5 Reasons New Real Estate Agents Fail

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Recently, I read in a survey that 77% of respondents said that new agents fail for five main reasons: they are not prepared for the realities of working as an independent contractor, they have unrealistic job expectations, insufficient broker training, insufficient broker supervision, and low barrier entries.

At the Miranda Group, we feel we’ve done a very good job recruiting people into our organizations. We have more than 80 agents working for us now, but over the years we have had some growing pains and agents have cited one of these five reasons for leaving in their exit interviews.

However, there are a few things that we do so that agents have the training and support they need to combat those five reasons for failure:

1. Monday Mastermind Calls: Every Monday morning at 8:30, we have a mastermind call to discuss successes and challenges. Each agent has the opportunity to come on and it’s a great way to get their week going.
2. Tuesday Training: We have a sales playbook and, each week, we pick different topics to go over. We organize 15 weeks of classes to help agents with referral based marketing and more.
3. Wednesday New Agent Training: From contract writing to how to use the MLS, we cover different things that new agents need help with.
4. Quarterly Mastermind Events: Each quarter, we get together offsite to talk about what’s working and what’s not working for our agents. We share each other’s best ideas as well as their challenges.
5. Monthly Full Agency Meetings: At these meetings, we hand out recognition, go over birthdays, and share key sale strategies. These strategies are different things that are being done around the country. We also bring in guest speakers to talk about the industry.
6. Mentoring Program: If a new agent needs a bit more help, we match them up with a senior agent and go through a checklist on what they need to accomplish.
7. Personal Attention: I meet with my agents one-on-one to answer any questions they have.
8. General Manager Insight: Brian Miranda works very closely with our agents and provides insight from both a technical and sales perspective.
9. Support Staff: We have a great support staff that typically works from 9 to 5, Monday through Friday. These are great people who will go the extra mile and work overtime and on weekends to make sure our agents have everything they need.

These are just a few things we do to offset those five reasons new agents fail. If you have any questions, give me a call or send me an email. I would be happy to help you!

Time Management Tips

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We’re all in the middle of a very busy real estate market and you might be feeling a little overwhelmed. Use these 10 tips to adjust your productivity and get back into the swing of things.

1. Use the 3 Ds: Whenever I have a large pile of work, I either do it, delegate it, or dump it. Whenever you can delegate work, you should. Decluttering your desk and your workload can be incredibly helpful. One good tool for this is a word processing software called Evernote. 

2. Time block: Every Sunday night, I sit down and schedule my next week. Sometimes, I will go two weeks out. This makes your life seem less hectic and more organized, no matter how busy you are. I put my family priorities first and then important business activities for which I get paid on, such as listing appointments, prospecting, negotiating contracts, etc.

3. Develop checklists for everything that you do: I find checklists incredibly helpful, and I use them for everything. I write checklists the night before work, so they’re in my subconscious and I know I need to do them.

4. Systems are important too: Systems are an absolute must for your growing business. When I go on a listing appointment, everything is laid out for me and I know exactly what I need to do. I don’t waste any time - I just follow the system.

5. Voice record tasks: If I’m driving down the street and come up with a good idea or something that I need to do, I record myself and either forward that to someone or use it for later. 

6. Wake up earlier: I’ve noticed that I never have enough time to accomplish everything in a day, so I simply started waking up earlier. Just an hour earlier can make a huge difference. Over the course of a year, that’s an extra nine weeks worth of time.

7. Measure everything: You need to find out how much your time is actually worth. When you can place a number value on it, you can then realize which spots you're wasting time in. I had to cut out the long lunches and meetings that didn’t help my business bring in money.

8. Eat that Frog: This is the title of a book by Brian Tracy, but what it means is to do your most unpleasant tasks first thing in the morning. Don’t put off things that you don’t want to do. It will drain your mind and your energy throughout the day.

9. Learn to say NO: Warren Buffet says this, and it’s important to know when to tell someone ‘no’. Sometimes we don’t have the time or the resources to say ‘yes’ to everyone.

10. Reflect: At a certain point, you have to reflect and think about if your time is being better spent making money or spending time with your family. What’s the real profit or benefit of your activities? Are they worth it in your personal life as well?

Lastly, I recommend limiting your time spent social networking. Facebook, LinkedIn and Twitter are all great, but only up to a certain point. You don’t want to live inside of these networks. They can become a massive distraction. You’ll be surprised at how much more time you have in your day.

If you have any more questions, please don’t hesitate to contact me!