Myths about the real estate business.
This can be a hobby
You’re navigating the pathway for buyers & sellers. You are advising them as they make decisions on the biggest financial investment of their lives. You cannot take this job lightly it is not a hobby it is a career, a vocation.
I want to sell real estate so I have more time for myself.
HA! Real estate takes a LOT of time. Your nights and weekends are no longer yours as you will be holding an open house 3 of the 4 weeks each month. You hope your evenings are booked showing homes to prospective buyers or going on listing appointments. During the day you are in an office or at your home office working on maintaining your paperwork or research. YES a career in real estate changes the kind of hours you keep and allows you flexibility BUT that flexibility MUST come with diligence and discernment of when to work and when to play.
I’m tired of working for a boss.
In real estate it is true you do not have a boss, per say. You now will have many bosses, your broker, the Missouri real estate commission, your code of ethics, your best practices, your real estate associations and your MLS service, your buyers and your sellers. Your new profession has rules and guidelines for how to do business. Your broker helps guide and protect you through these processes by making sure you adhere to their policy and procedures (usually written to keep you safe from liability and in line with regulations). So no you do not have a boss BUT you do have a lot of people to answer to now. No you do not have a set schedule but you do have classes your broker or licensing authority will require that you complete.
Anyone can sell real estate.
This is just plain and simply UNTRUE. Not everyone can sell real estate. You can have the right broker, the right training and still fail if you do not have the mental make up and organization to make and follow a plan. You must be able to speak to others and you MUST give your tasks priority. If you continue to let other obligations derail you or the tasks you must complete you will never succeed. Many people appear to have what it takes but when the rubber hits the road they crash and burn. This business is NOT for everyone, but even if you try and fail you can remain licensed in referral and still send buyers and sellers to other licensees and receive a commission. Ask your broker more on how to be a referral agent.
I heard you can make BIG money in Real Estate.
Why yes you can! But Big money comes at a BIG price. You will need a business plan. You will need a schedule. You will need to be disciplined in how you spend money to increase your business and how you save money to support you in the slower times. Agents can make in excess of $250,000 per year but do not fool yourself. That takes a LOT of work.