Today the Müve Team is breaking down some myths that have been creeping around the real estate industry.
There are many myths that circulate around the real estate world, and your best defense against them is information. So today we want to address a few of these misconceptions and break them down so you know what’s the truth and what’s fiction.
1. Real estate agents are paid a salary. In truth, agents are paid entirely with commission, so if they don’t work hard, they don’t make a dime.
2. Agents keep all of the commission they earn. Actually, there are a lot of fees from multiple governing bodies and their brokerage that come right out of their commission.
3. A home either passes or fails an inspection. An inspection is a full overhaul of the entire property and after the inspection is done, the buyer can continue to purchase the property, or not.
4. It’s better to overprice your home because you can always come down. You really need to price your home competitively from the start to stay afloat in our heated market.
5. Start your offers low. Starting at a low offer doesn’t necessarily put you in the best negotiating space; sometimes you need to offer at or above the actual asking price.
6. The longer the home is on the market, the more negotiable the deal. In most cases, sellers are excited to sell their homes, but this doesn’t always mean a larger discount. The sellers also have a bottom line, which they probably need in order to move into a new home.
7. All agents are the same. In fact, the exact opposite is true: All agents are different. What’s important is what the agent did before they got into real estate and what kind of training they did once they got into the industry. Consumers should know what they’re looking for in an agent, so come up with a strong list of questions to ask an agent before you start working with them in order to be sure that they’re the best fit for you.
If you have any additional questions about real estate or myths you’ve heard, please reach out to us. We would love to hear from you.