Good research shows that most real estate agents in India fail in their first year and for a variety of reasons. The most common mistakes agents make are poor prospecting, failing to market properties, which lead to rapid sales, and not following up on their contacts so that strong relationships can return customers. Other factors that affect real estate agents in India’s success include their level of motivation, the economy they operate in, and their ability in the initial days to learn the market and build a client base.
In my opinion, the most common reason that new real estate agents in India fail is a lack of discipline. And they are not considered professionals until they have more experience and are successful. For anyone who only works on a commission, the one thing that contributes most to their success is discipline - the discipline to keep working even when no one is telling you what to do, how, or where to put effort, and when to do it. When you get a new listing or the sale closes, watch your hard work. New agents must be willing to spend a lot of time following up with leads (which, unfortunately, could be the leads provided to every other agent in your city).
- According to research, most real estate agents in India fail in their first year.
- Three common mistakes agents make are inadequate prospecting, failing to market properties in a way that leads to rapid sales, and not following up with customers.
- Real estate agents in India should be motivated because it takes creativity and hard work to create leads and marketing listings.
- To ensure ongoing customers and business, agents must build and maintain relationships with customers.
- A direct voice message is a great idea for a real estate agent in India to build a reputation as a skilled agent.
Top 8 Understanding Why Real Estate Agents Fail
There are a few key aspects to consider to become successful in real estate in India. If certain tasks are not executed well, a real estate agent will not be able to compete in this competitive real estate market. The three major functions of a real estate agent are 1. prospecting, 2. listing properties attractively and dynamically, and 3. building relationships with clients.
1) Customer Follow-Up:-
A theorem of business can be said like that, luck follows especially when it comes to buying something as important as a house or building. Leading agents develop lasting relationships with buyers and sellers after transactions and stay in touch. A long-term relationship is built on trust. Trust-building agents will see clients returning when they need the services of a real estate professional. If a real estate agent in India is successful in building strong customer relationships, they will also generate business through word of mouth.
2) Special Attention:-
You have to give special attention to growing your business. The real estate market in India has changed speedily as digital technology has advanced. Online real estate portals like HonestBroker are providing options for buyers and sellers in terms of property search, finding lenders, and choosing agents.
3) Not Having Enough Savings:-
For many real estate agents in India, it takes months or even years to complete a deal. Since their earnings are based on commission. This may mean that there is no income for some time. So, before becoming a real estate agent, make sure you have enough cash to pay for car loan payments, pay bills, buy groceries, etc. You should also have enough cash to run your real estate business in India. As a general rule of thumb, make sure you have enough savings to last for at least 6 months. You will be capable of working more effectively knowing that your bills are taken care of.
4) Get Involved For The Wrong Reasons:-
Many people know that the real estate business is not for everyone. Many agents fail because they made the career jump for the wrong reasons. Some agents get involved in real estate in India because all they imagine, is that the agents make a lot of cash. This is a myth because the average agent makes no more than around 25- 30 lakh INR per year. They don't take the time to figure out what is involved in being a real estate agent. If you enter real estate in India for the wrong reasons, your chances of failing are very high. So before you embark on this career path, do some research and then ask yourself ("Why do I want to be a real estate agent?")
5) Not Working Hard Enough:-
It takes a lot of hard work to be successful as a real estate professional. It means you have to work long days and nights, with blood, sweat, and tears. One of the major reasons real estate agents in India fail is because they are unwilling to put that effort into the work. You should be prepared to work long and odd hours if you want to be successful. The real estate business in India is not your typical 9-5 job. You will have to work many weekends and nights and be accessible almost 24 hours a day via email and phone. Also, if possible, spend some time with a top real estate agent to get an idea of what they do daily.
6) Lack of a clear action plan or goals:-
Goal setting is an important element for any successful business. If you don't set proper goals or make action plans, you are very likely to fail. Top real estate agents in India always determine and evaluate goals and action plans. You should have goals such as the number of prospecting calls to be made, the number of transactions to be completed, and the number of sales. You should have clear goals and action plans that will keep you accountable and boost your profitability.
7) Don't Know How To Market Our Business:-
Most real estate agents in India fail because they don't know where or how to market themselves. Many people think that marketing is all about bombarding their real estate prospects with sales messages. However, this strategy will only result, in unfriend or unfollowing you on social media. One of the best ways to market yourself is to share useful information with your audience. Such information may be shared through blog posts or social media updates. Since such content is helpful and non-promotional, people are likely to share it with others in their network. Over time, people will start to see you as a trustworthy figure in the real estate industry in India.
8) Finding It Difficult To Work With:-
Considering real estate involves working with other people, interpersonal skills are a must for real estate agents in India. If the seller and buyer do not enjoy working with you, they will simply move on and look for another agent. In addition to meeting with buyers and sellers, agents must also learn how to build relationships with other agents. If you are not capable of working with other agents, they will do their best to avoid you. This would mean losing opportunities for future referrals and collaborations.
Ideas About Real Estate Prospecting:-
Exploring the real estate market in India pinpoints outreach and marketing strategies that generate new real estate clients. A real estate prospector picks up the phone (or email or texts or knocks on the door) to initiate contact with their potential clients. For some real estate agents, cold calling or cold outreach can be humiliating and seem like hard work for little reward. However, learning how to locate real estate can still be one of the most important tasks of an agent's job. And if there are no leads, there will be no business.
Most agents allocate a certain portion of their day to exploring or lead generation to ensure long-term business. There are digital solutions that take the murmur work out of data-driven prospecting. These solutions provide data on owner demographics for buyers and sellers, current and finished listings for sale by owner/sellers, school information, and local amenities, among others. A few software also have automatic calling to streamline prospecting. Other outreach tools include automated emailing to curated lists, social media blogs and postings and many more. You just need to go by trend.