Study Identifies Challenges of New Agents and What It Takes to SucceedBy Claudia Larsen
Real estate can be a challenging career for newcomers, and the early struggles to find success means only 4 in 10 new real estate professionals are confident about having a long-term career in real estate, according to a new report from realtor.com® released this week .
Realtor.com®’s new #ThrivePastFive study found that lead generation was a top pain point, 60% of all agents cited finding new leads as a challenge, and the figure rose to 70% among new agents, those with less than two years experience. Additionally, the report found that only 25% of new agents reported having a network of buyers and sellers that they feel confident about, and 45% said they struggle with developing a new client each week; comparatively, 70% of the most experienced agents surveyed – or those with 11+ years in real estate – are creating between one to four new client relationships each week. Key highlights:
“Despite it being a hot career choice for many, real estate is not easy, and every agent faces different challenges, from a lack of knowledge and training at the start of a career to growing a client base and understanding how to effectively convert leads, and too many agents don’t make it past year five,” said the author of the report. “In a shifting and ultra-competitive marketplace, with twice as many real estate agents than listings, having insights from experienced agents – 80% of whom are confident about making it long term as an agent – about what works best to power business growth has never been more valuable,” said Donna August, vice president of B2B Marketing at Realtor.com®. “With 25 years experience helping agents succeed, Realtor.com® is committed to developing tools and insights to help agents who are just starting out, so they can thrive and find success in their early years.” For the full report, visit www.realtor.com/thrivepastfive. Claudia Larsen is an associate editor for RISMedia. |
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