10 Reasons Why Most Agents FAIL in Real Estate |
ฝัง
- เผยแพร่เมื่อ 26 ก.ย. 2024
- As a real estate professional, you’re an endangered species.
There are few professions with a higher failure rate than real estate.
Why is that?
In many years of working in the industry, I’ve identified 10 reasons why agents fail… and I’m sharing them with you in today’s #TomFerryShow.
You’ll learn:
• The critical difference between being interested in your career and being committed
• How your fear of making mistakes is actually preventing you from greatness
• Why knowing your numbers is absolutely essential to building a predictable business
Learn more here: bit.ly/2fNPLxt
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You are advised that any Information provided on this podcast is not legal advice. Ferry International assumes no responsibility for consequences resulting from the use of the Information. Some of the Information may be outdated or not consistent with current law.
This isn't just how people fail at real estate... this is how ALL new business owners fail! These points are so spot on. Thank you, Tom!
So true!!! this applies to any/all businesses.
Yes. Because Real estate is a Business. So It applies to all Businesses
Exactly what crossed my mind! Well said!
The most honest and genuine advice for a Real Estate agent. How I wished I learnt this when I was a new agent. Never too late.
How you doing as an agent now? I'm just getting into the coursework right now. So I'm a newbie
did you succeed ?
@@geovannis7340 is it
You are the reason that I quit my career of 30yrs and have jumped into Real Estate! I just signed today with a broker. I have studied all of your videos for a year, and knew this is what I wanted to do!! Thanks for Inspiring me.
follow ups?
How are you doing today Christine?
Hows that first year treating you?
How are things going so far, Christine?
Christine how are things going on for yah
"Success is a series of failures" ,my fav. saying
I’m literally 17 telling everyone I want to be an agent after high school hopefully I get ahead
Saaame
Wyatt Lind ur 18 now. go get ur license
How's the license coming along?
Ryan Bula faxx i’m mad curious. i just turned 18 and i’m tryna get a job for my licensing course😂
devin davis did you end up getting it? I’m 17 graduating this year Andy advice?
As a retired business owner going into RE for the first time I found this to be a really excellent show. I will be watching his other videos daily as apart of my DAILY SCHEDULE!
Thanks Tom
Nobody gets on the team without watching this video....I've never heard this described better!
Desert Home Sales Group I’m glad I can be of service! 💪🏻
I dont wana buy a home in the desert
Hands down the best
When you are ready to graduate to even higher level techniques, check out THE CAREER COMPASS.
This video is a new REQUIREMENT and Pre-Requisite to join the Martin Group Real Estate Team in San Diego!!! I love this.
Wow
Absolutely
I also made a video on this topic & gave my insight on it. I would love if you guys would check it out.
When you are ready to graduate to even higher level techniques, check out THE CAREER COMPASS.
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all the money is made before 9am and after 5pm and on the weekends'
Can someone please explain this a little more? Does this mean sell longer hours? Or people open up more in non business hours and connect better?
@@phodundigital it means the average people who are your clients are available to buy or sell when they're not working.
@@DanielMartinez-qp7vn So does this mean you would be working the same type of hours as the buyers/sellers?
Amen! I am an agent trainer/mentor and this is SO TRUE; the vast majority of people get into this business with completely unrealistic expectations of what it really takes to be successful. Sure you can "be your own boss" and "make your own hours"--as soon as you start acting like the CEO of your own company and putting in that kind of time and effort. You are going to work nights, weekends, holidays and be on call when your clients need you. You need a business plan, a marketing plan, a detailed budget; formal goals and strategies for attaining those goals and a set schedule that will facilitate those goals. You need to learn and understand a lot about real estate, building, mortgages and financing, inspections, contracts, negotiating, dealing with difficult people, appraisals, title work and the list goes on and on. EDUCATION is paramount in this industry! Take EVERY opportunity to learn and put yourself into situations to apply the learning to the real world. Think and act outside the box. If you can't cold-call people, knock on doors, talk to strangers, keep calm when everyone around you is hysterical and understand how to be an active listener this is NOT the career for you. Less than 10% of brand new agents ever renew their licenses after the first issue--make sure you know what your are truly getting into before taking the plunge--it's cold and wet and you have to swim with sharks but it can be a fabulous career for the right person. If you have what it takes--best of luck to you, you'll love it!
