In Episode 9 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over what they each think are top reasons agents fail. Learn Jenn’s ideas about why the industry needs to increase its barrier to entry, and hear why Monica thinks many agents are looking at everything all wrong. This episode will help you identify roadblocks to your success to ensure that you don’t fall into common pitfalls in the industry.
- What are the two biggest reasons agents fail?
- On the internet you'll often see the stat that 75-85% of agents will get out of the business within their first five years.
- Jenn thinks the biggest reason people fail is because there’s not a training program in real estate.
- We need an apprentice program where you cannot be an agent until you understand business.
- This could look like spending 2-3 years under a high producing agent where prospective agents get training and in exchange they have to share part of their commission on the leads that they find.
- Monica wonders how that would work in terms of finding top lead agents willing to participate in such a program.
- Jenn argues that what the industry has been doing isn’t working.
- Monica asks how much the local MLS might shrink with new barriers to entry.
- Jenn imagines it would be about 1-5% its current size.
- As a profession they need to learn how to run a business, how to do math, and how to sell.
- The other reason Jenn thinks many people fail is because they don’t start on time.
- When you have a job you have to get there on time because it sets the tone for the rest of the day. Start at the same time every day.
- When you wake up to your alarm and don't press snooze, don't you always feel better?
- Monica mentions a popular video about a military leader who encouraged graduates to make their beds first thing in the morning.
- Monica believes that real estate agents have the wrong notion of exactly what it is they're doing in real estate as a realtor.
- The language of real estate is so inward-facing and it sets a really negative mindset.
- Monica describes the difference between a transactional mindset and a relational mindset.
- Jenn thinks the apprenticeship program could address some of this mindset problem.
- The other reason Monica thinks people fail is because they’re not 100% attached to the reason they want to succeed.
- In any goal, if you don't have emotional clarity on what your business will do for your family, your future, and your life, then every single day when you don't feel like doing it, you don't.
- Many people don’t care enough and they are too comfortable.
- Jenn and Monica discuss how they perform when something absolutely has to happen.
- When surveyed, many respondents said agents fail because of fear, especially fear of success.
- Another reason commonly cited in the survey is that people fail because they don’t have a plan.
- Jenn strongly feels an apprentice program would help the industry.
- Monica believes people fail in this business because they’re looking at it wrong.
- Most of the time people are buying or selling a home because something else happened. We are lucky enough to be able to help them with their transition.
- They want to do business with you because you know what you're doing and you actually care about them.
3 Key Points:
- Many agents fail because there’s no real training program in real estate.
- Many agents fail because they have the wrong mindset and focus more on transactions than relationships.
- Show up as a human and fly your real estate flag.