10 REASONS WHY SOME REAL ESTATE AGENTS WHO ENGAGE IN PROPERTY FOR SALE OR RENT, LAND FOR SALE AND RENT OR HOUSE FOR SALE OR RENT FAIL IN NIGERIA
By Thomas Datimi
Imagine if a deadly disease like the COVID-19 hit earth causing a mortality rate even remotely near the failure rate of real estate agents in Nigeria — people would live in complete, utter panic.
The failure rate in real estate is high — extremely high. A lot of people who were in your real estate class back then are unlikely to still be in the business five years from now. While that sounds alarming, it’s your livelihood at stake, so you better pay attention.
Why do so many Real Estate Agents who engage in Property for sale or rent, Land for sale and rent or House for sale or rent fail in Nigeria fail and quit the business?
The top 10 reasons agents fail in Nigeria.
I’ve worked with and studied real estate professionals for some time, and I’ve identified 10 of the biggest reasons agents fail. Avoiding these pitfalls will help you join that elusive club of agents who survive and succeed in this business. Let’s go!
No. 1: interested vs. committed
Just being interested in your career isn’t enough. When you’re interested, you do things when they’re convenient. Success in real estate in Nigeria is all about diving in headfirst, being fully committed; this means doing whatever it takes as long as it takes to achieve your goals.
If you’re not fully committed in the real estate business both in Property for sale or rent, Land for sale and rent or House for sale or rent in Nigeria, it’s time to reassess your career choice. You may have joined the business because you saw or heard other people who were successful in it or maybe someone recruited by force into it via real estate networking platform.
Some People joined the real estate agent business with that minimum wage mindset and work ethic and Expecting Million Dollar Checks and Huge Commissions.
No. 2: not strategic
First and foremost, in real estate, Property for sale or rent, Land for sale and rent or House for sale or rent in Nigeria, you must be able to scale through this mind triggering thought; Can you explain your market trends easily in your area or niche? Do you truly know your market?
Do you truly know your audience or their age groups?
What’s selling? What’s not? You need to be able to answer the questions and those like them in a split second.
To survive in real estate, you need to look at your marketplace from a strategic standpoint. You must look at the hot sheets every day.
You have to own that knowledge, Product knowledge, and become the knowledge broker in your market. It’s not enough to simply have houses, landed properties, in Lekki, Ibeju Lekki, Mainland, or other areas outside Lagos you may be selling and enjoy working with people. Take a step back, analyze your market, and make sure you know it and your place in it.
No. 3: fear of mistakes and the desire to look good
There’s a lot of vanity in real estate, which can cause real estate agents to shy away from anything that might paint them in an unflattering light. But you can’t be afraid to make mistakes. Mistakes are how we gain wisdom. Accept that it’s okay to make mistakes.
Real estate agents who engage in Property for sale or rent, Land for sale and rent, or House for sale or rent in Nigeria must try new things, see what works, learn from what doesn’t, and always keep moving forward.
The more mistakes you make, the more you’ll bridge that gap between knowing and not knowing, and between success and struggling.
Before you continue reading, I must commend you for sticking through this and if you have in any way get to this stage, please carry on. that means we are making an impact, there is still a lot to learn, knowledge is key and so keep on reading we are still going to 10 key reasons why real estate agents who engage in Property for sale or rent, Land for sale and rent or House for sale or rent fail in Nigeria
No. 4: No (or wrong) role model / Mentors
Having someone to look up to, to aspire to, to model your behaviors on is a hugely critical step in helping you reach that “next level” in real estate.
Far too many real estate agents have no role model for their business. Or they have the wrong one. To accelerate your ascent in this business, find someone who is successful in both life and business, and model your behaviors on theirs.
No. 5: Your Fuel station is only open one day a week for an hour
As a real estate agent who engages in Property for sale or rent, Land for sale and rent or House for sale or rent in Nigeria, your No. 1 priority is attracting customers.
It is all about sales and marketing.
It’s not a part-time pursuit. Far too many agents do just a little bit of marketing once a week and hope for the best.
