We want to do something a little different this week and mention the top 10 real estate MYTHS we often hear around the office! We hear these from clients and sometimes even other teams, so we are going to tell you everything you need to know about the most common misconceptions.
1. Real estate professionals get rich very quickly. Some people get into the business with hopes of making a killing in very little time. Although it COULD happen – it’s definitely not the norm. We hate to disappoint you, but being a real estate agent is often challenging and takes hard work. We always put our clients first and that is what it is really about for us.
2. The industry is strictly brick and mortar. There is SO much more that goes into real estate in today’s market. There are opportunities in technology, hospitality and social services as well. As with most professions, we are always evolving and BN Realty has made a commitment to stay current on all trends!
3. “If you pay rent – you’re throwing money away.” While owning a home is a smart investment for a lot of people, there are circumstances where renting makes more sense. Owning a home is a financial liability that come with maintenance costs, insurance costs and is often more of a long-term situation compared to renting.
4. New agents aren’t experienced enough to be successful. Sometimes people shy away from agents that don’t have time in the business because they don’t think that agent will serve their needs the best. We are here to tell you that working with a newer agent just might get you better customer service and more of a go-getter mentality that will benefit you in the long run.
5. The market will always be going up. It’s no secret that when the real estate market is good, it’s REALLY good. But keep in mind that the opposite can be true as well. It’s also a seasonal market at times. Make sure you speak to our agents personally if you really want the facts on how the market is doing!
6. Reality TV shows the whole truth when it comes to real estate. We’ll keep this one short and sweet when we say that although the narrative looks amazing, it often comes after hard work, crazy hours and demanding clients.
7. Working in real estate has to be a full-time job. This is a common myth that working in this industry has to be all-consuming. We have several agents and clients that manage properties on a part-time schedule. If this has turned you off from getting involved in the past – it might be time to have a chat.
8. Location is the only thing that matters. Keep in mind that with your investment, the timing and market are just as important as your location.
9. You can become an expert overnight. With the wealth of information that we have at our fingertips today, it’s easy to think that we can learn everything on our own and quickly become an expert. With real estate that is just not true. Knowing the licensing requirements, market trends and whatever else Google tells you is just a piece of the big picture.
10. Having a “non-traditional” schedule means you actually work less. False! Being a real estate agent is about flexibility and while it is true that the hours aren’t the normal nine-to-five, keep in mind that you may be working in the evenings and over the weekend if your client needs that. Be prepared and talk to your family before jumping into it!
Are you guilty of having any of these common misconceptions? Or do you have other common myths that we missed? If so – make sure you send them our way and in the meantime please call us with any real estate questions you have!