The real estate industry is on the rise again, and it has become fiercely competitive. The challenges right now isn’t necessarily with inventory, The problem with real estate is the agents. Television and radio have been continually talking about the growth in the markets. The increase is fantastic except it’s also brought a bunch of inexperienced agents on onto the scene too. Don’t misunderstand me. I’m all for growth and opportunity for the younger generations as long as they’re staying current and active as agents.
You Need To Be In The Game And It’s Not Easy
Real estate transactions are complicated, and you need to be in the game regularly just to keep up with all the nuances or subtle changes. If an agent sits out on the sidelines for any length of time at all, The agent could be putting a broker, or worse, a client in a dangerous position. The broker is responsible for a lot of the agent’s activities, and if they take a miss-step, It reflects the broker. It ultimately affects the family trying to make the purchase and would end up hurting them the most. I knew of a friends situation where a complication came up discussing HOA fees. A newer agent made some promises they weren’t able to uphold. It hurt both the broker and the family trying to buy their home.
Don’t Sit On The Side Lines
A large number of the licensed agents today keep their license but are inactive. The dropout rate for real estate agents is insanely high too. Studies have shown 10% of the real estate agents sell 90% of the properties. There are things they could learn from tv shows to help them make the right choice to determine if this is for them or not. The actual sales ratio doesn’t even match up with the 80-20 rule. If they took the time to get to know a mentor and perhaps follow in their shoes, it could certainly make a difference whether they stick around or not.
Don’t Let Anyone Eat Your Lunch
The real estate industry is a challenging industry, and it’s easy to have somebody eat your lunch if you’re not fully ready to do battle. The fresh new agent frequently goes up against somebody not willing to play nice. Somebody willing to do or say whatever it takes. These real estate agents will use any tactic to win. Some of these agents you could follow too if for no other reason to understand what their next move might be but you may not want to implement everything especially if they’re in it only for themselves.
The industry is fantastic despite its shortcomings. It’s continually growing, there is a limited supply, and the population continues to grow. For that reason, it will always be enticing for people to come into the industry and they should. Perhaps they should just look at ways to find a mentor they can relate to, so they stay in the game longer and experience some success.