According to the National Association of REALTORS®, a whopping 87% of licensed agents are out of the business in their first five years. In many cases, those agents don’t even renew their licenses after their first two years. In hot markets, people are attracted to real estate because they believe it’s easy to make money and, with real estate being a multi-billion-dollar industry, it makes sense to want a slice of the pie. But it doesn’t take long to learn that being a salesperson is not for the faint of heart.
We have all read the headlines as of late—the market has shifted. I believe there are two camps of agents in the industry right now: those who know what they know and will keep practicing real estate pandemic-style. The second are the agents who realize they need more skills, a marketing plan, and to be taught how to hunt. The first camp of agents, sadly, are likely to fall victim to the stats—they’ll be forced to get a j.o.b. The second camp will seek out help, training, and support, which they’re more likely to find by joining a team. These agents are learning-based—they understand that to survive a changing market means they have to change too.
According to The Unexpected Impact of Teams in Real Estate, a national study recently commissioned by Workman Success Systems in association with Sisu, found that 81% of agents think that being on a real estate team makes you more likely to stay in the industry. In my two-camp theory, the learning-based agents are the ones to join a team to find the support and training they need.
This same study also found that 72% of real estate professionals on teams believe their team has been essential to their success. “The national study shows that real estate professionals already think that being on a team is essential to being successful in real estate. This is a key discovery because it directly contradicts the myth that being a solo-real estate agent is preferred. In fact, across generations, years of experience working in real estate, gender, geography, and more, a vast majority of real estate professionals believe that being on a real estate team is essential to success. This underscores the importance of teams to individual real estate professionals but also why all real estate brands, platforms, and more should see teams as temporary or a fad, but rather that this is a structure and connection that real estate professionals want, expect, and are looking for as they consider their future in real estate.”
Don’t be a statistic. If you are struggling with the shifting market, seek out help—find a team with a culture you can vibe with and don’t look back as you bring your success to the next level.
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