3 Challenges to Real Estate Agents in 2018

We are in a business that is closely following behind the travel, insurance and car sales industries whether we are going to admit it or not.  More and more top producers are growing their business but the new age of Realtors is struggling to find a place as a career and they must find a way to stay relevant.  Selling Real Estate is not easy and to make a living in our little Indianapolis market you have to do a lot of transactions and even more prospecting.  The competition is fierce and we are no longer the source for data and potentially access for properties in a market, so finding our way is becoming more demanding and important.

  1. Quit – Of course this is coming from someone that doesn’t chase residential real estate so to say this as a benefit to me does not exist.  I say quit!  Seriously, if you are in year 3, 4 or further along and you are struggling to find that business that can sustain a career then you should quit.  There are so many other opportunities to showcase your skillsets that trying to sell homes to people is not the best option for you.  Find a business model that fits your strengths and supports your weaknesses but stop the agony and move on.  Acting like you are “killing it” or “having a great year” is transparent and less honorable then facing the fact that every business is not for everyone.  Work your last few deals but take advantage of a pending sale to work on your resume and making a smart career decision.
  2. Forget the Transaction – Realtors are transaction focused because smartly that is when they get paid.  Nobody gets a check until the sale closes and the deal funds.  But Realtors need to figure out how to create a business with a salary and sell towards that.  This will do a couple of things like give you a chance to focus on the big picture and not a particular sale.  It will also make you a real business.  Living from closing to closing is miserable and when avoidable needs to be stopped.  Another reason I bring this up is that people are not buying a property or selling so that you can make a commission, but you are making a commission to help a buyer or selling complete a desired transaction.  I have sat with many agents that are so desperate to close a sale that they have completely ignored the wishes or well being of their clients but wiling to do so to make their car payment or go on vacation.
  3. Learn – Realtors are reactionary in so many ways for example I will get a call to help 3 decisions too late and wonder how they got this far.  Realtors must study real estate and understand transactions, forms and some basic rules.  I am regularly reminded how many agents have never read the entire purchase agreement and learned what each paragraph means but this is our job and what makes us different then the fsbo or Zillow website.  I suggest finding a YouTube channel or author that you enjoy and regularly check out their publications.  Also, attend MIBOR training and sign up for CE class that helps not just to get it over with.  Be an expert in your field and a resource to your clients.  It will help you in the long run.

I think Realtors get caught up in the lifestyle that being self employed can bring but with that comes the responsibility to be really really good at what you do.  No agent should feel good about not putting 100% of their efforts in such a large decision and doing things the “old way” just won’t cut it.  Work hard, commit, become a business and study your way to success but nothing short of that will get you the results you are looking for.

Curt has been in the Indianapolis Real Estate business for over 10 years and spent his first years learning all aspects of commercial management and brokerage.  He has had great success in managing existing commercial projects and new retail and office developments.  Curt specializes in building owner representation and purchases in the Westfield Indiana market as well throughout the Indianapolis Metro area.  Curt is passionate about growing the local Westfield community and in his free time  volunteers with Westfield Youth Assistance and raising 2 children with his wife Jennifer.

 

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