A myth is generally defined as an “invented story, concept, or idea.” Just because we read something somewhere doesn’t necessary mean it has to be true. The same can be said about real estate market. Some myths are quite popular in this market and they need to be debunked with an apt explanation.
Here are 5 common estate myths that are commonly heard and misinterpreted by the general population.
Myth 1: “All real estate agents are the same”
Many people believe that all real estate agents are alike. This myth prevents people from trusting in the real estate industry. Well, the myth is not true at all. ‘Real estate’ is a well-known name in the market, with millions of brokers finalizing deals every day. Moreover, it should be noted that every real estate agent has different traits, skills and experience levels. For instance, the agent who has been selling real estate property for 3 years and mainly works as a buyer’s agent will not have the same skill set as the agent who has 15 years of experience selling condominium property. In other words, there is a difference between agents who work with buyers and the ones who work with sellers. You just need to find the right agent according to your needs and requirements.
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Myth 2: “When selling a property, price it higher to leave a room for negotiations”
“Price the property higher so that there is a room for negotiations with the buyer.” This myth is quite common among sellers. However, it is not true. Today’s buyers are very smart and they always look for properties that are within their budget. So, most buyers will come to know that the property you are selling is overpriced and they will simply skip over it.
Myth 3: “One gets better deals when buying properties through the listing agents”
Another popular real estate myth is that while buying a property, using the listing agent results in getting a better deal for that property. This is wrong as well. Many buyers are not aware of the fact that the listing agents also represent the sellers. Although some estate professionals can be trusted to represent both the parties, they still have to represent the sellers’ best interest.
Myth 4: “Real Estate Agents can say or do anything for making a sale”
This myth is only possible in certain cases, as there are some real agents who can say or do anything to make the sale. However, the majority of the agents will not. Most agents are highly professional and are held to a strict code of ethics as well as rules and regulations. They know that their business can only thrive if they are honest with their dealings. The agents who lie to their clients just to generate sales are unlikely to get deals in the future.
Myth 5: “Real Estate Agents can just show their own companies listings”
This is absolutely false. If an agent works for a particular real estate company, he can show the properties that are listed by other real estate agencies as well.