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!