5 REAL ESTATE MYTHS THAT SHOULD BE DEBUNKED
There are a lot of misconstrued ideas, beliefs, information, concepts, and stories associated with the real estate industry. The said information has been maintained over a long period and appears to be true but in reality, they are myths. A myth is a widely held but false belief or idea; a misrepresentation of the truth.
In this article, we will enlighten you on a few misconceptions and debunking the myths associated with them.
- When you sell your property without a real estate agent you save money.
This is a common real estate myth; a lot of sellers believe that selling their property by themselves will save them a ton of money. They think selling a house is as easy as ABC but on the contrary it is not. Most times they end up selling the property for less or even overpricing which sometimes lead to the property staying overtime in the market. This is where the skill of a real estate agent is needed, they are trained, and possess the necessary skills and experience that will help the seller get value for their money and the property off market. A trusted real estate firm we recommend for this purpose is Wren Regent Properties Ltd, we are highly professional and skilled in the real estate business and aimed at ‘unlocking real estate excellence’.
2. Making a sale is the ultimate goal for real estate agents, so they say or do anything.
The idea that real estate agents do or say anything primarily because they do not get paid till, they close a sale on a property is certainly a myth. However, there are real estate agents that imbibe this attitude of possibly doing or saying anything to close a sale, but not all real estate agents indulge in this. A lot of real estate agents get their clients from referrals or word of mouth, which would have only been because they have earned the trust of their clients. A real estate agent who lies or indulges in other devious means just to make a sale is unlikely to get referrals. We advise sellers or buyers to carry out background checks before selecting real estate agents.
- It is a wrong time to venture into real estate.
There is never a wrong time to invest in real estate. “The best investment on earth is earth” (Louis Glickman), real estate has been described to be the safest and best investment on earth. It has been the major source of wealth for notable individuals around the world. There are times when the market can fluctuate but that is common with virtually every type of business. The interesting thing with real estate is that over time prices continue to appreciate. That property you invested in ten years ago and thought was expensive has become twice or even triple the price presently. What we advise when it comes to investing in real estate is that your financial situation and long-term goals be strongly considered before venturing into the market. “Don’t wait to buy real estate, buy real estate and wait” (T. Harv Eker).
- When you price your property higher you will have room for negotiations.
Listing a property too high has its negative effect. We know that sellers want to sell out their properties and make as much as possible from it, but doing this can result in the property staying longer than it should on the market. People lose interest when they realize the property is way too high or overpriced, the number of views for the property drops which will greatly affect your negotiating power as a seller. We recommend that sellers set realistic prices as this will increase traffic and interest in their property.
- All realtors are the same.
Although the process of buying or selling a property are generally the same, agents have their individual approach to actualizing their goal. The world of real estate is made up of individuals with different skill set, each agent has their unique buying or selling technique and so this myth has been debunked with these facts. Every real estate agent acquires their own peculiar skill, experience and trait as they progress in their career.
We know that there can be a lot of uncertainties that come to mind when it comes to investing in the real estate business, with this article we hope we have helped in clearing out those doubts and debunking some real estate common myths.
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Remember: “Real Estate provides the Highest returns, the Greatest Values and the Least Risk” – Armstrong Williams