Top 8 Reasons Why Real Estate Agents Fail

While it’s relatively easy to enter the real estate industry, becoming a successful real estate agent takes ambition and finesse. 

A top agent understands the shifting marketplace and what it takes to close deals. While there are plenty of strategies to succeed in real estate, let’s discuss why some real estate agents eventually throw in the towel. This listicle covers the top eight reasons real estate agents fail, especially in their first year. 

1. Forgoing a real estate mentor

A new career path can cause anyone to second guess themselves. The best way to avoid imposter syndrome and grow in your career is to learn the industry through training and mentorships. One big reason new real estate agents fail is that they choose to forgo a mentor. 

Without a mentor, a new real estate agent could miss networking opportunities and professional development. Additionally, a mentor is a valuable resource for learning how to market properties, win listings, and negotiate contracts.

2. Not establishing a niche

Successful real estate agents are industry experts; in turn, they become their clients’ primary source of knowledge. One mistake new agents make is not establishing a niche. There are numerous property types, so choosing a niche allows an agent to become the area expert. 

Your knowledge base is more general when you don’t have a niche. You cannot provide expert guidance if you know a little about a lot. Therefore, becoming an expert in a niche like single-family homes or luxury real estate is incredibly beneficial. 

3. Not focusing on lead generation

Lead generation is a significant part of growing a real estate business. Without leads, you have no shot at securing potential lifelong clients. Real estate agents fail when they neglect new leads and forget to follow up.  

Business growth will happen when lead generation is part of your marketing strategy. Using lead gen forms on your website and at networking events like open houses is crucial. 

You can boost your career with these nine real estate lead generation ideas. 

4. Lackluster marketing strategies

Real estate marketing is possibly the most critical aspect of your business. Agents who don’t have an online presence and take their own real estate images find little (if any) success in the industry. 

Sellers want to hire a listing agent who knows how to prepare, promote, and sell their property through engaging marketing strategies and stunning real estate images. 

5. Not hiring a professional real estate photographer

Speaking of stunning real estate images, hiring a professional photographer is absolutely essential to succeeding as a real estate agent. Agents who take their own listing images and post them on the MLS and Zillow see little website traffic typically and even less foot traffic.  

A professional real estate photographer owns the right camera equipment and understands image composition, angles, and proper exposure. The real estate images you receive from a professional photographer capture buyer attention online and help you sell your listing faster and for more money than when using an amateur photographer. 

6. Thinking of real estate as a hobby

While a hobby is a great activity to help you learn and grow, it’s often the first thing to go on the back burner when life gets busy. Real estate agents who work part-time or consider their job a hobby usually fail. 

When agents consider their real estate career a hobby, they can lose momentum post-close. If you want to succeed as a real estate agent, you have to go all in and embrace the grind. 

7. Not leveraging a sphere of influence

A real estate agent’s sphere of influence is their central support system. Your sphere of influence consists of every connection you have as a real estate agent. These connections include friends, family, colleagues, vendors, and previous clients. 

Sometimes, new agents do not realize that their sphere of influence can significantly boost their careers. Through your connections, you can generate new leads, secure new clients, and find the right vendors to suit your needs. 

An agent who doesn’t leverage their sphere of influence may see their career come to a standstill. 

8. Neglecting referrals 

Referrals, which include past clients, colleagues, and friends, are a significant part of a real estate professional’s sphere of influence. 

When nurtured, referrals can bring you valuable prospects. When neglected, referrals are less likely to provide real estate opportunities. Stay in touch with referrals through social media engagement and email drip campaigns. You can also visit your preferred vendors and refer them to your contacts. 

How Virtuance can help you succeed

Virtuance is the one-stop shop for your real estate marketing needs. With Virtuance, your listings stand out online against other professional real estate images. 

In addition to stunning real estate images, Virtuance offers marketing enhancements, listing websites with lead generation, and an expansive marketing resource database. 

Ready to boost your real estate career? Get started by scheduling a Virtuance photoshoot today.