calendars. They are constantly preparing to get in to the real estate business. We’ve all seen the agent in the office ordering incredible real estate signs before they even have their first listing, several thousand of the nicest business cards with no intentions of handing any of them out any time soon, car magnets announcing their arrival in the business and such other items. Sadly these agents, in a few months, are out of the business.
The progression is not straight out of the real estate business, it starts off by switching companies. It’s the company’s fault that I’m not successful, or I just didn’t work well in that environment, they just didn’t like me. I mentor and teach new agents, telling them that you have to get battle scars and make mistakes to become good in this business. Saying the wrong thing to a “For Sale By Owner”, giving the wrong information on a school system to a potential buyer, mispricing a home on a listing presentation, or flat out looking like an idiot in front of a client or other realtors by just not knowing. These events make you better! Yes, you’re going to mistakenly violate license law several times in the first year. Yes, you’re going to an illegal statement such as “No kids allowed”. It’s a part of our business. Hopefully you’re mistakes aren’t large enough to draw attention and we’re very fortunate to be in a profession of other professional realtors that are very forgiving of someone new.
How many times have you been in a room and two seasoned agents look at each other as a brand new agent is talking and make that eye contact “They must be new….”
The unspoken word goes a long way.
If I had my way I would not allow new agents to order anything but business cards and frankly the first batch of business cards would be bare bones, name, address, email, and phone number, no glamour shots allowed, no magnets, no yard signs, one pen and one pad of paper. We’re going to go to work and earn the right to go buy office supplies.
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