Working in real estate can be highly rewarding both financially and in terms of career satisfaction. However, any agent would tell you that it’s not always as glamorous or effortless as shows on HGTV would make it seem.
Last month (March), we asked our CE Plus members, “What is the most common misconception about working in real estate?” Here are some of the most common answers.
“Most don’t consider that like any self-employment, there are expenses. Those who have never had their own business seem to be shocked that they have to pay anything out of pocket.”
While many brokerages pay for some marketing expenses and professional development, there is still the issue of paying a brokerage fee, buying gifts for your clients, and other expenses that can quickly add up. Luckily, there are ways to reduce your expenses.
“Thinking all your friends and family and everyone you know will use you as their real estate agent.”
If you’re just starting your career in real estate, tapping your sphere of influence for leads is a great place to start. However, don’t count on your friends and family choosing you as their agent. For whatever reason, they may decide to go with someone else. The key is to not take it personally. Buying or selling a home is a huge financial transaction so it’s understandable when friends and family want to explore other options.
Many people don’t realize agents need to have negotiation skills, marketing skills, operational skills, organizational skills as well as have empathy.
A strong understanding of the real estate industry and law is just the beginning when it comes to skills that all real estate agents must possess. Agents must be good negotiators, marketers, business managers as well as have excellent organization and people skills. Luckily, many of these skills can be learned; it just takes some time and commitment.
“People tend to believe that our job consists mainly of opening and closing doors to homes as though our work does not get strenuous.”
If you don’t like sitting behind a desk all day, then real estate is a great career choice for you. However, real estate agents can get very busy, especially during the spring. The key is to have a healthy work-life balance so that you don’t experience burnout.
“Houses are easy to sell.”
It’s safe to say that a great house in a great neighborhood at a great price is probably not going to stay on the market for very long, However, that scenario is not always the case. Houses that are in desperate need of repair or in a less-than-desirable neighborhood or priced well above what is a reasonable asking price are much more difficult to sell. It’s up to the agent to work with the seller to make changes when and where possible to make the house more enticing, but, as many agents know, that can be easier said than done.