Are you planning on leaving the real estate career for good? We have set together a list of 5 questions to ask yourself before you make a final decision on quitting real estate.
Therefore, think long and hard, especially if you’ve just started. Research shows that most real estate agents quit within the first year, and you don’t want to be part of that dark statistic. Don’t forget that as long as there are homes, the real estate business will flourish.
Should I Quit Real Estate?
You’re probably on the verge of quitting real estate for good if you’re reading this article. That’s why we got 5 questions for you, which you should answer to yourself in all honesty, before you choose to finally end it.
But first, let’s look at the statistics of leaving the real estate career. Most realtors and real estate agents spend time investing in real estate school, getting a real estate license, and finally, in some shiny business cards. After that, they leave the industry in just a few months.
Just like mentioned above, in the first year, most real estate agents quit their careers. There are many reasons this happens, which we will explore later. This rate is called the “agent failure rate”, and when extended to the length of five years, one can see an unbelievable increase in percentage.
87% of agents quit real estate in the first five years of their career. Recent studies suggest the rate is steadily increasing from year to year. We don’t believe you need to quit, since all problems in the real estate world have their solutions.
Last but not least, you need to know which problems you might face once you work in real estate. Stay with us to learn more about these problems and their solutions. Next up are the questions you need to ask yourself before quitting real estate:
Question #1 - Did I Know What to Expect?
Most beginner real estate agents believe all they need to do is find the right broker and the money will start pouring in from all sides. Sadly, it’s not as easy as it might seem. If it were, everyone would be a real estate agent.
Those who did not do enough research and consultation with any real estate agent seem to find it hard to believe how expensive starting out can be. It can cost you up to $2.000, to pay for association fees, marketing, and MLS. That’s just for starting.
Some people start their career and believe it’s easy to be their own boss, but cannot commit enough time to their business. Others overwork and face burnout. The third group expects lead acquisition to be easy but then faces a long dry period.
But, on the more positive side, you can research almost any topic out there, through search engines or find a solution by consulting a broker, agency, or other real estate agents. That is how your business can cope with not knowing what to expect in the real estate niche.
Question #2 - Am I Mining Every Lead Fully?
Most new agents and realtors don’t understand that their sales mostly depend on their day-to-day work. No sale will ever automatically be yours, you have to work for it.
The solution to this problem lies in marketing. You can even use finished listings as references and they can help you generate more leads. If your lead generation routine comprises mostly of your sphere of influence, why not try something new? You can check out open houses, circle prospecting, or reverse prospecting.
Question #3 - Am I Quitting Too Early?
Every agent out there has a miracle that launched the better part of their career. Even the best real estate agents are still thankful that the first miracle happened. This includes you too. Your miracle sale could be just around the corner.
Don’t lose hope too soon, here is how you can fight why quit being a realtor too early. Take each day at a time, even a slow pace is a pace. Of course, if the situation allows it, don’t quit real estate too early! Try taking an extended vacation, a new business plan, and reach out to new and potential business partners.
Question #4 - Am I Setting the Right Goals?
Some people are not as good at goal-setting, or they just don’t know how to set them. Some real estate agents set too high or too low goals for themselves, which then affects their self-worth. We can express these goals in total revenue, number of generated leads, number of monthly sales, and anything else concerning their career.
Failing these goals often and in the long run can affect their motivation, so at a certain time they might ask themselves: “Should I quit real estate?”. Needless to say, most people that work for themselves need to set their goals both realistically and on time. You need to set achievable goals for the week, day, or month, and you can try the SMART method.
Question #5 - Am I with the Right Agency?
It’s not me, it’s you! Sometimes, the problem might lie in the compatibility between agents and their agencies. You might be frustrated with your colleagues, or the agency is just not the right fit for you. You might feel left out, or your commission split might be too low for your liking.
This problem has a simple solution, and that is switching agencies. This is one of the number one things new agents express to me when they come to my office. They need an agency that offers support.
We are a rapidly expanding real estate agency, which offers agents a unique way of splitting sales commission, called the CAPPED program. After an agent pays $20,000 to the company per year, by dividing their sales by 20% to the agency and 80% to the agent, that agent receives 100% of the commission per sale for the rest of the year. Now, that’s something!
Conclusion
Reflecting on leaving the real estate career and contemplating quitting real estate is something that happens to most, especially when we’re feeling low and can’t see any revenue coming in. Remember, every career path has its difficulties. You might just be rushing yours.
That’s why we put together this list of 5 questions you need to ask yourself before you quit real estate. Before you take the jump, think your action through once more, and remember that your decision depends on you.