87% of All Agents Fail in Real Estate!

Category : Real Estate
87% of All Agents Fail in Real Estate!by Roxy-Publishingon.87% of All Agents Fail in Real Estate!Tom Ferry, http://www.tomferry.com, is a real estate coach and trainer. In a recent Facebook Q&A Tom did, he noticed a lot of questions coming from new agent, veteran agents coming back into real estate and agents just in a slump. Tom decided to do a video dedicated to this topic and gives you a killer […]

Tom Ferry, http://www.tomferry.com, is a real estate coach and trainer. In a recent Facebook Q&A Tom did, he noticed a lot of questions coming from new agent, veteran agents coming back into real estate and agents just in a slump. Tom decided to do a video dedicated to this topic and gives you a killer plan to succeed in Real Estate!

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87% of all real estate agents fail in the first 5 years. That won’t be me, I will be the 13% that succeeds! Click here to tweet it out: http://ctt.ec/tb689

So a few weeks back I was flying back home and had 75 minutes to spare so I did a Facebook Q&A. Maybe a hundred people or so jumped on and started to ask me questions. About a third of them surprisingly were brand new agents. And I thought I’d do a video just for you brand new agent, veterans starting over and anyone in a slump. I’m going to give you a little more extreme of an answer with the intention that I get you very quickly out of the slump and into success.

Something to note: NAR reports 87% of all new agents fail after five years in the industry and only 13% make it. Agents don’t leave the industry because they made too much money, no, they leave the industry because they didn’t make any.

Before we dive deep, you’ve got to know your internal motive to act. What are your expectations. What do you need to produce vs. your goals. Oftentimes the gap between what we need and our goals creates a lot of unhealthy tension for people. So I say, what do you absolutely need, cover that, then set some goals.

For example, what is your monthly cost to run your household? Rent, mortgage payment, kids, dogs, food, dry cleaning, everything you spend money on – get that number. Let’s say it’s ,000 a year. Then what about your work–let’s say it’s ,000 a year, a total of ,000 a year you need to survive. Then how much outside monthly income do you have (spouse income, rental unit income, etc.)?–subtract this number to your total but for now let’s say this is

Real Estate – Talking Backwards (Official Video)
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The new single ‘Talking Backwards’ from Real Estate’s upcoming album, Atlas. 3rd (UK) / 4th (US) March 2014 on Domino Recording Co.

Filmed by Charles Poekel
Edited by Uprising Creative
Video Rating: / 5

. Also, let’s say your average commission check is ,000. Well you might be saying “Gosh, I only need to sell one house every four months to survive and sustain my business.” Feel good about it. So know exactly what your costs are and then set your goals on top of that. Now let’s get started!

Morning Routine:
1.) Affirmations. Every day write this affirmation 30 times, “I earn X amount of dollars or more.” Your reticular activating system will locate and focus in on whatever you think about the most and you will begin to see it everywhere.

2.) Create a daily action checklist. These are things that you know you have to do that day that would make you money. Prospect for leads, set appointments, take listings, get offers, close deals!

3.) Listen to something motivational or something that makes you feel good. It’s not Howard Stern, not Constant Negative News and not Fox Fair and Balance. None of that stuff. Get your mindset right. Watch some videos that will get you fired up!

Lead Generation:
1.) Role-play. Practice your scripts 15 to 20 minutes a day, so when you speak with real clients, you know what to say, how to say it and ultimately get you more business.

2.) Call every new expired, FSBO and Make Me Move. Don’t be afraid to screw up. Make every mistake. You’re brand new, who cares? You’ll learn that the mistakes that agents make when they list these properties when they’re not really clear to the seller what it takes to get it sold. Or find out if are sellers are motivated at all.

3.) Call/contact five people that you know and say “Would you like a free home valuation?” Who do you know that’s thinking about buying or selling? All the important questions.

4.) Lead follow-up. Follow up on all your leads, no leads slipping through the cracks.

Be the Knowledge Broker:
1.) Read Keeping Current Matters everyday. Be up-to-date with latest real estate analytics and trends of the market so you can speak powerfully to customers about why now is the best time to buy and sell.

2) Study the daily hot sheets. There’s nothing more important than knowing everyday what’s listed, what’s sold, what’s cancelled, what’s expired and what’s closed. What were the numbers? What were the prices? Know the market inside and out.

Last thing is two open houses every weekend. You do all of this for nine months as a brand new agent, a rebounding agent or a fading winner and you will become a rising star. What do we know will happen? You will talk to a lot of people. You’re going to have some upsets. You’re going to have some tremendous wins. You’re going to create a lot of momentum and you’re going to be that 13% that succeeds in real estate!
Video Rating: / 5

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27 Responses

  1. Elizabeth RojasDecember 16, 2015 at 10:38 am

    GREAT FN!!! VIDEO!!

