Attention Real Estate Professionals – Evaluating Our Environment for Success
Brian DuBois, Broker/Owner/Partner, DuBois Realty Group
The statistics are jaw-dropping: approximately 85% of newly licensed real estate professionals will not renew their license after two years. While 130,000 new agents entered the field during the pandemic (confined to home + real estate interest + online resources), approximately 660,000 are exiting real estate primarily due to the shifting market. While this also includes retiring agents, it shows how challenging this industry can be.
The average agent produces only 4-12 transactions per year. While commission rates vary, this is not enough volume to sustain a “successful” lifestyle for most, dashing career aspirations.
So, how do we overcome the odds as we strive for success? While there is no one single answer, there are several things to consider:
1. WHO—Most importantly it is who we choose as a partner. A common misstep for new and experienced agents alike is to value commission splits vs. examining PROFITABILITY. Favorable agent commission splits may be tempting, but it is often a “get what you pay for” situation. Probe concerning training, infrastructure, leverage, accountability, coaching, and expenses as a significant part of your partnership discussions.
2. Training—Does the agency/partner have a robust training program? Can they furnish a schedule of available training or is it more “as needed?” Customized in-person training or generic web-based modules? Consistent training where you need it is essential for success.
3. Infrastructure—What type of support will you receive? Is there a CRM (Client Relationship Management system) in place? Do they provide a proven road map to follow as you begin with additional resources as you scale?
4. Leverage—do you excel in client relations yet get bogged down with the paperwork? Having support staff to take this off your plate so you can pursue the next opportunity can be critical to one’s success.
5. Accountability—the flexible nature of the industry is appealing but can be a curse. Does your business partner have standards consistent with proven success?
6. Coaching—A multi-billion dollar industry, suggesting how important it is to have coaching as part of your professional and personal development. What level of coaching is offered by your partner?
7. Expenses—Does the agreement cover office space, signage, business cards, training, infrastructure, leverage, and coaching, or does this affect your “favorable” commission split? These services are designed to accelerate one’s learning curve and result in achieving and sustaining success. Are you expected to pay for these services, or are they included in your partnership? Many have chosen to forfeit these services due to cost, short-changing their development, and limiting success.
At DuBois Realty Group, we are developing new and experienced agents into successful business owners. We invite you to learn how we can help elevate your business.
ABOUT THE PRO
Brian DuBois was born and raised in Auburn, educated at Bentley University, and later employed as the Executive Director of the Auburn-Lewiston YMCA. Brian has in-depth knowledge of the greater Lewiston Auburn area, the professional skill set of a community leader, and the interpersonal skills to facilitate smooth real estate transactions. Brian has a genuine interest in the real estate market, and this industry is also an excellent fit to meet his desire to serve by connecting families with a new home, guiding sellers through a thorough process, and providing investors with new opportunities.
Together with his wife and business partner, Marnie, they reside in Auburn, raising three children and two dogs.
Brian welcomes your inquiries regarding this subject matter, content suggestions, or questions regarding all things real estate.
207-344-3230
