Top Reasons Why Some Real Estate Agents Fail

Being a real estate agent pose a lot of challenges. Sometimes, an agent is not prepared in all aspects of selling a property that’s why he fails. Others just don’t have the drive to excel in the competition so they easily give up. If you are contemplating of joining the real estate industry, take note of the following mistakes that you need to avoid to be successful: 

  1. You don’t have enough savings prior to being a real estate agent.  When you become a real estate agent, normally you don’t have a weekly or a monthly salary. Most brokerage companies give commissions based on the actual cost of the property like Las Vegas luxury homes sold by the agent. But getting your first client takes a while. And you need to have enough resources to last until you close your first transaction and get your commission. Running out of money before you receive your first commission is very demotivating. 
  2. When starting a career as a real estate agent, some people do it part-time to “test the waters” first. Doing this part-time means you will not give 100% of your effort and time in learning and in doing your job. If you will only do this during your free time, you will miss a lot of opportunities. Prospecting needs a lot of time before you can get possible clients. Communication needs to be done almost all the time. Meeting a potential client can be set anytime of the day. Part-time will not be enough for marketing, house inspection, holding open houses, meeting potential clients, making calls and drafting necessary documents. 
  3. Biting into false promises. When you become a real estate agent, you will meet other salesman who will convince you to try what they offer because it can help you generate leads. They will offer you to place a front page ad in Google or in a publication and will convince you that it is a good decision since it guarantees that you can get positive leads after placing the ad. This is not exactly true. The quality of leads that you will get from placing an ad is low. It is better if you will just save a portion of you money in other worthwhile expenses like phone bills and gas to do prospecting and marketing yourself.
  4. Not answering a phone or call back. Your clients, prospects, acquaintances, and friends will call you any time of the day to do business. One missed call or not returning back a call on time can mean a lost opportunity already. Be available to answer the phone all the time, as much as possible. If you missed a call, do the courtesy to call back.  

The Cost of Living in Las Vegas

It’s very enticing to live in Las Vegas. It looks like the city has everything to make your life worry-free, comfortable, and luxurious. While it is true for some, others will have a hard time coping with the financial burdens that come along with living in the entertainment capital of the world.  The cost of living in Las Vegas depends on which part of the city you intend to live and if you will have dependents to support.  

It is important that you factor in average costs for important necessities such as rent, utilities, food, and transportation. The costs for these basic needs and other smaller utilities such as gas depend on the neighborhood. Everything is expensive on The Strip and in its surrounding neighborhoods. The following figures are citywide averages and may go higher or lower depending on the area: 

Las Vegas Average Rent 

Two months ago, the average rent for an apartment in Las Vegas in $950 per month. The price is 2% lower compared to the figure last year, which is $969. One bedroom apartment has an average rent cost of $800 while the two bedroom apartment has an average rent cost of $964. There are neighborhoods that are less expensive, say $700, but these neighborhoods might have higher crime rates or the apartments are not in good condition. 

Las Vegas Average Utilities 

Las Vegas has extreme weather conditions: it can go super-hot on summer days and can get very cold during winter. During these seasons, your utility bills can escalate. The utility bill for a 915 square-foot place costs $177.22 on an average. 

Las Vegas Average Food Costs 

The food cost is almost the same as other cities. According to numbeo.com, as of their latest data this September 2017, one liter of milk costs $0.78, a loaf of white bread for $2.62, while vegetable and fruits like apples, tomato, and potato cost $3-4 per kilo. McMeal in McDonald’s can cost an average of $7. As a budget-saving tip, you can do grocery shopping in bulk and limit your dining out in restaurants. This practice can put your food cost below $400 per month (if you are single). 

Las Vegas Transportation 

Paying for the car’s insurance and gas will be your biggest worry, apart from the car itself. The monthly insurance premiums can be twice as much compared to other cities in Nevada. The minimum coverage can be as high as $100 or more per month. Per liter of gas is at $0.67 based on the data released by numbeo.com for the month of September this year.