The best real estate agents embrace the fact that repeated failure often leads to success.
Industry expert Tom Panos says real estate agents starting out are bound to fail “many times”.
“Because you are going to have so many people say to you that they are buying this property and they don’t or that they are going to give you their house to sell and they don’t,” Mr Panos said on Sky News’ Your Property Empire.
“And you go home and that week, that month you have made no money.”
Mr Panos acknowledged it was hard to “work 40, 50, 60 hours a week and not be making any money.”
However, he said rookie agents can be trained to learn the business quickly and excel.
“I think some people have got an innate ability to be able to read the play, but if you have someone who works very long hours and speaks to more people, they can actually equalise that disadvantage,” he said.
“And as time goes by, they are going to get that experience of being able to understand what someone is really saying versus what they are just saying verbally.”
Mr Panos said new agents often pay too much attention on quality, but it can be more useful to deliver quantity.
“When you are doing good stuff, one neighbour says it to another neighbour and that becomes the work in real estate afterwards,” he said.
Mr Panos calls this so-called ‘quantity’ the daily routines all top agents systematically go through.
“And it can get boring. It’s a bit like swimming laps in the pool in that you are doing the same things over and over again.”
After a while, one house can look the same as all the others.
“It’s being able to have this ability to rock up at each appointment with a buyer and seller, and look at them as if you are talking to them for the first time in your life,” Mr Panos said.