Don’t Fall Into the Trap of These 7 Common Real Estate Myths

Real Estate

The real estate industry is a vibrant, fluid, and exciting marketplace teeming with opportunities. Whether you are a real estate agent, investor or buyer you can be successful in the real estate market. Some commonly accepted myths about the industry, though, can leave you facing unexpected consequences that might make your experience very disappointing.

Here are the 7 most common myths about the real estate profession that might stand in the way of your success.

1. Real Estate Agents Don’t Have to Work Full-time
It is true that agents set their own schedule, and perform like entrepreneurs. But it is a myth that your workday is short or that less effort is involved to be successful. The truth is that your hours are outside of the normal 9-5 workday, meaning that you give up evening and weekend time. If you want to be successful, you have to put in the effort.

2. Becoming a Real Estate Agent is Easy
Buyers and sellers put great trust in their real estate agent. They trust that the agent is educated about all the intricacies of real estate transactions. Before you can function as a real estate agent, you must study, pass a rigorous test and meet licensing requirements. It takes time and commitment.

3. You Can Make Money Fast
Many believe the myth that real estate agents are rolling in cash, that it is easy to make deals and secure huge commissions. This is not true. You can earn a good income, this is true, but it does not come overnight. There is a lag time too, which if you are not financially prepared, could force you to turn to other sources of income.

4. It Doesn’t Take Much Work to Find Clients
As a real estate agent you must continually market yourself. If potential buyers or sellers have never heard of you, they are not going to hire you. Depending upon your particular market, there could be a lot of real estate agents. You must work hard to set yourself apart from the competition.

5. The Real Estate Market has no Bottom
One glance at the real estate financials, and you will quickly see that the market is actually quite volatile. Across the country, there have been tremendous dips in the real estate market, completely collapsing in some cases. The market is seasonal and cyclical. You have to be prepared to ride the waves.

6. There is Only One Way to Enter the Real Estate Business
Many agents choose to join a brokerage house when they are first licensed. This provides independence, while at the same time you have support. But it is not the only way. Some new real estate franchises are doing things differently. Search around.

7. Real Estate is All about Bricks and Mortar
Actual bricks and mortar infrastructure is only a small part of the overall real estate industry. There are many other aspects to the industry in which you can become involved. For instance, if you love real estate and technology, you could get involved with developing platforms, or teaching agents how to use the latest software and apps, or helping your clients use augmented reality technologies to find their dream home.

More to explore

Leave a Comment