Thanks for the detailed comment. I'm about to dive in head first!
I literally am just starting in the real estate world. I love your no-nonsense no sugarcoating approach. Just great information! You got yourself a new subscriber👍🏼
How is it so far?
How is it going
did you make it ??? i am looking to start too , please let me know
omar hassan Majority of people who say they’re going to do things never do them, especially on the internet. My advice would be to get your license ASAP, and find a good brokerage that will mentor you instead of handing you leads.
Got an update?
10 nuggets of gold to be watch/listen to twice a day by anyone who isn't where they want to be and once a day by those that need to remind themselves what they must keep doing to stay on top. Awesome content and delivery Tom Ferry style!
Im 15 and i just watched this, love the mindset he has, dreaming big!
Remember as the boomers die house prices have to drop.
1. Interested vs. committed
2. Not Strategic
3. Fear of mistakes /desire to look good
4. No (or wrong) role model
5. The gas station is open for one hour, one day a week
6. Monday to Friday, 9-6 mentality
7. No sales swagger (not learning sales and marketing)
8. No goal: Broken into the numbers that get measured
9. Poor schedule, or worse routines
10. Lack of financial management
A MUST SEE for all Newer Agents! Should serve as a great reminder for experienced agents as well.... Awesome Job Tom!
Steve Ladrido, Realtor® CBPP thank u Steve!
I’m a photographer and this applies to my profession as well. Super valuable download to all entrepreneurs.
how are you doing?
Straight forward content for aggressive goal oriented “whatever it takes” willing mind set people, love it. Starting my career in this industry coming out of the law enforcement. Thank you 🙏
Looks like that it has been around a year since you have moved into real estate. Are you still in it? If so, how do you like it? Appreciate the feedback.
how are you doing?
I really appreciate your excellent material and spirit of giving. I love that there is no fluff and just real life information that can make all the difference when put into practice. You are the best!
Tom. I’ve been scoping out the content on the page over the past few days. Currently 22 years old, worked in Retail Management the past two years, looking to step away, form a business, and move forward with entrepreneurship. Nervous but I feel that this channel can provide me with the knowledge and tools I need to be successful. Thank you
update: offered to buy my RE Role Model coffee and we are now set up for an hour long face to face in-office meeting. Don't be afraid to approach someone more successful than you. The worst thing anybody can ever say to you is "No." and that's just a word!
@@xkillbilly Any update 10 months later?
I am going to take the Real Estate test and I am really wanting to sell homes.
So I want to pickup and learn as much as I can before I go out in the field to sell.
I sold vacuum cleaners back in the 70's door to door and was making about $600.00 a week. and sold cars making about $1000.00 a week in the 80's.
Both was on a commission base. I was taught by my first sales manager what makes a great sales person is by thinking that you have my money in your pocket. And I need to talk you into giving back. Everything you said in this video really helped me. Thank you. I am trying to learn the right way to sell homes by people like you sir.
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If you want to quickly succeed
Every new agent should watch this!
Excellent! This is the perfect video to watch right before drafting the 2018 business plan!
I’m 19 taking my test 6 days from now🤞🏼
How did it go for you
taking mine in 5 days, 19 as well lol
Did you pass and are you still an agent today?
Im 18, just started my course, it is tough with audio only😅
Great stuff Tom!!! I'm going to watch this video once a week and make sure my routines match up with my schedule and that my routines are a top priority! I need to have an affirmation in my routine before my phone calls "I am not afraid of failure".
It's really interesting how the fundamentals of business from a math perspective are so simple yet so many people overlook them.
Well no wonder I failed the last time I jumped into this business. I LOVE your energy and also gave me LOTS to think about.
Thank you Tom! I watch your videos everyday. I am a brand new agent and you have no idea how you are helping me to succeed.
