In certain aspects, the modern real estate agent's path differs from that of even a few years ago.
The outside world may seem unfamiliar at times, as though everything has changed drastically. Even some seasoned pros are beginning to feel as though what they formerly knew is no longer relevant, and new agents are unsure of where to begin.

True, a few things have changed, but not significantly. I'm driven to discuss what it takes to succeed in real estate right now because of this. I'll outline the eight requirements in this blog post so you can succeed in the current market. Whether you are managing a large team or have just received your license, the answers are the same.

But first, let's examine why knowing these things is crucial before we get started.

What Is The Failure Rate For Real Estate Agents?

According to NAR data, 87% of real estate agents fail in their first five years of operation. Furthermore, the majority of individuals who quit after those five years do so because they didn't make enough money, not because they made too much.
It's not easy to hear that number, is it? It's a harsh reality, though. However, having worked in this industry professionally for more than thirty years, I am aware of what it takes to not just be among the 13% that survive, but also the 1% that rule and amass money for future generations.
Which returns us to our original query: Why do the majority of real estate agents fail? The reason they weren't successful agents is because they didn't abide by these eight guidelines.

First Tip for Successful Agenting: Organize Your Finances

Financial hardship is one of the main causes of real estate brokers' failures. Being financially savvy is essential for success in this industry.

First things first, identify your inner drives. What are your production objectives and expectations? Our wants and ambitions don't always align, which leads to needless tension. Determine what your basic financial needs are and use them as a starting point before setting attainable goals.
For example, figure out how much your monthly expenses are for rent or a mortgage, groceries, pets, family requirements, and other outgoings. Assume that this comes to $24,000 a year. Then factor in your work-related expenses; assuming these come to $8,000 a year, that comes to a total of $32,000 that you need to survive. Analyze any additional monthly income, such as money from a rental property or a partner's earnings.
You may find that, for the time being, your overall expenses come to zero after deducting these outside incomes. For example, if your typical commission is $8,000 per transaction, you may find that you can sustain your business and cover your survival costs by selling one house every three months. This insight ought to boost self-assurance. Recognize your necessary expenses and base your goal-setting for your business on them.

Second Tip For Successful Agenting: Create A Business Plan

This one is difficult to rank since, although practically everything on the list ought to be included in your business plan, you will become lost if you don't compile all of the information into a single manual.
Every true professional has a plan for their business. It leads them to their destination by acting as a guide through the mayhem. Why would you attempt to operate a real estate company without a map when you wouldn't go into the jungle?
In this webinar session, I'll assist you in creating a real estate business strategy if you don't already have one for this year.

Third Tip For Successful Agenting: Give Lead Generation And Follow-Up Priority

If you are not in business, you are not in business. Even when you're deep in the thick of handling deals, leads are your business, therefore they must constantly come in.

• Set up your prospecting, marketing, and touch point rhythm and routines precisely.
• Make at least five phone calls each day.
• Publish a weekly newsletter via email.
• Include calls to action in all of your material.
• Do annual equity reviews and send out CMAs on a frequent basis.
• Continually hold open houses

Fourth Tip For Successful Agenting: Establish A Powerful Online Presence

These days, your digital storefront, or online presence, is more significant than your physical storefront. A well-established internet presence not only advertises your company but also highlights your qualifications and why potential clients should contact you.
Any agent who is really successful will be updating and posting these items on a regular basis:

• Web page
• Facebook, Instagram, and YouTube
• Business Profile on Google
• Of course, all of those lead back to video, which is the best brand-builder of all. You are denying yourself the opportunity to develop "know/like/trust" at scale if you are not consistently appearing on video!

Fifth Tip For Successful Agenting: Adore Technology & AI

The same folks who mocked the internet and social media when they first appeared are the ones who mock AI now.
Please consider this carefully. As artificial intelligence (AI) permeates everyday life and business, you will inevitably give in and have to adjust. Why not incorporate it into your company today and be an early adopter so that you'll be miles ahead of everyone else when they catch up?
AI is useful for almost any kind of situation: chatbots, sales scripts, objection handling, training, systems deployment, organizing, and more. However, it's in your marketing content where AI truly shines. Now, you are able to create significantly more content than before, much faster, and above your capabilities in any field.

Accept it!

Sixth Tip For Successful Agenting: Offer Outstanding & Valuable Services

Helping someone purchase or sell a home is insufficient these days. What matters most are the services you offer and the impression you make on your clientele.
Making them feel protected and led during the procedure is the first priority. Present yourself as the knowledgeable advisor that they're fortunate to have discovered to assist them avoid trouble and save money. Deal with all of their issues, ideally before they become issues. That covers the bare minimum.
The next step is to identify your unique selling point. How do you exceed expectations for your customers? Do you throw giveaways, gift pop-bys, client appreciation events, or offer complimentary ancillary services like moving equipment? Although these items are not required, you ought to have something special to offer your consumers that will make them feel valued, well-cared for, and in capable hands.

Seventh Tip For Successful Agenting: Keep Learning And Developing

Since real estate is constantly changing, you should as well. You can't stop improving since you're never too skilled or wealthy.
Agents who work with a Tom Ferry coach earn ten times the industry average commission because they're committed to improving, learning new things, and honing their craft.
That's what I'm all about, and it explains why our regular webinars draw in hundreds of thousands of top achievers each year.

At the absolute least, you ought to:

• Attend a webinar each week.
• Every day, read KCM to stay up to date on the most recent market data.
• Participate in two events year, ideally one each quarter.
• Every week, read my blog and listen to my podcasts.

Eigth Tip For Successful Agenting: Never Stop Developing

As they say, "You start dying when you stop growing."
That relates to the previous idea about expanding your knowledge, but it also relates to your business in a far more concrete sense. You must continue growing!
Teams are the way of the future, and working alone will never allow you to retire.
Determine your expansion strategy.