When it comes to real estate, like health, everyone is an armchair expert. Most people will have some exposure to the real estate industry throughout their lives, whether it’s buying or selling their own home. But the real estate industry changes fast, and outdated assumptions about the business can cause confusion about how the business actually works.
That’s why we’ve put together this list of our top three myths about being a real estate agent. Watch the video if you don’t feel like reading.
Myth #1: Flexibility with your schedule
One of the biggest assumptions people have is that real estate gives you a super flexible schedule. This is true to a certain point. You do have flexibility, as long as you’re good at time blocking and structuring your day. But you don’t have a ton of flexibility in the sense that you have to work during business hours to deal with lenders, title agents, and other professionals who only operate during regular business hours. So you’re kind of trying to find that balance between getting up in the morning and working and squeezing into your day all the things that you need to get done, and having that work/family life balance.
Myth #2: Leads are free
Another myth is that leads are free. They’re not. You’re either paying for them through your commissions, splitting it with your broker, or you’re paying for it by buying them through Zillow or Homesnap or any other third party venders. The best leads that are free are in your sphere of influence, referrals, word of mouth, etc.
Myth #3: First paycheck
Real estate myth #3 is that you’re going to get paid really quickly. The truth is, you’ll probably be in the industry for three to six months before you ever see any money. Successful real estate agents do make a very nice income. But top producing real estate agents typically put in a lot of time and effort before they start earning significant money. It really depends on how much work you put in.
It helps to work with a broker (shameless plug here!) who can spend one-on-one time with you, showing you the ropes and providing the moral support you’re going to need to get where you want to be as a real estate agent. Big box brokers don’t really provide that level of support and professional development.