MAYRA SEPULVEDA I'm a brand new agent..how was your first 7 months? Curious to know if you've seen any success yet
Oh my God, that was so superb that I don't remember i ever listened to such a nice speaker. Smashed it.
My fourth time watching this video!!! The information here is priceless and very informative for the brand new agent. Thank you Tom!!!! You are Awesome!!!!!
how are you doing?
THIS episode is SO good!! The realities of our business. It's not as easy as it looks! Thank you Tom. Will be sharing with me agents.
how are you doing?
Incredible information! Presented in a concise, easy to understand way. The BIG difference here is that you offer this extraordinarily beneficial information without a charge or a fee. You don't tease the information and then require some kind of a payment to hear the information. You, sir, are a potential game-changer to anyone who takes the time to listen and learn from you! Much Respect!
This was a great Episode. I like watching to keep me on track. Sometimes the train keeps a rollin. I forget to get on.
Great vid from someone in Solar --- pretty much resonates on all fronts. Thank you Tom Ferry.
I love the closing remarks where you acknowledge that it's not an industry for everyone and urge people to explore other avenues if they don't think they can do it. Too many people in sales push the idea that everyone can do it, and you're teaching value in the fact that it's not for everyone. You'd rather help people before they ever get in the industry than to sell them on false hopes. Respect.
This hit home for me. I feel frustrated at the moment because I have been working my website SEO and squeeze pages. I have also been calling the leads I get and I haven’t found anybody serious yet. But I feel this video gave me very important info that I will take to heart and improve myself and keep pushing through not being in my comfort zone
how are you doing?
Still an agent?
You are eye opening. I am a brand-new agent and don't do most of what you say. I will be changing my daily tasks and goals. Thank you for very valuable information.
Great video! I've been self-employed 22 years. This is probably the most honest and solid advice I've seen on youtube for many businesses that are commission based and client focused.
Definitely incredible I went to sleep last night thinking what is the key to success on the business and I wake up with thinking on your phrase do your job have the power... this video been so helpful it show me all the things that I was missing.Thanks so much you become my Real Estate Mentor.
This video was perfect.
I was trying to think about what can set me apart from the 10,000 other Agents / Realtors.
What the difference was and now is that I already ran a successful business and ran it in the same way described above.
I did those 10 business building strategies daily.
LOVE LOVE LOVE this, going back to the 5 Rules for Creating your Perfect Day!!! Thanks Tom for always inspiring me every morning.
Priceless!! New Agents, Team Leaders and all seasoned a
Agents must watch this several times. Love it, Coach!!
Thank you. You are so awesome! Thank you. 🔥⚡️
agreed!
Wow! This video is seriously packed with so much good information.
Guy at work was asked how he knows how to fix all these problems, he answered "because I messed up everything for years"
Amen brother
Mr Tom Ferry, Thank you very much for sharing me these experiences. It's great, really great. I appreciate.
One ☝🏼 great thing about your video is that I was focused- all the point written on the white board made me stay focused. I’ve watched many videos before but even after finishing watching it I don’t know what were the main points. So thank you!
Awesome video, packed full of wisdom, truths, and direction. I'll search the 10 reasons why agents fail in RE in your past shows, ROD and share it with my team. This episode will be taught to every new agent I feel is a fit for my team, BEFORE I bring them on. (I have 1 team member) I am committed to watching a minimum of 1 of your shows every day. * I would LOVE for you to share how not to get overwhelmed when entering the real estate business because there is SO MUCH TO LEARN! And, what the top10 things to focus on first to ensure a successful real estate career.
You're a thoughtful, insightful, and intelligent man.
I did not know it took so much, but at the same time I’ve been doing sales, lead generation, business leads, door knocking cold calling for the past 12 years in different businesses and positions. The only thing that kind of shocked me was point 10!! Did not know you needed a mayor investment to get in the real state business, living paycheck to paycheck might mike that hard on some of us.
I have watched this twice today. Thank you.
Just started taking my classes today to bring in more income. This video amped me up even more than I already was for my future as an agent!
