5 Common Real Estate Myths Debunked
Getting into the real estate industry is quite an exciting experience, whether you are a buyer, seller, investor, or you want to have a career as an agent. However, people hear different myths about the real estate market and the professionals working in it, and that makes it hard for both buyers and sellers.
If you don’t want to be a victim of these misconceptions, you need to be informed beforehand. Here are 5 of the most popular myths in the real estate business.
1. Real Estate Professionals Get Rich Quick
If you are considering becoming a real estate agent, you should not believe that you will get rich quick, because that is simply not the case. Although some agents are quite successful and rich, they may have been lucky, smart, or it may have taken years to achieve that success. Therefore, don’t think that you will become a real estate agent and will be rich right away. You may end up getting frustrated, or leaving the profession altogether. It’s a lot of hard work, and you will only acquire more clients through reviews and word of mouth.
You need to know that the needs of your clients should be prioritized before your own. When you have satisfied your clients, you are guaranteed good reviews, referrals, and commissions, among other benefits.
2. Experienced Agents Are Always The Best
Although being in the real estate business for a long period of time is an indicator that the agent is honest, competent, and experienced, it is not always the case. When buying or selling a home, you need an agent with good negotiation and listening skills, initiative, and they are available and professional.
Experience is important to achieve these skills, but you may find a new agent who is more competent than an experienced one. Therefore, when looking for an agent, consider more factors, other than their experience, to make the right choice.
3. Every Home Has A Specific Value
This is not true, because no home has a specific value or price. When a home goes under a contract to allow the buyer to obtain finances, and the buyer fails to get the money, the home will go back on the market after a few weeks or months.
The fact is, when this home is sold again to a different buyer, the price will be quite different. The price can either be higher or lower, by significant amounts, when compared to the price offered to the first buyer. This is enough evidence to show that homes do not have specific values or set prices.
4. Make A Low Offer When Buying A Home
Do not start off with a low offer when you are buying a house. Just like sellers make the mistake of overpricing, you don’t need to start low, because you will discourage the seller and they may not take you seriously. It is good to negotiate, but you should be reasonable, especially if the house has a certain price range. One of the things you should do before making an offer is to research the price range of the house.
This is after considering a number of factors such as when it was built, the materials used, its size, where it is located, how the neighborhood is, etc. If you start by making a low offer, you may end up with a higher counter, or no counter offer at all.
5. The Longer A Home Is On The Market, The More Negotiable The Deal Will Be
This is not true, and in fact, it may mean the opposite. A home can stay on the market longer due to its location, asking price, layout, condition of the home, and other factors. You may end up not getting the house, even if you have great negotiation skills, because what the seller is asking for is unrealistic, or you cannot afford it.
Conclusion
People will always have their opinions and views about certain things. In real estate, there are many misconceptions, and people make the mistake of thinking that these myths are true. If you want to become a real estate agent, sell, or buy a house, do your own research to avoid being misinformed.