Common Real Estate Myths Part II Final...165

#myth #realestate #realestateagent

Deerwood Realty and Friends Podcast

I saw this article on Yahoo, I’ve linked to it in the description below, and I just wanted to go over some of the high points and see if I agree with it. 2nd half today

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Thoughts/questions:

1. Myth: You Don’t Need a Home Inspection Is this a myth? You should advocate for a home inspection. Even if you buy a property as is, it’s good to get a second set of eyes on a property. But, a home inspection is not a REQUIREMENT to purchase a home, and so the myth could be considered true.

2. Myth: You Should List Your Home With a ‘Super Agent’ So, what is a super agent? A super agent is usually defined by having an eye popping number of transactions…and that’s where things get silly. If you work for a broker, they can put every transaction you make onto their record. And, they can have as many agents as they want, so 20 agents giving credit to each home they’ve sold put on your record will make you look pretty super. My opinion is that you should list with someone you feel comfortable working with and just leave it at that.

3. Myth: Remove All Holiday Decorations Before Listing Your Home This is a myth. No question. New home buyers are pretty understanding when it comes to holiday decorations. After all, they are probably going back to where they live and have decorations up as well. If you are celebrating Christmas, for example, you really don’t need to take down the tree or anything like that. One thing you might want to do however, is keep the gifts in a safe place. I’m not saying someone walking through will take them, but it’s better to just avoid the possibility of it happening altogether.

#4. Myth: Always Redecorate in Neutral Tones I agree with this, so it’s not a myth.

#5. Myth: Set the List Price Above Comparables To Build in Bargaining Room I think this is a myth.

#6. Myth: Setting a Low Price Means You’ll Make Less Money This pricing strategy makes sense in some markets, and little sense in others.

#7. Myth: Negotiate the Realtor’s Commission To Net More Profit This is a terrible idea and a stupid myth.

#8. Myth: Professionally Staging a Home Is Necessary for a Quick Sale Definitely a myth. There are some homes where staging will really benefit the seller in getting a higher sale price…

#9. Myth: If Your Home Isn’t in Great Condition, No One Will Buy It Definitely a myth. This, I think, is the biggest irrational fear of home sellers. The idea that no one will buy your house. Pricing strategy is key.

#10. Myth: List Your Home With a Neighborhood Expert I think this is a myth. But, let me explain. I know certain agents who focus on specific neighborhoods and they do fine with sales. I also see agents who have never been in a neighborhood get more than any neighborhood expert. That shouldn’t happen if the expert is truly an expert, right? There are two things I think that happen to a neighborhood expert.
1. They concentrate on too small of an area, and they don’t realize that other neighborhoods are causing price increases or decreases through the entire market.
2. They get complacent. They are already the expert in their mind, so why bother keeping up?

The “neighborhood expert” is really a strong way for a real estate agent to market themselves, however.

#11. Myth: Open Houses Are a Waste of Time I agree…this is a myth. I know of 4 houses I sold because of an open house, and I can’t even count the number of people who were considering writing an offer at an initial showing that use the open house as a second opportunity to tour the property.

#12. Myth: You’ll Recoup Remodeling and Home Improvement Costs When You Sell This is definitely a myth, and it’s one that can be downright dangerous financially for home sellers.

13. Myth: The Highest Price Is Always the Best Offer This is definitely a myth. Your best offer is going to be the offer that has the best chance of closing.

14. Myth: Wait Until the Property Is Under Contract for a Home Inspection I don’t think this is a myth. I think this is a competent strategy.
b. Buyer is going to want to perform their own inspections. This is going to cause a disconnect between your inspector and the buyer inspector.

The only concession I would make is if I was listing a house where I knew there were severe issues and I wanted to help ease the mind of the buyers by being completely transparent with them. .

15. Myth: Winter Is a Bad Time To Sell It can be, but not always…much more specific to the situation.

16. Myth: Save Money by Marketing Your Home as a ‘For Sale by Owner’ I am extremely biased, but I do think this is a myth.

Sources: https://finance.yahoo.com/news/common-real-estate-myths-know-215623449.html

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