MICHEAL!! UPDATE ME, HOW IS IT GOING??
Excellent business advice, even if you're not in real estate
I'm in insurance and this video totally applied. Awesome training. Anyone who is 1099 needs to watch this multiple times!
Very powerful show. Great timing. Less than 90 days to finish the year. Let's be more strategic, work hard on our core 4 and keep improving our sales skills and morning routine and schedule. Love it
I'm 18 and taking my test on Tuesday
How’d it go?
Jeremy the Person good luck man!! Let me know if you have any questions. Cheers.
Good job Jeremy the Person. Wishing you well in your career.l
How's it going for you? I'm a new agent myself
Simon G hey man. Hope you’re crushing sales!!
8:39 “GO DEEPER THERE”, that what she said
I've watched several real estate videos and they haven't been able to grab me, but I like your Vibe. I like how you talk!👍
I like the information that is given here. But mostly, I do appreciate that you are blunt and honest. No sugar coding or sweetalking at all. And yes, what you reap is what you sow. (Excuse my miss spelling). This is all true talk.
It is estimated that over 40,000 to 300,000 people have made a massive one million dollars on Forex pending on the type of broker involved.For every investment to yield earnings a professional broker should be involved.Mrs Gloria Watson is a professional broker who manages,handles and gives guidance on investments to get good profits
I'm a beginner here and i need to start up with a professional Forex/Crypto trader. Please how do i get to this Mrs Gloria Watson?
@Eleanor Madison Excellent advice, since I got to understand how trading works better. I follow Gloria Watson's rules and this has worked amazing for me. Diversify, dollar or pounds cost averaging investing method, portfolio re-balance every quarter and I've found a mix of managed and index funds has worked out the best for me.
@@gorrtechviainsta-gram32 You have to be consistent in your approach,trading Forex is always difficult but Mrs.Gloria is very good.Kindly reach her on te Iegram
@@gorrtechviainsta-gram32 @Gloria_Trading
@@gorrtechviainsta-gram32 That's her TeIegram handle.
You r the boss hey ..wonderful 🙌
I’m inspired. I start my class next week. So glad I watched you ..
Think I've watched this show at least 4 times. Even though I'm only an assistant to a realtor so far, the part that overwhelms me the most is not being able to narrow down our niche market. We live in this fantastic city in Ontario, and I can't seem to understand how to choose an area/demographic to focus on. So we just put an add in the post every week. [Thank you for the CORE 4 Tom Ferry]
Setareh Lessan how did you become an assistant to a realtor?
12:00 my favorite part of this video and what i plan on doing once i get my license. I'm so determined to MAKE what I want out of life.
Super liked... thank you Sir❤️
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If you want to quickly succeed
Tom I'm so much inspired by you, I'm inspired by how eloquently you speak. At the end, I liked the way you told us to comment, you said 'I can't wait to read what you have to say' , instead of what regular youtuber usually tell us ,they go like 'subscribe and comment'. Anyways, I'm new to the USA and i'm going to start my real estate course today, I see myself in this industry , its because of you that I made this decision. I'm binge watching your videos since yesterday and the only thing I'm sad about is not starting earlier.
Mona Baker good luck Mona!!
hi Mona Baker i want to say goodluck in your career, i'm new to the USA too and i've always wanted to be involved in real estate. Its not gonna be easy but i'm prepared for that too
thank you Jeff :)
thank you Meg! :) good luck to you too. I'm half way done with my RE courses :)
Starting my career in the UK on the 14/10/2022. So excited. Really helpful! If anyone else wants to hit me up and discuss being new in this industry, please do! Talking is knowledge and I'm committed to this!!
Tom I’m COMPLETELY new to your TH-cam channel and real estate. I haven’t even begun taking my classes yet but I’m reading and learning as much as I can. Currently reading the millionaire real estate agent by Gary Keller, I take part of BiggerPockets and plan to watch more of your videos. I want to gain as much knowledgeable as i can because I’m committed and not interest but i stumbled across one thing i can not figure out. How can I learn about the real estate market now for my area (Atlanta) so i don’t be so far off when i become an agent? Anybody can answer, I’m simply searching the answer. Thank you!
