From the day that we are born, we are given a name and we accept this without question. As we grow, ideas and beliefs shape our opinions and view of the world. However, when we read something on the internet, most of us assume that what we read is true because “it’s on the internet and has to be true” or because in general, we like to believe journalist write the truth. This can be applied to what your clients read and hear about buying and selling homes as well. Below are the most common myths that your clients are reading about and how can you help your client understand what is fact versus fiction.
Read these common real estate myths that deter your clients from buying or selling:
If buyers don’t like the outside, they won’t go inside
TRUE: Curb appeal is one of the most important factors in buying or selling a home. The majority of people who are looking to buy a home look for pictures online prior to taking the time to see it in person. If the pictures don’t impress potential buyers, it is unlikely they will see the home in person. If the buyer is impressed and they make it to the home, but aren’t impressed with the outside, the chances of them making it inside are slim.
Agents get kickbacks from lenders and inspectors
FALSE: Getting kickbacks may be used to induce favor or to induce a positive recommendation of the provider, or they may be used to receive money or gifts. Regardless of the form, receiving kickbacks is against the Real Estate Settlement Procedures Act (RESPA). Receiving kickbacks could cost agents their license and therefore this myth is busted.
Price the home above the amount your client wants so that you have room to negotiate
FALSE: The longer your client’s home stays on the market, the less interest the listing is going to get. Most interest in the listing will be in the first month. After that first month passes, no matter what the price of the home gets dropped to, you are unlikely to get as much activity. Setting the price of the home correctly the first time is crucial.
Swimming pools make homes harder to sell
FALSE: A lot of people, especially those who live in places with warm weather, are specifically looking for homes with pools. However, that doesn’t mean everyone who has sunshine wants a pool. To appeal to those not looking for a pool or who are worried about the safety of having a pool in their yard with small children, providing a sturdy cover could be an easy compromise.
Avoid first floor condos because of noise and safety concerns
FALSE: First floor units can often be a bargain and convenient for the buyer. Living on the first floor can eliminate having to use the elevator or stairs, which makes moving in much easier. Safety and noise can be improved with minor changes. For example if your client is concerned about safety, placing a stick in the track of a sliding door or window will provide extra security.
Real estate agents are all rich
FALSE: As of March 25, 2016,there were a reported 1,150,141 NAR Members. The average annual salary of a real estate agent is estimated to be just over $44,000 per year. Once you deduct MLS fees, insurance, and other expenses, the agent is left with much less than that. Are there some agents who are wildly successful? Of course, but most fall into the median range.
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Don’t let your clients be misled by any of these common real estate myths. Help your clients make the right decision by giving them the facts.