The other day, I showed a duplex that was owned by a real estate agent.
It was overpriced, and the rent was well under market rates.
My buyers asked me why the owner/agent had done that. After all, they thought, shouldn’t an agent know the market better?
The state real estate examination and licensing requirements don’t include mandatory knowledge of multi-family property workings. And, well, frankly, anyone can own a duplex without knowing much about the market.
What’s more, many Realtors only work part time. They might see a real estate career as a way to supplement their income, or save a little money when buying property for themselves.
Or, they may have found the rigors of the profession to be too much, and the income too unpredictable to make it a career. But after all of that schooling, they don’t want to drop their license.
True competency in any profession comes from experience, not a piece of paper.
It comes from encountering real-world problems, and finding real-life solutions.
And it comes from specializing in a type of property or a neighborhood; not from simply taking a class.