The Real estate world is a confusing one. While agents and brokers adore it enough to make a living out of it, outsiders just see the profession as a headache. Like everything else, this business has its prospects and consequences.
A profession where everyone seems to seal the deals with his or her eyes closed, a lot of myths have been established like facts. Owing to this false piece of information, the industry has become no less than a nightmare for some people.
If you are looking forward to doing a real estate transaction soon and are afraid because of something your neighbor, friend or a distant relative has told you, then you have stumbled upon the right article.
Here, we have exposed 10 real estate myths for you –
- REAL ESTATE AGENTS ARE PAID A SALARY
One of the greatest myths that people have is that real estate agents are paid hefty salaries for showing the property to potential customers, making any business related trips, organizing lavish broker events, making a countless number of phone calls or organizing any other marketing event. The reality is that no salary is paid to anyone for this!
All the time, energy and money that the agent spends on you are his own. Each and every penny is paid from the agent’s own pocket, Month-end doesn’t hug the estate agents with a fat salary. An agent’s fuel, transportation and other such expenses are not reimbursed.
- REAL ESTATE MEANS EASY MONEY
Outsiders often feel that real estate is the perfect business for earning some quick bucks. Seems like it is the biggest myth ever. The profession is not a walk in the park. Nothing about it, is as glamorous as it sounds. It is tough and demands as much time and energy as any other profession if not more. Add to it, the extra expenses incurred in the form of marketing events, showing plots around, the commission of the agents and many more. It is not as alluring as it looks.
- AGENTS SAY LITERALLY ANYTHING TO SEAL THE DEAL
Yes, the world is a cruel place and some people can literally go to any extent to earn profit but bringing everyone under the same umbrella is not justified.
Some agents may lie to you but not all agents indulge in such malpractices.
There are honest people in the business who get you the right value for your money and show you the best deals. You just need to be careful about selecting the right agent.
Agents with a grand reputation and goodwill in the community are exceptionally careful with their client’s trust.
- MULTIPLE REDUCTIONS IN THE PRICE SHOW HOW DESPERATE THE SELLER IS
If a house on sale undergoes multiple price reductions, that doesn’t mean the seller is desperate to get rid of the house. Price reductions are just a way to bring the house on par with its competitors. The seller may overprice it to negotiate later or underprice it to generate some traffic and interest.
- THE PROCESS IS A HEADACHE
Yes, real estate deals can be a tough nut to crack, but that doesn’t necessarily mean that all deals would be a mental torture. Some deals can be smooth and easy while others can be a horrendous experience. No one can comment objectively on this. It varies from deal to deal.
- REAL ESTATE AGENTS ARE ALWAYS LATE FOR APPOINTMENTS
This has to be one of the funniest myths prevailing in the market.
No, real estate agents are not always late for appointments. Neither have they been given any authority to arrive as when they please. All agents are not the same. If your agent is giving you a tough time, it is time to hire a new one.
- THE LONGER A PROPERTY HAS BEEN IN THE MARKET, THE MORE NEGOTIABLE THE DEAL IS
The longer a property has been on the market, the more negotiable the deal is?
No! It may mean just the opposite. It just means the seller has not yet got any appropriate proposal and is not ready to settle for whatever-he-gets.
An awkward location or an improper design may be the other reasons.
- WHEN BUYING A PIECE YOU NEED TO START WITH AN EXCEPTIONALLY LOW OFFER
It is good to negotiate a bit, but you must pay the seller a deserved price for the property. Making an exceptionally low offer can make you look like a non-serious buyer who is just there to spend a Sunday afternoon.
- THE AGENTS SELL THEIR OWN HOMES AT BETTER RATES
The selling price of a property does not depend on who owns that piece of property. Whether the owner is a real estate agent or an advocate, the worth of the house is determined by its location, construction and architecture – not the profession of the owner.
So it doesn’t mean that if an agent has put up a real estate sign he’s in for a huge profit.
- A PIECE OF LAND TAKES A LONG TIME TO DEVELOP.
This is not necessarily true. The development rate of piece of land depends solely on the location of such land.
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