I am a Broker owner and have been in business 27 years. There was a lot in this video that I would like to pass on to my agents. However, the most disturbing part of this video is realizing what I need to get back to you as well. THANK YOU
Getting back in the business after a few years of not starting off the right way last time without a lot of money.This time I want to be committed but lacking a little motivation.Focused on marketing and promotion to get my face out there.I know it’s going to be hard but willing to put in the work.Wish me luck.
These reasons can be applicable to many walks of life. Great talk! Summary: 1. Interested not committed; 2. They are not strategic; 3. Fear of mistakes; desire to look good; 4. Have no or wrong model; 5. Their gas station is only open one day a week for an hour. 6. M/F 9-6 mentality - It's not just a job, but your business, your livelihood; 7. No sales swagger - lack of sales, negotiation and marketing experience or skills; 8. No goal and not broken into numbers that get measured; 9. Poor schedule, weak routines! 10. A lack of financial management - need to be financially prepared when getting into this profession.
Hello nanyun
Thank you Tom. I'm now going to go pick your brain (youtube account) on each of these points and get myself a headstart on my upcoming studies.
You raised awesome issues, specially with the Commitment, Strategies and "Not 9 to 5" ones.
Before wanting to become an Agent, I first was a buyer, then a seller and I then became an investor and I cannot begin to tell you how frustrating it was to deal with either incompetent, unreliable, uncaring, crooked (there seems to be a lot of these) and "laissez-faire" attitude Agents. It got so bad, we'd started strictly dealing with listing Agents at some point!
In over 20 years of investing in Real Estate, I only came across 3 exceptionally stellar Agents; one of these is in Quebec (his name is René LeSieur), the other two are in Ontario and their names are Nancy Levac (Exit Realty) and Randy North (of Solid Rock Realty).
I would love to spell out the name of the agents who photoshopped picture of buildings which had huge cracks in their foundations, wasting our time or the name of one particular Agent (who's now a Broker, in Pembroke) who repeatedly stole the deals I'd find to pass these on to his buddies along with our bidding histories but I won't give the fiend any free publicity. In fact? I should have sued him.
Anyway... All this to say you really know what you're talking about when you put forth these ten points - and more, the Core Four.
Thank you for sharing this valuable data.
It's now time for me to go pluck your YT account.
Thankyou Tom for sharing your knowledge.❤
So good!! So many great ideas+ wisdom packed into this video.
Tom, I need a comprehensive guide on HOW TO START. From what I’ve watched so far it’s...set goals, find your numbers, schedule time for your outreach, set appointments, get to close, rinsed and repeat. Right?
So good!!
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If you want to quickly succeed
Hey Tom, I enjoy the honesty. Yes you speak from a wealth of experience. I am 49 years old. I have to make something happen. I have to start somewhere in this.
Kent Pope How did you make out so far?
Thanks for your insightful presentation. God bless you
Discipline is required to be successful. Now more than ever! #working
This was so useful!! Thank you so much for sharing your knowledge with the world!
this is a great start video for agent who just started this business and also for those whom are in the business for awhile...
Thank you Tom! I'm a brand new agent and this information is a time saver.
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If you want to quickly succeed
This is the BEST video I have seen for any business to succeed. Subbed :)
i havent started yet because i just graduated highschool and im doing research on being a real estate and this made me want to work harder to be the best agent i can ever become. you can do anything you set your mind to. im giving 110% when i start
Hi im new agent and just found your videos. I've subscribed and learnt alot from your video and hopefully will learn more about real estate agent. Thanks for the sharing. :)
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If you want to quickly succeed
Tom.. I'm 49 considering career change...
20yrs sales experience, zero real estate experience..
Where should I start for a steady "good" income while I learn the ropes?
Thank you, mike
In order to be a real estate agent I must have lots of money saved up? (100k)
Most Realtors’s look for the cheapest photographer.
