Real estate is hands down the best field to be in if you want to get rich and amass great amounts of money, however real estate not the only one and in this article, we are going to explore some of the key reasons on why most people are bad at it or fail miserably when dealing in real estate affairs, let’s dive right into the list:
- You are not cut out for the job
- Real estate requires you to have a big heart
- Patience is a virtue & greed is a killer
- Emphasis on money instead of the service
- Perseverance is the key to success
Now let us take each point and elaborate.
You are not cut out for the job
There can be times where you think real estate is going to be your doorway to success because you have friends and family who are in the business and are making good money but hey, that’s just part of it. You must have the personality to bloom in this trade, you have to be a people’s person and your personality and how you carry yourself goes a long way, if you are an introverted person or someone who just wants to have fun and not put in the hard yards, then chances are that you may have some early success in this but in the long run, you will not make it. This is a 24/7 affair, not a 9 am to 5 pm job where you can just put your phone away or turn off mobile data and then check again at your convenience, if you miss the bus, you miss the bus. Being cut out for this job means you have to be on the alert at all times, your first and only opportunity comes via a phone call, message or an email and if you are not quick enough to jump at it and respond, you aren’t going to go far in this line or work. Speed is everything in sales and clients love it when you can respond to them instantaneously.
Real Estate requires you to have a big heart
More often than not, you will hear clients showing interest in the property and then pulling out, some negotiating so hard that it can exhaust the life out of you, some not willing to pay what is due to you or your agency and in some cases, the agency not paying you on time. All in all, to be in this line of trade requires you to have a big heart and to be able smile at your failures and bounce back real hard. Most sensitive people leave the fold of real estate the moment they have a bad experience with a client or if something unpleasant happens while working on a deal. You have to be able to absorb the pressure and thrive on the stress. You lose more than you win in real estate but the gain from one win is enough to cover the losses of all that you lost.
Patience is a virtue and greed is a killer
Successful real estate professionals will tell you that it can take a while before they start getting some traction. Sometimes weeks and months without any luck at all the risk is great but so is the reward. Being patient is the best medicine to all the failures and most importantly to keep going, to continue grinding, to work harder day in and day out. On the other hand, being too greedy for money can result in you losing clients, good clients can smell you immediately if they know you aren’t looking after their interest. Always remember that money is the by-product of what you do, do not think of the money, just focus on doing a quality job.
Emphasis on money instead of the service
Professionals in the real estate business first worry about closing the deal, then worry about how much they will earn as commission. If you are a real estate agent who calculates your commission long before even thinking about whether you are going to sell or rent the property, that is going to be detrimental in the long run. The emphasis has to be on the service and not money, you will make great amounts of money if the emphasis and focus are on what you do as opposed to thinking how much you will get. You naturally become a weak agent if you are always equating your time with money instead of building lifelong relationships with your clients. Remember we are selling real estate, not soap or shampoo, so every client you talk to matters regardless of the size of the transaction.
Perseverance is the key to success
Most people give up in this business once they start it, one or two years down the line and their online presence is frozen, the phone numbers don’t work, there is no sound at all. This is quite common in the real estate industry. As we all know, progress is never linear, when you have the good days going for you, remember to be prepared for the dry times and ensure to keep your head afloat. If you persevere in this industry, go through all the hard blows, the highs and lows, then you will come out on top but how much you reap from it will depend on how much you put in. To anyone who wants to start off their real estate career at Mister T, we give you valuable guidance and fast track your performance with our tools to make you a great real estate professional, please do send in your cv or resume by applying from our website. Click here to be a part of our dream team.
Next Article! Read Inside the mind of a Champion real estate agent