Becoming a real estate agent can be an exciting and rewarding career choice, but it’s not without its challenges. In fact, many new agents find themselves facing unexpected obstacles and difficulties when starting to sell real estate, which can hinder their success in the industry.
As a result, it’s essential to understand the most common regrets of new agents when starting to sell to avoid making the same mistakes.
We’ve prepared a list of the top 10 biggest regrets of real estate agents when starting to sell, as well as five practical tips on avoiding regretful decisions.
So, whether you’re just starting as a real estate agent or looking to improve your sales techniques, this article is for you. Let’s dive in!
The 10 Biggest Regrets of Real Estate Agents When Starting to Sell
Lack of Preparation
1. Not researching the market
Many new agents jump into selling without fully understanding the market they’re working in. This can lead to regrets related to overpricing or underpricing properties.
According to a National Association of Realtors survey, overpriced listings are the most significant cause of regrets among new agents. 21% of agents cited overpricing as their top regret when starting to sell.
2. Not understanding the sales process
Some new agents enter the industry without a solid understanding of the sales process. This can lead to regrets related to losing clients or failing to close deals.
A survey by real estate coach Tom Ferry found that 25% of agents reported losing clients because of not being aware of the sales process.
Not Building a Network
3. Not connecting with other agents
Networking is essential in the real estate industry. A study by NAR shows that 41% of homebuyers found their agent through a referral from a friend or family member. Failing to network can lead to missed opportunities and a lack of referrals.
Make sure to attend industry events, join professional associations, and build relationships with other agents in your area.
4. Not building relationships with clients
Building strong relationships with clients is essential to succeeding in real estate. Given that nearly half of home sellers find their real estate agents through a personal referral, it’s clear that building solid relationships with clients and fostering positive word-of-mouth recommendations is crucial for success in this industry.
Failing to build client relationships can lead to regrets related to lost business and a damaged reputation. Take the time to familiarize yourself with your clients and build trust by being transparent and communicative.
Lack of Confidence
5. Not believing in oneself
Real estate can be a challenging and competitive industry, and it’s easy for new agents to feel intimidated. Confidence is one of the most critical qualities clients look for in an agent.
A lack of confidence can result in missed opportunities and a lack of assertiveness. As a new agent, it’s essential to believe in yourself and your abilities to succeed in the industry.
6. Not standing behind recommendations
As a real estate agent, providing clients with recommendations based on your expertise and knowledge is important. However, some new agents may lack confidence in their recommendations, which can lead to missed opportunities and lost business.
It’s crucial to stand behind your recommendations and provide clients with the guidance they need to make informed decisions.
Poor Time Management
7. Not setting boundaries
Real estate can be a demanding industry, and it’s easy for new agents to get caught up in working too much or not enough. However, poor time management can lead to regrets related to burnout or missed opportunities.
Setting boundaries and establishing a healthy work-life balance is important for long-term success in the industry.
8. Not prioritizing lead generation and follow-up
Neglecting to prioritize essential tasks such as lead generation and follow-up can lead to regrets related to lost business and missed opportunities.
However, according to a 2019 National Association of Realtors survey, only 27% of agents reported that they always follow up with their leads. This information can be found on the NAR website under their 2019 Profile of Home Buyers and Sellers report.
Prioritizing lead generation and follow-up can help new agents build a strong client base and achieve success in the industry.
Not Marketing Themselves Effectively
9. Not creating a strong online presence
In today’s digital age, having a robust online presence is critical. The majority of buyers and sellers find their agents online. Not having an online presence can lead to missed opportunities and a lack of credibility.
10. Not utilizing social media
Social media is an excellent tool for real estate agents to stay connected with potential clients and showcase their expertise. According to Forbes, 80% of real estate agents use social media for their business. Not using social media can lead to missed opportunities and a lack of visibility.
Starting a career in real estate can be both exciting and challenging. However, as we’ve discussed in this article, new agents have many regrets when starting to sell. These regrets can hinder their success in the industry and ultimately lead to a lack of business.
To avoid making regretful decisions, it’s important to take the time to prepare before jumping into the market. This includes researching the market and understanding the sales process. Building a strong network and relationships with clients is also crucial for success. Having confidence in oneself and prioritizing time management can also help new agents avoid regrets.
In summary, by being aware of the ten biggest regrets of real estate agents when starting to sell and following the five tips we’ve provided, new agents can set themselves up for a successful career in real estate. By taking the time to prepare, build relationships, and prioritize time management, new agents can avoid regrets and achieve their goals.
Last modified: March 19, 2023