Real Estate Misconceptions
Before getting into this business, I had the same perceptions as many others do about the world of real estate: There is a sign on the lawn, a buyer signs the offer, and done! The house is sold. How easy is that? The general public as a whole, has many misconceptions about realtors, and real estate itself. Many have no clue about the costs, and the work entailed during the process of a sale, or building a business and network of clients, and making a living in this industry. I have learned so much and feel I need to point out some things to help people understand real estate, and realtors, and possibly make future real estate decisions less complex!
- Everyone Thinks Their Home Is Worth More Than What It Really Is. With every home comes memories, and with memories comes emotional attachment. When buying/selling a home you need to take emotional attachment out of the equation. You are selling your home, not the priceless memories attached. Commercial real estate transactions are so different in the sense that it is about numbers, not feelings. Less feelings get hurt.
- People Think That Agents Want To Underprice Their Home For a Quick Sale and A Quick Paycheque. There is no such thing as “underpricing” a home. If an agent supposedly “underpriced” your home, then other agents and the public (lots of smart people out there) would see the amazing value that is offered, and many others will want to jump on the bandwagon of amazing value, thus a multiple offer situation will incur and your home will most likely sell for over the “underpriced” listed price. If you do not get multiple offers from this “underpriced” listed price, then clearly your home wasn’t worth as much as you though it was in the first place. Trust your realtor. They will have done their homework.
- Realtors ACTUALLY DO Work Hard For Their Compensation! This is probably a huge shocker for most. I have never actually taken the time to write out for each individual client I have worked with the amount of hours spent (I was told by a couple of colleagues not to, I would not want to find out how bad my hourly wage will truly end up equaling) driving to and from the showing of homes, dropping off and picking up marketing materials, writing offers, getting paperwork signed, submitting advertisements, conducting research, calling agents, calling other professionals, texting back and forth, emailing back and forth, photocopying, scanning…. what else have I missed? All of this takes time, and time of which an agent puts in before ever seeing a penny of compensation. Not many other professions go to this length of work without getting paid for weeks or months. After working in this business, I realize we deserve every penny we work for.
- I Will Not Help Just Anyone Find Their New Home, Nor Do I Want To. As a professional I know what is good for my clients, and they put their trust in me to do so. If there is not trust present on both the client and realtor side, then the business relationship is not compatible. I have certain criteria that I look for in a client and I realize not everyone fits this mould (read: My Ideal Client Blog!).
A home is the most biggest and most expensive asset that many of you will own. Finding the right one may be easy, or a challenge. Having the right realtor working with you, and for you, is key. What many perceive about the real estate world is incorrect. Let your realtor explain anything you are unclear about. Finding a new home should be fun and exciting. You will always have memories with every home. That is something that can never be lost.