Before starting your real estate career, don’t let yourself be fooled by these four myths about the business.
Here are four of the most commonly repeated myths about the real estate business that you should know and be cautious of before becoming an agent yourself:
Myth No. 1: “Real estate is easy.” In reality, that couldn’t be further from the truth. Now, if you have a passion for helping people, real estate can be so rewarding that it doesn’t feel like work, but it’s not what I would call a walk in the park. Especially early in your career, you’ll be required to work long hours, including Saturdays, Sundays, and nights. If you’re not committed to putting forth the effort and time, real estate probably isn’t for you.
Myth No. 2: “You can be a part-time agent.” While this isn’t technically a myth (you can work in real estate part-time), most part-time agents struggle to make money, not to mention it’s virtually impossible to serve your clients’ needs to the best of your abilities if you’re only available a few hours a week. Think of it this way: Have you ever seen a part-time heart surgeon? Of course not. If you really want to work in real estate, your central focus needs to be on bringing your clients the highest level of service and knowing the market inside and out. Only a full-time agent can truly satisfy those requirements.
Myth No. 3: “Real estate is flexible.” I hate to break it to you, but that’s not always the case. For instance, if a buyer wants to see one of your listings on a Saturday, you’ll need to be available that day and at the time that works for the buyer. Real estate does offer flexibility in some ways, but just know that you’ll be sacrificing some of your free time.
Myth No. 4: “Realtors make a ton of money by selling a few homes.” A lot of people mistake gross income for take-home pay. They assume if your average commission from a home sale is $10,000, then you only need to sell 10 homes for your annual income to be $100,000. It’s true that your earnings might amount to $100,000, but that’s before you factor in business expenses, which can be as much as half of your gross income. Financially speaking, it’s important to know what to expect at the outset.
If you have any questions about launching a real estate career or you’re interested in joining a team, please get in touch with me. I’d love to talk to you about it!