Why Do 87% of Realtors Fail?

There are over 50,000 registered real estate agents in Miami-Dade County.

In terms of sheer volume, Miami is one of the most competitive markets on the planet. From individual brokers to multinational real estate companies and boutique firms like ours, you don’t have to look very far to find someone eager to help you buy or sell a home, some of these companies have more than likely risen from reading about the different 101 ideas for real estate company names and other start-up aids to closing their houses among the rest of them.

However, among all of this activity lies a serious problem: performance.

Like many things in life, real estate is a product of the Law of the Vital Few. The vast majority of the results come from a small fraction of the agents. When you start to examine how many Miami agents are actually selling properties on a regular basis, that 50K number shrinks in a hurry.

As a potential seller or buyer, we want to make sure you have the best information when partnering with a real estate professional.

Here are some of the “red flags” to watch out for to ensure your agent isn’t one of poor performers…

1) Real Estate as a “Side Job”

Too often, agents hold other jobs and focus on real estate part-time. To set yourself up for a successful real estate transaction, you need someone who is committed to your property and your best interests.

Don’t hesitate to ask a potential agent and confirm their availability before signing an agreement. That is your right as a buyer/seller.

2) Poor Communication & Follow-Up

If an agent is slow to respond to your requests, chances are they won’t respond to buyers/sellers in a timely manner either.

Deals are lost in the follow-up. Don’t let a sale fall through the cracks because your agent didn’t take action.

3) Lack of Prospecting

If selling a house was as easy as posting a picture, you’d be doing it yourself. You need an agent who is actively pounding the pavement, making the calls, and bringing in traffic and deals.

We’ve found it beneficial to walk through an agent’s marketing/sales strategy during the listing presentation to gain a better understanding of what the process will look like, since real estate prospecting is very important.

4) Poor Market Knowledge

Your real estate professional should be an expert in your market. They should know the best restaurants and hangout spots, understand the profile of people buying/selling in that area, have experience with the school system, and more.

Agents who are “generalists” but aren’t focused on your market are the ones that don’t perform to your expectations. You should also be looking for professionals with proven sales skills as without these any knowledge they do have won’t be made the most of. Ask for proof of sales training and qualifications from places like Impel Dynamic.

5) Integrity

This is arguably the hardest characteristic to determine but proves to be the most important in the long-run. Your real estate agent should be committed to serving as your advocate and acting in your best interest. Any misalignment in expectations will destroy the relationship.

It will likely take multiple candid conversations to truly understand what your potential real estate partner brings to the table. Ask the tough questions, do your due diligence, and you will be thankful later.

To learn how Spectrum’s experienced team can work for you, please drop us a line at sales@spectrumrg.com or (305) 921-0972. We look forward to working with you!