Why Do Real Estate Agents Quit?

By
Real Estate Agent with Lyon Real Estate BRE #00697006

The real estate business has been rough on many agents this year. It's been rough since the fall of 2005.

Agents who rushed to get a real estate license when the the market was hot -- because it looked like an easy business to get into and sales happened faster than you could stick a for sale post in the ground -- are suffering.

I hear managers talk about the number of agents who are facing foreclosure and trying to keep their heads above water because the business isn't beating a path to their doorsteps any more.

This made me think about why are some agents relatively unfazed by the market? Why are some thriving while others are losing their homes and wondering how to put groceries in the refrigerator? What makes experienced real estate agents succeed and, furthermore, which would consumers prefer to hire? Would a buyer feel comfortable working with an agent who might not eat for a week if the deal doesn't close? 

On the other hand, would a more desperate agent put more energy into marketing a listing than, say, an agent with many listings?

Photo: Adam Weintraub 

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Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Show All Comments
Rainmaker
765,133
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Elizabeth,

The survivors follow the same good business practices in a good market and in a tough market.  Discipline and hard work are the foundation to survival.

When a salesperson gets content to take just walk-in trade and doesn't build a base, more disciplined people will last longer.

We see a lot of agents who come from a corporate world where the work is placed in front of them, and they are not mentally prepared for the effort it takes to keep the pipeline full of prospective clients.

I see this in the Raleigh-Cary, and we have one of the better markets in the country.

November 11, 2007 09:57 AM #1
Rainer
54,838
Gaylen Thornton
Desert Heritage Real Estate - Surprise, AZ
Just like in any profession there are real "professional" agents that know what to do and how to do it and are ethical. Then there are those that jump into a profession, or as you stated jumped in when the market was hot and don't have a clue. The true professional will always come out on top no matter what the market is doing.
November 11, 2007 10:03 AM #2
Rainmaker
1,197,782
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Hi Mike: So would you agree that "consistency" is the key?


 

 

November 11, 2007 10:03 AM #3
Rainer
28,179
Judi Glamb
Coldwell Banker Hearthside - Hellertown, PA
Associate Broker, ABR

A professional agent should be able to separate his/her financial needs with the actual real estate transaction.  Those of us who have been in the business long enought is that the commission isn't there until the deal closes and well, things happen. 

An agent on the either side of the transaction, buyer, or seller must be able to have the energy and monies to perform their business.  Working with buyers typically required less out of pocket expendetures but the odds are greater that there will be no "closing".  On of my reasons for switching companies, was the company paid advertising so I could support my sellers without having to rely on my own finances.

November 11, 2007 10:03 AM #4
Rainmaker
765,133
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Elizabeth,

Yes consistency is A key.  Consistency in the proper efforts is even better.

November 11, 2007 10:05 AM #5
Rainer
210,826
Find a Notary Public needAnotary
QEC Internet Services - Long Beach, CA

Real estate has always been a transitory business.  In good markets it can offer quit rewards for unskilled and untrained persons and famine to the same persons in down markets.  I‘ve commented before in other blogs and posting it is the only profession that “allows you to wash dishes for a living today one day and sell homes or make loans the next day”.

That is a real problem and is why this profession gets such a bad rap from the media and public.  Real estate “professionals” are close to or below used car salesmen in credibility and we are to be trusted with the most valuable asset a person owns.  Something is sorely wrong with that picture!

Professional agents who have prepared themselves and learned the business, the art of selling, relationship building and marketing are not suffering in today’s market.  Those that came in for a quick hustle, yeah they are concerned about food on the table and the house payment.  They came into the business for the wrong reason.  Sorry, I’ve got no “love for em” as those are some of the same people who would not return client’s phone calls, gave bad advice to customers and other acts that would embarrass the real estate profession.

The ease to entry in this field is too lax and that is why folk come in and exit so quickly.  It is easy to be a professional in this business, but it takes learning, persistent and learning. I hate to have a harsh point of view, but I’ve personally seen people in this business that only purpose for being in the business was to take advantage of a situation or client and on the other hand, I know folks that give, give and give to enjoy the privilege and benefits of being in this business.
November 11, 2007 10:09 AM #6
Rainmaker
1,197,782
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Judi: I agree, but many agents spend the commission before it is earned. And it's not earned until the transaction closes.

Mike: I should have been more clear. I meant being consistent at doing the right things, not in the consistency of repeating the same thing over and over without results, as you well know, that is the definition of insanity.

Ntsike: I'm not so certain that perpetrating an image of a real estate professional washing dishes is productive. But I get your message. :)


November 11, 2007 02:08 PM #7
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Rainmaker
1,197,782

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents

Put 40 years of experience to work for you
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