Four more uncomfortable realities of the real estate industry.
Today I’m back with part two of my three-part series on the realities of being a Realtor. Here are the next four things to keep in mind:
- You will not automatically get access to free leads. Large real estate teams often have a serious investment in lead generation baked into their organizations. They know their brokerages will never provide the types of leads they need to grow their businesses. Unless your office has a dedicated team for generating leads, you’ll have to create your own.
- You’ll never see 100% of any commission check. Even if you work for a company that insists it has a 100% split, you will end up paying some fee designed to make the brokerage money. Even if you’re working for yourself, you might have to pay for marketing, lead generation, administrative support, and more.
- Not all Realtors make a ton of money. The median income of Realtors in 2020 was $50,000. That increased to $52,000 in 2021. In our region, approximately 86% of agents sell six or fewer homes a year. While many agents look successful from the outside, they’re probably mortgaged to the hilt and living paycheck to paycheck.
- Real estate is a hyper-competitive industry. Other agents will take your clients and think nothing of it. It’s a dog-eat-dog world, and just because you have a great set of ethics doesn’t mean everyone else does.
Call, text, or email me if you’d like to schedule a free, no-obligation consultation. We’ll review your goals and set up a one-page business plan.