3 Common Myths Holding Your Real Estate Business Back

As a real estate agent, you’re probably accustomed to information overload. Everyone wants to tell you what to do and not to do to succeed. So how are you expected to separate the myths from the facts and decide on a path forward? If I've done my job, this article is a start.

There are three common myths that I hear most often from my coaching clients. In this article, I will expose and debunk these myths once and for all. My hope is that at least one will ring true for you, and you’ll walk away with knowledge that will save you time and lost income for years to come.

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Myth #1: There are only a few ways to succeed in real estate. 

Whether you’re following industry thought leaders on social media or getting guidance through your brokerage, you may be told there is a specific path to success. For example, "you need to purchase web leads to succeed." Or "you need to use this script and say these things in order to close a client." You might be told you should join a team. Or NOT join a team. That last one is particularly relevant these days.

Let me clear this up: there are MANY ways to succeed in real estate. There is not one singular path to success. The biggest mistake you can make is building a business that is inauthentic to you and fails to tap into your biggest strengths.

For example, if door knocking does not yield results for you and makes you uncomfortable, but making calls works. Make calls! It’s possible to build a business that feels genuine and not forced, but it takes diving into what sets you apart.

As the saying goes: if you imitate someone else’s business, the best you will ever be is a second rate version of that person. Never fall into the trap of thinking you need to follow someone else’s path to succeed. Do the work to figure out what makes you stand out.

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Myth #2: Moving brokerages will fix your business. 

When things aren’t going well or the market is posing new challenges, I often see agents decide to switch brokerages. While change can be positive in certain situations, I would never suggest it as a means to fixing something broken.

Think of it this way: your brokerage is the gasoline and your business is the car. Yes, the gasoline will fuel the car. However, if you don't have a working engine, adding gasoline will not get you anywhere.

The root of the problem is not your brokerage. The root of the problem is you. 

Before you move forward with any change, dive in and find what’s causing the issues in the first place. When you are back on track, consider if switching brokerages is still the right move for you.

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Myth #3: You need to add something to your business to fix it.

When things are going wrong, do you jump to thinking of what you can add to your business? I urge you to take a step back, and instead, consider three things instead. 

1. Can you do more of what is already working?
2. Can you revisit something that worked before, but you stopped?
3. Have you allowed enough time and budget to give your current strategy a chance to work?

In this industry, we are often eager to find the quick fix. We lack patience and seek immediate gratification. Who wouldn’t? But building a consistent business that withstands market changes means removing the timeline and practicing patience. Any new strategy you try should be in place for at least 90 days before you move onto the next thing. That means setting aside the budget to wait it out.

Remember: time is your most valuable asset. You are not being paid by the hour, so using your time wisely is essential. Take a look at how you spend your working hours every day and which actions yield the most results. Try doing more of what’s working before you add something else. Protect your time!

The bottomline is…

You likely got into this business for the independence and salary potential. Don’t lose sight of this and fall into habits that are creating the exact opposite scenario for you. Some of the above suggestions might mean more work in the short term, but the long-term result is building the thriving, market-proof business you set out to build.

If you want to hear more on these myths and how to avoid them, check out my free webinar.