The Top Reasons Why Real Estate Agents Will Fail in 2023: Don’t Get Left Behind
Some real estate agents fail their first year, but even if you have been in the industry for many years, it doesn’t mean you are in the clear. The current market is not the same as the fiery hot market of the pandemic. As a result, some agents have gotten lackadaisical about their work and may suffer. In order to be successful in this market, you need to stand out from your competitors – or risk getting left behind.
Why So Many Real Estate Agents Will Fail in 2023
The 2023 real estate market is no easy business. With a surplus of real estate agents and a shortage of houses on the market, being successful has gotten all the more difficult. Here are some of the top reasons real estate agents will fail in 2023 and what you can do to avoid this same fate.
Poor Preparation for Listing Appointments
The listing appointment is the time to sell yourself. If you have nothing unique to offer or you are not prepared, you will never get the homeowners to sign on the dotted line. Many real estate agents will fail in 2023 because they can’t close the deal at the listing appointment. Follow our listing presentation checklist to ensure you are prepared. Also, be sure to create a stellar presentation that speaks to the client in question specifically. Focus on what makes you different from other agents such as your experience in the area, your unique client base, or your ability to offer concierge services like Curbio.
Not Focusing on Digital Marketing
96% of buyers use online tools while searching for a home.1 If you aren’t utilizing digital marketing correctly or focusing on digital curb appeal, you need to get with the times or you could be missing out on a lot of potential offers. While valuable, referrals can only take you so far. If you want to stay competitive, you need to turn your efforts to social media, emails, and video marketing campaigns to capture buyers’ attention. Make sure your listings are fully optimized with high-quality photos and virtual tours as well. Listings with poor-quality media will never get potential buyers through the door.
Having the Wrong Brokerage Partner
One reason real estate agents will fail in 2023 is if they partner with the wrong brokerage firm. Finding the right brokerage partner is important. A good brokerage firm will offer a lot more than just a good commission rate or low account fees. You need a brokerage that will set you up for success. They should utilize the latest technology in their business and offer solutions like marketing resources, training guides, and turnkey concierge services. If your brokerage firm isn’t offering these perks, it is time to find one that is.
Not Offering Solutions to Common Problems
More and more buyers want move-in ready homes, but nine out of ten sellers do not want to deal with the time, money, and stress that home improvement projects can involve. Although pre-listing home updates traditionally come with many hurdles, they are solutions.
Appease buyers and sellers by offering a pay-at-closing concierge service. This service will also help you win listings and stand out from other agents. In fact, 77% of homeowners say they would choose an agent who offered a pay-at-closing solution. If you aren’t offering this type of service, you will likely lose business to an agent who does.
Pascale Mercier experienced this firsthand before partnering with eXp Realty. She explains, “I lost a 1.8 million dollar listing in San Diego because my competitor with [another brokerage] was offering a concierge service and I was not. The home needed some improvements, and I could not provide the same service they were offering.” Now the competition for listings is even tougher with concierge solutions becoming the norm. Many real estate agents will fail in 2023 if they can’t offer this service.
A turnkey concierge solution like ours makes move-in ready homes possible while also solving potential hurdles. With no money due until closing, sellers do not have to worry about any upfront costs. Also with a 50% faster project completion time than traditional general contractor work, time is less of a problem. This takes time and money issues out of the equation. Finally, with a streamlined approach and full project management, you and your clients do not need to stress.
Do not risk becoming a real estate agent who fails in 2023 and gets left behind. Instead, contact us to learn more about partnering with us. You can also try our home improvement app.
- National Association of Realtors (2022). 2022 Profile of Home Buyers and Sellers