Imagine someone who calls himself or herself a realtor but posts once a week or once a month on social media.
Lead generation and lead conversion need to be your primary focus.
If there was a way to teach every new real estate agent this philosophy and force them to live up to it, the real estate agent failure rate would decrease dramatically.
To find success with lead generation, focus on this “Core 4”
Open houses / Site inspections
Geographic farming real estate, Property for sale or rent, Land for sale and rent or House for sale or rent in Nigeria is the most powerful way to grow and maintain a successful real estate business. It allows you to establish your brand and centralize your listings and sales in one geographic area. To be a successful farmer you must commit to an area and understand that it’s a marathon, not a sprint.
No. 6: Monday-Friday, 9-5 mentality
Being a real estate agent isn’t a job, it’s a business. It’s your business. you will get out of it, whatever you put into it.
Garbage in Garbage out ??♂️??♀️ ???
Especially if you’re new, you absolutely must put in the time and effort. All the money is made before 9 a.m. and after 5 p.m. If that doesn’t work for you, you’re in the wrong business. ?
No. 7: No sales swagger
Long ago, NAR (American National Association of Realtors) released a report stating that the vast majority of new agents come into real estate with no sales experience, no marketing experience, and no negotiation experience.
What are the essential skills needed to succeed in real estate? Sales. Marketing. Negotiations. Lead Generation. Closing. Copywriting. Hmmm. If you haven’t mastered these basic skills, you need to be working on them constantly. Put yourself in situations where you learn the objections, get hung up on, and gain that experience.
Putting yourself in those situations repeatedly will break down those fears of calling Tough clients and Prospects.
I encourage brand new real estate agents or Realtors who would be engaging in Property for sale or rent, Land for sale and rent or House for sale or rent in Nigeria to work on Practicing to break them in with “the most challenging” clients. When you know what to say, everything becomes easier.
I Can’t believe I am so much engrossed in dishing out more knowledge, well I just want you to be better in your business and your endeavor as you venture or continue dealing in real estate, Property for sale or rent, Land for sale and rent or House for sale or rent in Nigeria. It feels good, I am so energized in letting the remaining two key reasons out. So carry on…
No. 8: no metrics-backed goal
When you know your numbers, you put yourself in control. On average, how many leads does it take for you to convert one sale?
30? Great! 162? Great! “I never Sabi am ?.” Not great!
As long as you know your numbers, you know what you have to do. If you don’t know your numbers, you’re just hoping for a winning lottery ticket.
Are you just hoping, wishing, fasting, and praying for that commissions or cheque to drop on your laps just like that??
Knowing your numbers makes your business predictable. Being predictable leads to success. Know your numbers!
No. 9: poor schedule, weak routines
Show me your schedules and routines, and I can predict your future. If your schedule isn’t aligned with your goals, you’ll end up wherever your schedule takes you instead of achieving your goals.
The key is figuring out the specific activities that will lead to the achievement of your goals. Then you schedule those activities. The role of discipline in your success cannot be underestimated. Schedule everything and find a way to hold yourself accountable.
Who is your Accountability Partner?
No. 10: lack of financial management
Lots of people get into real estate thinking it’s a low-overhead business with an opportunity to make big, giant paychecks and huge commissions. Those days are long gone, trust me.
This business is so competitive that you need a funding plan not only to survive, but you need to invest in your business and build it efficiently. Make sure you’re managing your money smartly to avoid becoming part of the high percentage of real estate agents who fail.
There you go, I believe this last one came to you like we just dropped a bombshell on you isn’t it?
However, if you must succeed in this field or business of REAL ESTATE BUSINESS, PROPERTY FOR SALE OR RENT, LAND FOR SALE AND RENT OR HOUSE FOR SALE OR RENT IN LAGOS NIGERIA. You must, adhere to these guidelines, study it well and you would be prominent in this field. Trust me.
Question of the day
What do you do with this knowledge?
Now that you know the 10 biggest pitfalls that cause the high agent failure rate,
what are you going to do with this information?
Where do you need help? Where are you looking for that help?
What Action steps are you taking today?
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