If you have just started your real estate career, or are about to, you may be wondering what’s in store. Know this before you start. The attrition rate for new REALTORS® is high. Between 70% and 75% of new REALTORS® leave the profession within the first 2 years and there are numerous reasons for this. I’m following the careers of many newer REALTORS® and creating a 2-year rolling study, to learn the key reasons why.  Based on discussions so far, here is what I learned about what typically happens during the first 3 months.

1. A feeling of being overwhelmed by the industry onboarding experience. After activating your licence with RECA and joining a brokerage you will need to join the REALTORS® Association of Edmonton (RAE), Alberta Real Estate Association and the Canadian Real Estate Association. You may also need to purchase other items like Professional Liability Insurance. To be considered a fully-fledged member of RAE you will also need to complete several educational courses.

2. Sticker shock. Many REALTORS® I talk to are simply not aware of or prepared financially for success. There will be a fee to activate your licence. There will fees to join the various associations. There will be a fee for your insurance. There will be expenses to join a brokerage, obtain marketing materials, build you’re your website (if necessary) and of course you will need working capital. Some brokerages suggest you have enough money put aside to last you for 6 to 12 months. If you join a team with client introduction opportunities included, you may need less working capital.

3. Client acquisition. This is a big one. Based on my research, most new REALTORS® don’t consider how they are going to find and recruit clients. Most people know 12 REALTORS® according to some sources. How will be you get yourself included on that list? What will you offer that others do not? I’m getting the impression most people don’t know enough people well enough to build a client base all by themselves. Have you heard of the 80/20 rule? If you want to do 10 transactions this coming year, (average for the Edmonton market) you will need to have 50 good quality contacts in your database and that’s optimistic.


About the author:

You can read more about the author of this blog by clicking this link - Stuart Neal Broker Owner & REALTOR® .

You can watch and hear Stuart share other ideas on his You Tube Channel: Stuart Neal Edmonton Real Estate Career Coach.

 Follow Stuart on his Facebook coaching page: Stuart Neal Edmonton Real Estate Career Coach Facebook.

Want more information about becoming a team member or Associate REALTOR® with Ambergate? Call Stuart our broker owner at: 780-760-2014 ext. 3 or go to our Careers page - Ambergate Realty Advisors Careers.


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