A real estate career can be exciting with its often flexible hours, potential for escalating earnings, and the variety of tasks within a workday. But some newcomers to the industry may jump into a real estate career with the wrong impressions of what it’s really like. Members of the Forbes Real Estate Council, an exclusive group for executives in the real estate industry, recently highlighted some of the most common misconceptions that new real estate professionals often believe, including:
1. Real estate is a “get rich quickly” career.
“Being a real estate agent means you are putting the needs of your clients ahead of your own needs, and this means your income needs as well,” says Michelle Ames with HorsePower Team Texas/Independent Realty. “And sometimes this is challenging, if you enter the profession undercapitalized.”
2. Attracting clients and steady income are easy.
Jennifer Myers with Agent Grad School and Dwell Residential Brokerage calls this the most difficult aspect of the job. “An agent’s real job is actually not just selling homes, but marketing themselves and answering the question, ‘Why should someone choose YOU out of all other agents in town?’” Myers says. “Only when you have a clear answer to that question and you are able to communicate it in your marketing will having a steady income be easy.”
3. The market will continue to go up and up.
Real estate markets are cyclical and seasonal, says Michael Harris with CREModels. “When the market’s good, it’s really good,” Harris says. “When it’s bad, it’s really bad. … Things happen slowly in real estate, like turning a battleship, and it can feel awesome when it’s actually terrible, and feel terrible when it’s actually doing great.”
4. Reality TV shows are the same as real life.
The reality TV shows depicting a real estate career with mega listings are hardly reality for most agents. “While these shows have raised the profile of the real estate industry, they also project a false narrative,” says Elizabeth Ann Stribling-Kivlan with stribling.com. “Agents with stars in their eyes should understand that success comes from old-fashioned hard work, maintaining crazy hours, and dealing with some very demanding clients.”
5. Flexible work hours means you can work less.
A real estate career often boasts a non-traditional work schedule, and some new agents may associate that flexibility as only having to work part-time. “Being a real estate agent is hardly a 9-to-5 job; you’ll need to work extra and non-traditional hours to build your business,” says Anthony Hitt with Engel & Volkers Americas. “To be successful, you’ve got to put in the time and the work, have unwavering drive, and full accountability.”
View more common misconceptions of newcomer agents
at Forbes.com.
Source: “15 Common Real Estate Misconceptions and What Newcomers Need to Know,” Forbes.com (Feb. 26, 2018)
