As many seasoned realtors will tell you, success in real estate hinges on a few critical factors: following up with clients, managing finances, focusing on lead generation, and being knowledgeable about the market. Yet, despite knowing these keys to success, an astounding 87% of real estate agents still fail. Why is that?
The Chicken-or-Egg Dilemma
In my opinion, one of the most significant hurdles is simply being given a chance. The real estate industry is heavily reliant on experience, and most clients prefer to work with experienced realtors. This preference creates a challenging situation for new agents who need clients to gain the very experience that clients seek. It’s a classic chicken-or-egg problem.
The Importance of Opportunity
Real estate is an industry where much of the learning happens through experience. However, without opportunities to prove themselves, new realtors struggle to gain a foothold. Finding clients willing to give a new realtor a chance can be incredibly difficult.
A Business of Trust
Ultimately, the real estate business is built on relationships. It’s a business where knowing, trusting, and liking your realtor plays a crucial role. For new agents, establishing these relationships without a track record is a steep challenge, but it’s not insurmountable.