  2. Athina MorseDecember 16, 2015 at 11:19 am

    Hi, really like your videos. Very informative ! I'm trying to promote a younger view point on things because I've never found support for me so being the voice of all in our 20's struggling! I'd really like to be YouTube friends :) also if you have any good ideas let me know so I can make sure nothing is missed in my videos! Athina Morse

  3. Angel GonzalezDecember 16, 2015 at 11:22 am

    great video!!!

  4. Randall KuboshDecember 16, 2015 at 12:13 pm

    great video

  5. MsFuturemillionaireDecember 16, 2015 at 12:44 pm

    Great video. I am currently taking the pre-license class and as you may know the classes focus on laws and the state test and not the daily function of being an agent/broker. Your video is gold!! This is exactly what I was looking for and you confirmed what I was already thinking. Thank you very much.

  6. SL SolarzDecember 16, 2015 at 1:27 pm

    Hi Tom,
    I've learned a lot watching your videos over the past couple of weeks. You're fun to watch and have great energy!
    Can you direct me to some tips on creating a flyer to augment my business card when introducing myself to prospective clients? You mention "client handouts" in your CEO Agent Sales Manual but otherwise I cannot find any comments from you on the topic. I'm wondering if maybe you find self-promotional handouts or brochures unnecessary?
    Best,
    Susan

  7. FreedomWorkShopDecember 16, 2015 at 1:55 pm

    5:13 is gonna be one of the guys that fails. He sounds like a drone. Just sayin'..

  8. Phil BarnesDecember 16, 2015 at 2:03 pm

    Great stuff! Being a new agent I feel that I've been flapping in the wind a bit. I've been given some of the same advice but, again, you need to hear it a few times from a few sources to lock the ideas in. Thanks for the tips.

  9. Cherry RoseDecember 16, 2015 at 2:30 pm

    Tom, thank you so much for your informative and inspirational video! I'm a student now getting my Real Estate license and I have made a list of what you advised us to do and I will be implementing these practices and getting back to you to update you on my progress! Thanks again, Amanda NYC

  10. Paul MrozDecember 16, 2015 at 3:29 pm

    Awesome!

  11. Enrique Jimenez EspinosaDecember 16, 2015 at 4:17 pm

    You said in the video that this video was long but I have to say that every second of it is PURE GOLD. This is one of my motivational videos that I watch when I wake up to get in the right mood for success. Thanks for making us better. You have a big fan in Madrid, Spain!

  12. tiffany caparasDecember 16, 2015 at 4:46 pm

    Awesomeness!

  13. mrgalea100December 16, 2015 at 5:14 pm

    dont change a thing!

  14. Joseph RemingtonDecember 16, 2015 at 5:29 pm

    very interested in real estate and currently pursuing my bachelor's for a business degree. will this degree help my real estate career later in life?

  15. Avi LeviDecember 16, 2015 at 5:42 pm

    What a pleasure watching this video!! I am a starting agent, I will definitely going to implement the great advises.

  16. Yvonne DonelDecember 16, 2015 at 5:51 pm

    awesome advice as a new agent, I appreciate you as well as your guidance … I definitely don't want to be that be part of that failing percent! Thank you !!!

  17. Real First - Real Estate CrowdfundingDecember 16, 2015 at 5:52 pm

    Good motivational advice for new agents!!

  18. Tino waitforitDecember 16, 2015 at 6:22 pm

    i love your freaking energy it got me pumped up. I'm starting to enter in real estate and this is what i need thanks. great video

  19. Jeremiah Garcia-LeeDecember 16, 2015 at 6:38 pm

    Love the energy and information! You explain things so well! Keep it up!

  20. Summer PrescodDecember 16, 2015 at 7:32 pm

    thats hot

  21. Sarah StewartDecember 16, 2015 at 7:57 pm

    I have to be real here. Such a great song deserves a kickass video rather than a BTS-type of video. This is one of my favorite songs though. I have high anxiety and listening to this song (and album) puts me in a great place and things bother me a whole lot less when I listen to this while driving.

  22. med agnouDecember 16, 2015 at 8:56 pm

    best song I likt it

  23. Kayla WallaceDecember 16, 2015 at 9:04 pm

    I've been trying to find this song for months I heard it in pacsun and It was my favourite song?even tho I didn't know it

  24. Kartikeya SrivastavaDecember 16, 2015 at 9:21 pm

    I highly recommend you guys to check out the band Wild Nothings if you like Real Estate.

  25. Mistaken OficialDecember 16, 2015 at 10:01 pm

    amazing!

  26. Kevin PfamDecember 16, 2015 at 10:39 pm

    .backwards commenting be well as might I

  27. Ernesto GonzalezDecember 16, 2015 at 11:37 pm

    this feels like one of those albums you put on while you're driving away in the sunset and you're just not coming back home, you're not coming back home not so soon…