1. Real Estate Professionals Get Rich Quickly<\/p>\n
Most think this is a get-rich-quick profession, and they are disappointed when they discover that is not the case.<\/p>\n
Being a real estate agent means you are putting the needs of your clients ahead of your own needs,<\/p>\n
and this means your income needs as well. And sometimes this is challenging,<\/p>\n
if you enter the profession undercapitalized. \u2013 Michelle Ames, HorsePower Team Texas\/Independent Realty<\/p>\n
2. The Industry Is Only Brick And Mortar<\/p>\n
People often think about real estate as only a brick-and-mortar business.<\/p>\n
But the industry today presents enormous opportunities in services, technology and hospitality in the built<\/p>\n
environment for incoming professionals, all of which are evolving at a rapid rate to meet the changing<\/p>\n
preferences of people today. \u2013 Christopher Kelly, Convene<\/p>\n
3. Paying Rent Is Like Throwing Money Away<\/p>\n
Owning your home is a financial liability, it takes money out of your pocket every month.<\/p>\n
Rent is not \u201cthrowing money away.\u201d When you fly, renting your seat for $500 is not \u201cthrowing money away.<\/p>\n
\u201d Renting often makes more sense. Before buying, add up closing costs, maintenance, opportunity cost,<\/p>\n
immobility, hardware store trip time and more. Run the numbers that sales agents don\u2019t want you to run.<\/p>\n
\u2013 Keith Weinhold, Get Rich Education<\/p>\n
Having a steady stream of clients will be the most difficult part of job.<\/p>\n
An agent\u2019s real job is actually not just selling homes, but marketing themselves and answering the question,<\/p>\n
\u201cWhy should someone choose YOU out of all other agents in town?<\/p>\n
\u201d Only when you have a clear answer to that question and you are able to communicate it in your marketing<\/p>\n
will having a steady income be easy. \u2013 Jennifer Myers, Agent Grad School and Dwell Residential Brokerage<\/p>\n
5. New Agents Don\u2019t Have The Know-How<\/p>\n
Being a new agent, people say you don\u2019t have experience and know-how. Being new doesn\u2019t mean that.<\/p>\n
In fact, it might mean that you give better customer service,<\/p>\n
you are more of a go-getter, you educate yourself faster and learn faster because you are driven and have a purpose.<\/p>\n
The truth is that when you are new, you try much harder just to prove yourself, to others and to yourself.<\/p>\n
\u2013 Kevin Taylor, Sand to City Real Estate Team<\/p>\n
6. The Market Will Go Up Forever<\/p>\n
Real estate is cyclical. And it\u2019s also seasonal. When the market\u2019s good, it\u2019s really good.<\/p>\n
When it\u2019s bad, it\u2019s really bad. And it\u2019s slow in Q1 and Q3, and hot in Q2 and Q4. Always.<\/p>\n
Things happen slowly in real estate, like turning a battleship, and it can feel awesome when it\u2019s actually terrible,<\/p>\n
and feel terrible when it\u2019s actually doing great. \u2013 Michael Harris, CREModels<\/p>\n
7. Reality TV Shows It Like It Is<\/p>\n
Reality TV shows about prolific agents, mega listings, limps and celebrities are not the norm in reality.<\/p>\n
While these shows have raised the profile of the real estate industry, they also project a false narrative.<\/p>\n
Agents with stars in their eyes should understand that success comes from old-fashioned hard work,<\/p>\n
maintaining crazy hours, and dealing with some very demanding clients. \u2013 Elizabeth Ann Stribling-Kivlan, stribling.com<\/p>\n
A common myth is that investing in real estate is all-consuming. This used to be true, but it isn\u2019t anymore.<\/p>\n
Landlord tasks that used to be time-intensive \u2014 collecting rent, handling maintenance,<\/p>\n
finding and screening tenants \u2014 can be handled with software.<\/p>\n
Owning and managing a property can be done in your spare time, allowing you to also hold a full- or part-time job.<\/p>\n
\u2013 Ryan Coon, Rentalutions<\/p>\n
9. There Is Only One Way To Get Started<\/p>\n
Most believe that the only way to get started is to join a traditional real estate brokerage and work<\/p>\n
for commissions as an independent contractor. There are companies out there that do things differently,<\/p>\n
all while enabling agents to put the client first. \u2013 Joshua Hunt, TRELORA<\/p>\n
10. Flipping Houses Is How You Build Wealth<\/p>\n
Makes for good TV, but renting houses is how you build wealth. Flipping holds more risk and less return,<\/p>\n
in most cases, than holding assets for the long term. As a landlord, your tenant goes to work to pay your mortgage.<\/p>\n
Ever heard someone say, \u201cSold that house 20 years ago. Wish I never had\u201d?<\/p>\n
You don\u2019t hear the opposite near as much, do you? \u2013 Mark Bloom, NetWorth Realty<\/p>\n
11. A Non-Traditional Schedule Means You Work Less<\/p>\n
New agents have a common misconception that being a real estate agent is all about looking the part,<\/p>\n
and often mistake flexibility with being part time. While being a real estate agent is not a nine-to-five job,<\/p>\n
you need to work extra and non-traditional hours to build your business.<\/p>\n
To be successful, you\u2019ve got to put in the time and the work, have unwavering drive and full accountability.<\/p>\n
\u2013 Anthony Hitt, Engel & V\u00f6lkers Americas<\/p>\n
12. Investing In Real Estate Is A Passive Income<\/p>\n
People think of investing in buy-and-hold real estate as passive income. If you want to be successful,<\/p>\n
it\u2019s important you prepare for deadlines and, at times, long hours. Between the cycle of rent collections and local inspections,<\/p>\n
you need to be well organized or you risk losing a lot of money. While the term<\/p>\n
\u201cpassive rental\u201d might indicate you don\u2019t report 9 a.m.-4 p.m., you will need to be prepared.<\/p>\n
\u2013 Linda Liberatore, Secure Pay One \u2013 My Landlord Helper<\/p>\n
It is not always true that \u201cif you build it, they will come\u201d or that it is only about \u201clocation, location, location.<\/p>\n
\u201d These concepts hold true only when they play a role in the larger scheme of investment parameters (supply and demand,<\/p>\n
quality, tenancy, location, etc.). Whatever your type of investment, always remember timing and market are as important as<\/p>\n
14. You Can Become An Expert Overnight<\/p>\n
There is a large misconception behind how much time it takes to learn everything you need to know in the world of real estate.<\/p>\n
As licensed professions go, it is one of the least time intensive. However, the classes you take are only the beginning.<\/p>\n
Whether you are a real estate agent or a property manager,<\/p>\n
licensing requirements are a small fraction of what you will need to know to be successful. \u2013 Sarnen Steinbarth, TurboTenant<\/p>\n","protected":false},"excerpt":{"rendered":"
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