Myth No. 1: Real estate professionals get rich super quick. You may be impressed by a top producer’s sports car, but here’s the reality: the average agent sells about seven homes a year. If you do the math, that equals out to about $52,000 gross income. From that, they still have to pay their splits, health insurance, taxes, and all kinds of other stuff. It takes a lot of time and effort to develop a good income. You can definitely get there, but you have to pay your dues. Even if you join a brokerage, you’re still a 1099 employee, meaning you have to cover your own marketing expenses and operate under self-employed status.
Myth No. 2: A non-traditional schedule means more free time and fun. You’ll get out of this business what you put in. If you’re working limited hours, you’ll be stuck with limited pay. You can only be successful in this job if you put the effort and time in. Also, you have to keep in mind that while your schedule may be flexible, most people can’t go look at houses until after 5 p.m. at the very least on weekdays. You’ll have to schedule things carefully and know that your weekends won’t be entirely free anymore.
Just because you like to look at houses online doesn’t mean real estate is the right career path for you.
Myth No. 3: An interest in home style, decor, and design is all you need. Just because you like to look at houses online doesn’t mean real estate is the right career path for you. While the house itself is obviously a key component of what we do, the largest portion of our jobs is dedicated to managing the transactional process and the people involved. If you just want to open doors and peek at pretty layouts, a career in real estate probably isn’t the best fit for you. On the other hand, if you love working with people, negotiating contracts, and finding ways to be more efficient, then you’ll do well.
For those of you who have already done your homework and weren’t too terribly shocked by these truths, we invite you to check out some openings on our career page. If you’re serious about making a way for yourself in this industry and want to learn more about what it takes on a day-to-day basis, we’d love to connect with you. Remember: Real estate sales is not the only way to get into real estate. You could explore being an investor, appraiser, inspector, etc.
Here at Hamilton & Co., we do a lot of career counseling. Sometimes that means counseling people into the business, sometimes it means counseling them out of the business. With livelihoods on the line, we pull no punches and always take an honest approach to helping people. Real estate sales is a fun job but it takes someone with a lot of grit and determination. Again, if that sounds like you, please reach out to us via the website, or give us a call.