The commercial real estate industry has a high attrition rate. It’s an appealing career, but not everyone is cut out to make it as a broker.
More experienced brokers generally expect that at least half of new recruits will leave within three years, while some project the new broker failure rate to be as high as 90%.
The perks of the job are part of what make it challenging: autonomy, flexibility, a commission-based salary. Some people simply lack the skills and personality necessary to succeed, but other common pitfalls can be avoided.
We’ve laid out five common mistakes new brokers make, though more tenured brokers could do well with a refresher—both for themselves and for their mentees.