5 Common Misconceptions About Working in Real Estate
Working in real estate comes with many benefits, and the career can be very rewarding. However, there are many misconceptions when it comes to working in the real estate industry. Continue reading to learn the truth behind the most common misconceptions:
1. Agents Have Predictable Income
Unlike traditional jobs that offer a salary or pay hourly, real estate agents make their income primarily from commission after helping people buy and sell their homes. This type of income can be very unpredictable at times, especially for new agents just starting out in their careers. Even experienced agents may struggle at times with the unpredictability of their income, especially when external factors halt or delay the homebuying process, such as rejected home loan applications.
While working in real estate does not provide a salary or hourly pay, it does pay well once agents receive their commission. Having an unpredictable income schedule is something that comes with the territory, but the more experience you gain, the better you can estimate your projected earnings for the year.
2. The Job is Easy
Working in real estate can be a fun and highly rewarding job, but it is not always easy. There are many moving parts when it comes to the home buying and selling processes. Real estate agents must work closely with their clients to navigate these processes. Negotiating closing costs, scheduling appointments to view the home, and coordinating with real estate brokers are just a few of the many roles a real estate agent must play when helping a client close on a home.
All jobs come with challenges, and working in real estate is not an exception. However, there are many ways to overcome common challenges in the industry, and even use those challenges and opportunities to grow as an agent.
3. The Market is Always Hot
Another common misconception is that the real estate market is always hot. The market has historically gone through periods of ups and downs, especially as the economy undergoes changes. However, some global circumstances cause an uptick in the market, like the COVID-19 pandemic when people moved out of the major cities and bought homes in the suburbs.
The real estate market, just like any other industry, goes through cycles of hot and cold. However, there are ways to take full advantage of the high and low times. For instance, social media marketing can help bring in new business, even during downturns in the market.
4. Agents Have Flexible Schedules
Being a real estate agent is much like being a business owner. Agents are responsible for finding clients, hosting open houses, and coordinating with clients to close deals, to name just a few of their many responsibilities. A common misconception is that real estate agents have very flexible schedules, but sometimes the opposite is true. It isn’t unusual for agents to work weekends or long hours to connect with clients and close deals.
While it is true that real estate agents do not have to follow the typical 9-5 work hours, they often have to work unusual hours to get the job done. A big perk about being an agent is that you can schedule your own vacation time into your schedule as you wish. As an agent, you are solely responsible for your own business, and that also means being responsible for creating a schedule that fits with your desired lifestyle.
5. No Formal Training is Required
A common misconception is that real estate agents don’t need formal training to start their careers. While prospective agents can take measures to educate themselves on the market and on the homebuying process, they still must be trained and licensed in the state they will be working in. Sea Coast Academy provides an affordable path for those seeking to start a new career in real estate in both North Carolina and South Carolina.
Real estate agents need training and licensing before they can start their careers, and agents must have their licenses renewed every few years. Agents who seek out continuing education and additional learning opportunities can expect to be better prepared to serve their clients in the ever-changing real estate industry.
Not licensed yet? At Sea Coast Academy, we offer affordable dedicated online and in-person courses designed to prepare you for your new career in real estate in North Carolina and South Carolina. Contact us today to get started!