The Real Estate Journal: Common Real Estate Misconceptions
Posted On July 26, 2021
Real estate agents make a lot of money quickly:
The majority of people believe this is a get-rich-quick scheme, and they are shocked when they learn this is not the case. Real Estate agents work based on commission and when a lot of parties are involved an agent’s commission is split into many parts. As a real estate agent, you must prioritize your customers’ interests above your own, which includes your financial needs. And if you join the under-capitalized profession, this can be difficult.
Getting clients and a consistent income is simple:
The most daunting aspect of the job would be maintaining a constant stream of customers. The real role of a real estate agent is to market themselves and address the question, “Why should anyone choose you over all the other agents in town?” Getting a consistent income is only possible if you have a straightforward response to the question and are able to articulate it in your marketing.
The market will go up forever:
The real estate market is cyclical. It’s also a seasonal thing. When the economy is doing well, it is doing exceptionally well. When things are bad, they are really bad. Q1 and Q3 are sluggish, while Q2 and Q4 are hot. Things move slowly in real estate, like turning a battleship, and it can feel wonderful when it’s doing great, and awful when it’s doing terrible but maybe that’s just my opinion.
You can become an expert overnight:
There is a widespread misunderstanding about how long it takes to understand what you need to know about real estate. It is one of the least time-consuming licensed occupations. The classes you take, on the other hand, are just the beginning. Licensing criteria are just a small part of what you’ll need to know to succeed as a real estate agent or a property manager.
Location is all that matters:
It isn’t always true that “if you create it, they will come” or that “Location, location, location” is all that matters. These ideas are valid only when they are used in the context of a broader set of investment parameters (supply and demand, quality, tenancy, location, etc.). Whatever type of investment you make, keep in mind that timing and market are just as important as place.
A non-traditional schedule means you work less:
New agents often believe that becoming a real estate agent is all about looking the part, and they also confuse versatility with part-time work. Although being a real estate agent is not a 9-to-5 career, you will need to work extra and non-traditional hours in order to grow your company. To be competitive, you must devote the necessary time and effort and possess unwavering determination and complete accountability.