I shoot for a female Realtor who is #3 in the nation for Berkershire Hathaway,her secret is to get the best photographer .
She spends a lot on photography .
I agree on this as a buyer who just purchased her first home! I’m not a realtor, but I am in medical sales. Please realtors: STOP TAKING PHOTOS WITH YOUR CELL PHONE! I passed over so many houses simply because the photos looked like crap or it was just a picture of the outside of the home so it made me think there must obviously be something wrong with the inside. Crappy photos don’t sell!
Never hire the best and never hire the worst.
There's an economic term called diminishing returns. There is very little difference in paying someone $300 vs. $3,000.
@@MichaelP-ke1tm Do you mean $300 vs $3000 won't be much different from a real estate photography point of view? Being a real estate photographer for 40 years, i can tell you that there is a massive difference in what you get for those 2 figures.
@@davosuzuki
1. No Realtor is going to pay $3000 for photography unless it's for a multi million dollar property.
2. There can be a massive difference but the difference I'm talking about is the selling price. Photography is important in selling a property but not important enough for a Realtor to pay thousands of dollars.
There are garbage realtors who take pictures with their cell phones and still sell 20 to 30 houses a year.
@@MichaelP-ke1tm My company has photographed and marketed in excess of 14,000 properties and the most expensive is certainly in excess of $3,000 with the average these days being around $350 (basic) or $700 including drone, video, floorplan, social media marketing etc. In the area we work in, there are no agents left who shoot properties with their phones because the homeowners themselves are expecting more. The real estate market itself via the more successful agents and agencies used quality marketing some years ago to gain an advantage, and all others followed. Those who decided that quality marketing wasn't necessary were left looking very second rate, and either jumped on board or left the industry. Some 10 years ago, agents only had to get out of bed to fall over sales, and in those days they could present them however they liked, but as the market tightened, all of that changed. Today some agents are using their phones for instagram and Facebook stories, but in the regions we work there are none who use cellphones to shoot their properties - the vendors simply expect more.
This video is exactly what I needed.
Wow! thank you so much for breaking it down and making it plain! Just subbed!
Timeless, Thanks Tom.
I'm a Realtor who chose Transaction Coordination/Risk Management as my niche - this should apply TO EVERYONE in our industry!
how are you doing?
Why become a realtor and have to pay to take a test x2-3 times, then have to renew, use your own car and all expenses out of your own pocket, pay for your own marketing, pay monthly dues, split a commission with your broker and probably another agent, and then have to wait like 60 days to get paid? Become a car salesman/woman and make just as much with 0 what a realtor has to deal with. My first year selling cars I made $100k and other people were kicking my A-- that hired in around the same time. Some were seriously doing close to $200k in their first year. We have all the company benefits and a band new free car and insurance as an additional perk. The only real upside to a realtor would be you would have more flexible schedule.
Good video but this pertains to many other industries that is commission based and/or 1099 peeps... insurance, youtube, modeling, financial services, mortgage brokers, stock broker, etc.
Hi Tom, my name is Crystal, I just got my salesperson license last week. How can I choose a brokerage to practice?
This should be a must watch video for any new agent or anyone looking at their numbers ( like me) and needed to have a heart to heart realty check. This is my business. No 9-5 here. Thanks for the kick. 😊
Responding to #1. Interested vs. committed: The question that pops into my head is: "What do you say to real estate agents who are new and haven't been successful for 6+ months and then they take a part time job which even further splits their focus ?" I've had trouble trying to help someone who feels that they've failed so long in real estate that they now need a job until they can get going in real estate.
Hello Kat
how are you doing?
Wow, this thing is tough 🤙🏿😏 thanks
Hello Mr Ferry! Thanks for the advice. I have a question: what's your opinion to pick up this profession as a part time while having an a can-do attitude, passionate about the field, willing to put in the time, etc?
Love this! We are adding this to the process for onboarding new agents.
Kristen Wheatley smart!
Finally getting my feet wet in this Game and boy are you right about all these Reasons why we might fail as Agents. Thank you very much for sharing this was a big inspiration
So are you swimming now?