Patience is indeed a virtue, and it’s something that’s a must when trying to make your way through the world of residential real estate.
Especially for new agents, patience may be the one and only thing that allows you to separate yourself from the other small, new fish in the pond.
According to the National Associaton of Realtors (h/t Tom Ferry), 87-percent of all Realtors fail within the first five years. And by fail we mean they straight-up leave the business. They rip up their business cards, shut down their Real Estate blogs and move on to something else.
The two-year rate for failure in new Realtors is staggering as well.
Why is that?
The reasons are numerous. New agents naturally have to fight an uphill battle in the market against older, more experienced agents. The old guard has all the contacts and knows all the tricks of the trade. Especially if a new agent has a under-achieving SOI (sphere of influence), it takes time to grow a new Real Estate business — and don’t get it wrong, as an independent Realtor that’s what you are, a small business.
It takes money. It takes perseverance. It takes a willingness to get out of your comfort zone. It takes a willingness to learn, a willingness to admit that you’re lost.
Sometimes you have to fake it ’till you make it, especially as a new Realtor, and unfortunately for some, that means taking a big ‘ole dose of humble pie every morning when you wake up and start your work day.
“I don’t know everything, I’m in over my head a bit and I’m not extremely and immediately successful right now, but that’s okay because if I work hard and stick with it I know I will be.”
New agents should get that phrase tattooed across their forehead in ink that promises to fade within two years.
It’s hard. It can be frustrating. It takes a ton of patience, and that’s something that more new Realtors need to hear.
Being a Realtor looks so easy when you’re first thinking about getting your license, doesn’t it?
— “How hard could it be to sit in an open house once a week and talk to people?”
— “The houses sell themselves”
New agents don’t know what they don’t know.
They don’t know the time and money it takes just to get started. The dues you have to pay to your brokerage and the fees (yearly) you owe to whichever association you’re a part of.
-The dues you have to pay to your brokerage and the fees (yearly) you owe to whichever association you’re a part of.
-The money it takes to be an effective marketer. The time it takes to get your name out there.
-The humility it takes to prospect. These are old-school principles, but they still apply: The humility it takes to cold call. The humility it takes to knock on doors and introduce yourself.
-The paperwork that goes into writing your first offer.
-The paperwork and hassle that goes into closing your first sale.
Residential Real Estate is a tough business, and it’s not a case of only the strong surviving. No, it’s more so a case of the sharks setting themselves apart from the rest. Remember that big pond I mentioned earlier and all the smaller, newer fish floating around? The scary thing about it is, they’re swimming with sharks — and they probably don’t even know it.
The word “shark” sounds like a derogatory and predatory term, especially in a sales job, but good agents (and especially new agents) have to be sharks.
The most fascinating thing about sharks is that they get their oxygen through moving. When they move through the water they absorb the oxygen in it through a process called ram ventilation. They basically open their mouths and force the water into it and through their gills thanks to the force in which they swim. It’s a myth that they die automatically if they stop swimming, but “taking a break” is a rare phrase in a shark’s vocabulary — and they certainly never give up.
They’re always moving because they need to move to breathe. And that’s the type of attitude a new Real Estate agent needs to have.
THERE WILL BE days when the business gets you down. THERE WILL BE days when you accomplish nothing. THERE WILL BE days when you lose a prospect or are told no (this will happen a lot). THERE WILL BE day when things don’t go exactly the way you planned. THERE WILL BE days when a transaction doesn’t go as smooth as you’d like it to go.
But just like a shark, arguably the sleekest and most powerful predator in the world, a good Realtor finds a way to continue moving.
It takes patience, and lots of it, but eventually there will be chum in the water.