Real Estate Is Easy Money:
When You Love People and Enjoy Showing Homes 😂🤣😉
First of all the only REALTORS® that love people are new agents that haven't
had a client yet. 😂🤣😉 I jest, but somedays - isn't this the truth?
As usual the wonderful members of Active Rain have inspired my latest post from the Q&A - Thank You Lew Corcoran
Many people perceive real estate as a job, but the moment you obtain your license, you are actually investing in your own business—something that only you initially know you opened. To succeed, you must proactively create awareness and communicate your value, or you'll risk becoming part of the 80% of agents who fail to renew their licenses. Real estate is not a solo venture; it thrives on RELATIONSHIPS: networking, coaching, partnerships, and teamwork. It’s a contact sport, requiring you to connect with others face-to-face, engage in meaningful conversations, and build relationships—through many, many handshakes and friendly hugs. You're 1099 now baby, lose the W-2 mentality and embrace entrepreneurship! It's a Good Life!
Here are ten common misconceptions about the real estate industry that new agents should be aware of:
Easy Money: Many believe that real estate agents make quick and easy money. In reality, success requires hard work, dedication, and often, a significant amount of time before seeing substantial income.
All Agents Are the Same: Not all real estate agents provide the same level of service or expertise. Specializations, market knowledge, and personal styles can greatly differ.
Sellers Set the Price: While sellers may suggest or "need" a price, properties are actually valued based on market conditions, comparable sales, and buyer demand, which can differ from the seller's expectations...and you need to be able to manage those expectations.
Commissions Are Fixed: Many new agents believe commissions are fixed. However, commission rates can be negotiated and may vary depending on the property and agreement between the agent and the client. Your first lesson in negotiation is often for your own compensation. By the way, you earn fees and compensations, not paychecks; which means deliver the goods or you'll be delivering Uber Eats.😉
Real Estate Doesn’t Require Marketing: Agents often think their success relies solely on referrals or repeat business. Effective marketing strategies are crucial for reaching new clients and listings. I work 100% by referral but I'm not a "secret agent" I post my brand daily through traditional and technological methods alike.
You Don’t Need a Network: Some agents assume that they can work in isolation. Building a network of contacts in the industry is essential for having a great team, referrals and client leads.
Open Houses Sell Homes: Many new agents think that hosting open houses is the primary way to sell properties. While they can help, most sales come from The MLS, networking and personal connections. Open Houses are more of a lead magnet than a sales method.
The Market Will Always Increase: It’s a common belief that real estate prices will continue to rise. Markets fluctuate, and agents must be prepared for downturns.
Technology Replaces Personal Interaction: While technology can streamline processes, personal relationships and face-to-face interactions remain vital for client trust and satisfaction. And only posting on "The Gram" and Tik Tok is not a business plan.
Real Estate is a Solo Business: New agents may view real estate as an independent venture, but collaboration with other professionals (other agents, inspectors, tradesmen, mortgage brokers, etc.) is essential for success.
Being aware of these misconceptions can help new agents navigate the complexities of the industry and build a successful career.
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