What Type of Person Thrives in the Real Estate Industry According to a Real Estate Advisor at The Agency
Success in real estate demands an "entrepreneurial spirit," resilience in the face of inevitable setbacks ("you can't be afraid of failure"), and strong communication skills, as highlighted by the high 87% attrition rate. The most effective professionals are creative problem-solvers who are also "great communicators" and "hard workers."
Entrepreneurial Spirit, Resilience, Problem-solving Skills, Communication Skills, Hard work
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Mark Sloat
Real Estate Advisor
Sloat Group at The Agency
Arizona State University
Bachelors Degree
General Studies / Not Applicable
Real Estate
Communication and Marketing
None Applicable
Video Highlights
1. Entrepreneurial spirit and resilience are essential: Success in real estate requires embracing calculated risks and the ability to adapt to setbacks. A willingness to learn from failures and pivot strategies is key.
2. Excellent communication and problem-solving skills are vital: Real estate professionals who excel are often creative problem solvers and strong communicators. These skills are crucial for navigating complex transactions and building client relationships.
3. The industry has a high attrition rate: Mark highlights that approximately 87% of those who obtain a real estate license do not renew it after two years, emphasizing the need for dedication, perseverance, and a strong work ethic to succeed in this field. Understanding this reality is important for students considering this career path.
Transcript
Q8: Who thrives in industry?
How would you describe people who typically thrive in this industry?
Definitely. You have to have an entrepreneurial spirit. You have to be able to take the bad with the good and not get discouraged.
A lot of people in my previous jobs were always afraid of failure and afraid of failing. In this business, you can't be afraid of failure. You have to pick based on the information you have at the time.
You have to make the best decision and go with it. If it doesn't work, you have to be able to recognize that and pivot. So, I think the professionals in real estate who do the best tend to be creative problem solvers. They're proficient, they're great communicators, and hard workers.
Again, in our business, there's an 87% attrition rate. So, 87% of the people who get their license this year won't renew it in two years when it comes due again. It's crazy to think that almost 90% of people who go down that road never, it never materializes.
So, I think those are kind of what I've noticed from some of my colleagues who are doing very well. They're great communicators, they're creative, and they're hard workers.
Advizer Personal Links
www.sloatgroup.com IG: @sloatgroup