Jean-Claude Rousseau, a Realtor since 1991 and the Broker/Owner of Royal LePage Experts in the Montreal area shares why he believes Realtors don’t succeed, “They want to get to the top too fast and they are not all equipped to face the two first years in the business (money wise). New Realtors should be obliged to work with another Realtor with at least three years experience for a minimum of a year or two with compensation to the mentor.”
Consider these habits of those destined to not be in the business for long.
- Not marketing. How will you find new clients without looking/searching for them? You’ll need to do your share of telemarketing, advertising, and newsletters. Make those follow-up phone calls and vigorously seek referrals. Find motivated sellers. Be consistent with your marketing plan.
- Not having a business plan. You need to have a blueprint to follow on your path to success. Without a business plan, you are a ship at the whim of the current, not one with a planned out course. Include things such as short and long-term goals, marketing strategies, listing plans, a customer loyalty strategy, networking plans, financial projections, customer lists, and a mission statement. Having the right real estate strategy will increase your chances of success dramatically.
- Having no self-discipline. Mark Tesolin, a Realtor since 1987 and a Realtor with Prudential Select Realty Inc. in Windsor, Ontario, feels, “The most common reason in my experience that people don't succeed as a Realtor is because they are not self motivated nor are they accountable to anyone but themselves.” If you live in Medicine Hat – the sunniest city in Canada – and go golfing every day, do you really expect to make that many sales?
- Not understanding the market. It is imperative you know what the market around you is doing. Is it a buyer's or seller's market these days? What are the pertinent zoning laws? What are the pros and cons of each neighbourhood? What is the outlook for your area?
- Not listening to your clients. By putting your clients' needs first and actually listening to what they have to say, you will get further in your career. One of Mark Tesolin’s core values sums it up – “Make My Client’s #1 Goal My #1 Goal.”
We all know that one way to guarantee success in real estate as in life is to repeat mistakes. We all make mistakes but successful people learn from them and move forward. Here are more characteristics of those who flounder in real estate:
- Ignoring burnout. To avoid burnout, don’t let your real estate career control you; control it. The intensity that many beginning Realtors bring to their job cannot be maintained indefinitely. Set a schedule and stick to it. The loss of your health, your relationships, your sanity, and the increased level of stress and exhaustion in your life is too high a price to pay.
- Having unrealistic expectations. Mark Tesolin points out, "New Realtors enter the business with unrealistic expectations. There is a perception out there that it is easy money when in fact it is the hardest job experience I have ever had. However, (it is also) the most rewarding! If one is willing to get paid exactly what they are worth, give real estate a try. There is a direct result of getting out of it what you put in. It is anything but easy money.”
- Being financially unrealistic. Five-figure checks won’t start pouring in during your first month in the business. Experts say to have between six months and a year’s worth of money to see you through.
- Not believing in yourself. Never doubt your abilities or the potential inside of you. Make grand goals; dream big. And never give up.
- Having an unattractive personality. In all that you do, remain honest, loyal, grateful, confident, motivated, and respectful. Keep your ethics and integrity intact.
- Avoiding education. Successful Realtors are constantly learning about all facets of the real estate industry. Attend training sessions and conferences whenever possible.
How to be Successful in Real Estate
Mark Tesolin shares what he attributes his success to, “The personality traits and aspects of my life that I attribute to my success are my willingness to work as hard and as long as it takes without letting it control my life. I am self-motivated and goal oriented. I schedule time off for myself and my family. I include my spouse and children in my goal setting to help them understand why and what I am working towards. They will always be your loudest cheer leaders to ensure they receive their reward, holding you accountable to the goals each one has set when I reach my goal. Even after 20 years I have a coach, belong to Mentor Groups, Networking Groups and continue to learn from trainers like Floyd Wickman, Richard Robins and others alike.”
Realtors Work Hard
Like Tesolin, Jean-Claude Rousseau works hard. “I’m motivated and like what I do in all aspects of the profession. You’ve got to like helping others. Sure, I work to get money but my customers come first. My motto since 1991 is “I’m a good second because my customers are my first interest.” And how do I know they are satisfied? Easy, by the referrals I’m getting from them. My website generated three to five leads per day. At the end, one good lead per week is perfect plus my former customers and my farms.”
By avoiding the traits of those who fail in real estate, you can improve your chances of being a success!
Toby Welch - Toby is a full-time freelance writer who specializes in magazine articles, online writing, e-books, and manuscript editing.
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