10 Reasons Agents Fail
Are you the bottleneck in your business?
As you know: in real estate, it can be brutally competitive and difficult to stand apart from the noise. In order to be successful, you must be steadfast and break away.
It is vital that you take advantage of the variables you can change. One of the main ones is mental strength. Having mental strength is the #1 key to becoming a top-producing agent.
“ Your mentality shapes your perception. Your perception is your reality. If you want to change your reality, change your mentality.” - Hannah Valentine
The human brain is a powerful muscle. It must be exercised and stimulated. Stimulation correlates directly with our motives. Since motivation is what stimulates us, we then must ask ourselves: “What is motivating me? What drives me?” Constantly asking these questions gives us insight into our personal “Why?” and gives us the fuel to keep moving forward when things are difficult or unclear.
#1: Interested v. Committed
Many agents straddle the fence with this concept of being interested versus being committed. Your commitment level can be measured by the passion you have for your business. Unfortunately, society has created this backward narrative about passion, making a commitment and/or vulnerability seem almost taboo, with the selfish gain being the ultimate goal. The ability to be vulnerable, selfless, and identify your “Why?” is what will ultimately determine your success in business. Self-awareness is the key to commitment. When you have a solid understanding of conviction in who you are, what you do, who you serve, and how you perform, your interest will quickly become a commitment. Selfishness is realtor kryptonite; Have no illusions about that.
If you’re experiencing difficulty in staying committed, your “Why?” is too small. You must find what moves and stimulates you, because the other side of motivation is passion. Passion is the fuel to your success.
#2: No Strategy
Having no strategy in real estate is like a soldier walking on the battlefield blindfolded. This is war; This is the battle of the agents. You must create a plan to stand apart and overcome your opponent. Lack of strategy is an opportunity for a massive waste of time, money, and resources. Answer this: What is your “Why?” Once you know the answer you can create a plan to get there. Hope is not a plan. Always remember: As an agent, you’re unemployed until you have a listing.
#3: Fear of Failure
As entrepreneurs, we are constantly looking to avoid failure. The problem is actually deeper than failure. In fact, most entrepreneurs that have fear of failure are really afraid of something else. It may be people’s perception of them, their business, etc. They don’t realize that falling short creates opportunities to stand up, opportunities to grow. The most successful entrepreneurs realize that since “failure” actually creates growth opportunities, it is something that should be embraced rather than avoided.
#4: No Guidance
Have you ever heard the saying, “Success leaves clues”? It’s something I wholeheartedly agree with. It’s infinitely easier to pull the trigger on something that has been proven versus something that hasn’t been done before, but there’s no reason that any of us have to do either alone. Having proper guidance builds confidence in your performance and sets the stage for strong execution even in the face of adversity. I’ve found that lack of guidance doesn’t just impede your ability to grow in the absence of a person; It can also damage your execution skills. We can all benefit from help, no matter where we’re at. Nothing big in this world was built by any one person; It has always taken a village.
#5: Dream 100
Finding your dream 100 clients is no small task. Being a self-aware agent with a defined market helps you cut through the noise to land those dream clients. Market definition plays a huge role in your ability to work with your ideal clients. Defining your market is about more than just claiming you help first-time buyers; It’s surgery. More precisely, it’s tactically informing the market on who you specialize in serving and providing proof (content, advice, testimonials, etc) to support that.
#6: 9-5 Agent
Having a schedule that is set in stone (like a 9-5) can keep you from increasing revenue in your business. As children, we are trained to be on a set schedule. In school, we have segments (class time, snack time, recess, lunch, etc). In real estate, you need to be flexible. Nine out of ten times, the biggest and best deals are done after hours and/or on weekends.
#7: Lack of Confidence
Lack of confidence is a surface symptom. Digging deeper, it usually indicates a lack of conviction. When you lack confidence in something, someone, or yourself, it really means that you lack belief. To conquer this you must have proper guidance and/or mentorship. Finding a good mentor is important so you can learn but also so you can have assistance in being accountable. Learning (and executing what you learn from that guidance) will naturally build your confidence.
#8: No Goals
It’s extremely difficult to hold on to motivation when you don’t have a specific, defined goal to work towards. It’s in our nature as humans to create, produce, and delight in our achievements. Setting specific goals allows you to create milestones and forecasts for your future. Goals help you measure your progress and set standards. If you don’t have some very specific goals, try setting some and revisiting them daily. If you haven’t experienced how much that can change things, you’re in for a real treat.
#9: No/Poor Schedule:
Time is one of our most finite resources. We only have so much of it per hour, per day, per year, per lifetime. One of my biggest pet peeves is wasted time…and, after studying the top 1% of agents, they all have one thing in common: They leverage their time efficiently. Successful agents realize that time is their most prized commodity so, to ensure they’re making the most of it, they create detailed schedules. Take inventory of what you do during the day. Everything that consumes your time should move the needle forward. If it’s not doing that or aiding you in increasing your business then, truthfully….
You don’t need it.
Hard work isn’t always efficient work. Focus on tasks that are improving your business, rather than just keeping you busy.
#10: Financial Immaturity:
If you’re a business owner, you should have a complete understanding of your numbers/metrics. I have witnessed people’s finances getting out of whack because of 2 main factors:
#1: They don’t know where their money is going.
#2: They’re spending unnecessarily.
Fortunately, both can be avoided. By making a detailed list of your expenses, you’ll be able to see exactly where your money is (and isn’t) going. The best part: Once you know what your numbers are, you can adjust them and set specific goals to increase revenue. Financial maturity is knowing where every dollar is going and only making investments that count toward improving your business.
Your future serenity lives in the actions you take today.
If you’re like I was, this is definitely a wake-up call for you. Luckily, I’ve learned a heck of a lot over the years and you can learn from my mistakes (remember how I said that it takes a village?). In our workshop series: Beyond The Listings, I reveal exactly how to manage your money, how to define your market, how to leverage your time to scale your business, and more. I’ll even give you step-by-step actions you can take to ensure your success. If you really want to take your real estate business to the next level, consider these tips. Think about how efficient your work would be, and how effective your impact would be in your marketplace. If thinking about those things stirs up your emotions, I invite you to take a look at our program and/or schedule a call with us. Either way: I’m glad you found your way here, and I wish you the absolute BEST in ALL of your endeavors.
See you at the top,
Hannah CEO @ Source Hero