Every profession comes with its own set of myths, the sort of misleading “common wisdom” that those coming into the business often wish they’d seen through much earlier in their careers. There are several common misconceptions about real estate that working agents would love newcomers to know about.
Myth #1: There’s a Fast Track to Real Estate Success
There’s simply no way around it: Success in real estate doesn’t come from a single approach or look a single way, and it doesn’t come easily. New agents should be able to bounce back from rejection and setbacks, have alternate sources of income in place and have realistic expectations of their income. Those who expect a swift and steady progression to wealth are in for a disappointment. Succeeding as a new agent requires patience, planning and seeking out all the advice you can get on potentially useful strategies.
Myth #2: Property Gurus Can Sell You a Road Map to Riches
Faced with the sometimes-daunting challenges of starting out in real estate, it can be tempting to put hope in the idea of a “property guru” who can help you navigate the oft-confounding market and sell you a tried and true “map” to the glittering, glamorous summit of the real estate world as seen on HGTV. Unfortunately, that glamorous vision and the “property gurus” that sell it are mostly snake oil. Practical mentoring by an experienced local agent is far more valuable that advice from someone who spends the bulk of their time selling books and running seminars.
Myth #3: The Real Estate Market Moves in Predictable Cycles
One of the central myths surrounding the real estate market is that it moves in cycles that are easily predicted and taken advantage of by savvy investors . . . and by extension, equally savvy agents and their clients. In practice, though, real estate is anything but predictable. The past two decades have seen spectacular crashes and equally surprising recoveries of the housing market that were both supposed by the prevailing wisdom to be impossible before they happened. The notion of easy-to-predict cycles appeals to the same craving that sends gamblers back to the casino time and again in search of that elusive “system” that will make it possible for them to beat the house. Banking on this myth is a sure path to disenchantment.
These are just a few of the most prominent and persistent myths that can derail the early career of a new real estate agent. Be on the lookout for these and other too-pat or too-convenient pieces of common wisdom and you can bolster your chances of genuine success.