Dispelling 5 Myths About Real Estate To New Agents

Dispelling 5 Myths About Real Estate To New Agents

In the world of real estate, you find yourself running into a lot of armchair experts. With the endless facets of the internet, a little research makes a professional in the eyes of many adults. The same could be said of countless new real estate agents entering the field. Unsubstantiated expectations and assumptions about this career often make-or-break new agents. For this reason, we’ve lined up five myths about this career that we feel need immediate dispelling.

Get-Rich-Quick

A pitfall many new agents fall into is the belief that this line of work is the fast-track to riches galore. Not necessarily true. When you’re a professional of the real estate variety, you put the needs of your clients well-above your own. This means when preparing, and selling a home, often there are costs that you’ll have to pay out of pocket. Coming into the world of real estate with a small savings account and a get-rich-quick mentality can lead to a real-quick failure.

Flip Every House

Though reality television has given the impression that flipping houses like a madman is the secret to financial success—they’re wrong. True value and profit come from renting a home out to tenants for a long period of time. Holding on to a piece of property while tenants are literally working to pay-off your mortgage until the market is in the right place is probably the smartest move. More often than not those that sold a house over a decade or two ago experience severe “seller’s remorse.”

Being A Landlord Is A Full-Time Job

In the past having to collect rent, find and screen tenants, and handle maintenance was admittedly pretty demanding work. But with the wonderful innovations of the internet and software, most of these processes can be handled from the convenience of your home. This means people are now able to maintain the position of landlord across several homes, at either part or full-time.

Non-Traditional Work Schedule

Any job that you don’t clock in to typically requires as much from you as you’re able to give. Just because you walk, and talk like a real estate agent doesn’t mean you’re putting in the extra hours. Working a job that has something you could be doing towards it at all times can be daunting. Planning out specific times throughout your day devoted to sending emails, grinding towards making your first million dollars. Ironclad accountability and drive are the keys to success in finding the right groove of working non-traditional hours to build your business.

The Market Is Always Booming

The real estate market fluctuates, greatly. It’s operating both cyclically, and seasonally. When it’s good, it’s very good, and when it’s bad…you get the idea. Undeniably it will be slow in Q1 and Q3, and hot in Q2 and Q4. The biggest misconception about the real estate market is that anything can happen fast; it’s all slow. Things can feel amazing that’s happening quickly that is actually hurting you, and vice versa for when you feel like you’ve been on a losing streak. You might actually be on the upswing.

 

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Real Estate Solutions Group aka RESG is Washington’s most innovative real estate team. Serving the greater Seattle Metro for luxury homes, residential home buyers, home sellers, real estate investors, new construction, land, and land development.

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