Top 10 Myths About Real Estate
Most people don’t buy or sell real estate very often, so lots of myths have grown up around the processes and people involved. Here’s an examination of the top 10 myths about real estate.
Myths about Real Estate Agents
1) All real estate agents are the same
Totally false. Commissions, working practices and success rates vary vastly across agents. Do a little research to find the right person to work with.
2) All estate agents make a fortune
False. The commission may seem like a big chunk, but most agents only get paid when a deal goes through. Many houses are marketed by multiple agents.who may put in lots of work for no return on some houses.
3) Estate agents will do and say anything to make a sale
Almost always false. Sure there are dishonest estate agents out there, but most rely on client satisfaction and recommendations to thrive, so it’s in their interest to be honest.
Myths about Selling Houses
4) You don’t need to prepare a house for sale
So false it could cost you thousands! Most buyers want a ready to move into house, and don’t have a lot of imagination. General cleaning, minor repairs, and tidiness make a real difference to the chances of selling a property quickly and for the best price.
5) You’ll make more if you market the property yourself
Generally false. You won’t pay commission, but the agent will reach a far larger audience than you can, and they have the expertise to make sure the deal goes smoothly.
6) You should price high so you can come down
True, to a limited extent. There’s no harm in putting your hoped-for price up as a starting point, but you need to be realistic. Potential buyers won’t even look at a place that’s totally outside their price range.
7) If a property doesn’t sell in the first month, it won’t sell at all
Generally true! Potential buyers will look with suspicion at anything that’s been on the market for a while. This is the major reason why getting the price right and preparing the property for sale are important.
8) Spring is always the best time to market a property
Often true…But some properties have special circumstances. A beach house will sell better in high tourist season, while a ski chalet might do better if marketed in the winter.
Myths about Buying
9) You don’t need to worry about the finances until you’ve found the right house
False. Having your financial arrangements in place before you find your dream property means you can move quickly. This could make the difference between securing the deal or getting pipped at the post.
10) You can’t go wrong by investing in property
Mostly true…in the UK. The ups and downs in the property market over the years have left people with negative equity for a time, but the chronic housing shortage in the UK generally makes property a safe investment. Still things can go wrong, surveys and searches help reduce the risk of this.
If you’re buying property out of the UK things, become more complicated You really need an agent who’s familiar with the local regulations and market conditions, such as Saas-Fee real estate which offers properties in Switzerland.
Most other countries don’t suffer from the chronic property shortage which keeps UK prices high, so you need advice to make sure your investment is sound. Also the rules and regulations are different in different countries, again an agent that understands the local requirements will make sure you’re fully legal and protected.