Do you believe what you read on the internet? Or do you believe in hearsay? Is there really a difference between either? We have all have a brush with myths here and there.
Real Estate myths are very common but they can be proven wrong with the right information. Some may be wondering what myths are there, keep reading to find out:
All Real Estate Agents are the same
One of the most common misconceptions is that all real estate agents are the same. This myth can lead you to make a big mistake when choosing an agent to represent your needs. Every real estate agent is different, with completely different skills, different experience levels and different moral compass.
For example; a real estate agent who has been in the industry for 1 year can’t be compared to one who has been selling houses for 4 years like Kenya Homes agents. There is a great difference between real estate agents who work with sellers and those who work with buyers.
Real Estate Agents make a lot of money
Successful real estate agents definitely make a nice income. The amount of time, effort and money that real estate agents put in is a lot. Most people assume that real estate agents earn 5% of the sale of a home, no matter what. This is false. There are many things that affect the percentage of commission earned.
Let’s imagine a seller is willing to pay 5% of the sale price of their home. The 5% commission is basically divided between the company and its agents sometimes brokers. There are many expenses that real estate agents incur that you don’t realise. Things like health insurance, fuel and advertising expenses.
Having a real estate license is not difficult. Some people get their license thinking it’s an easy way to make a lot of money. However, there is nothing easy about actual real estate work.
Real Estate Agents say anything to make a sale
Although it’s true some real estate agents may lie to you, it’s highly unfair to bracket all agents. Real estate agents have to hold a strict code of ethics and also plenty of rules and regulations. Despite the assumption that since real estate agents lie because they don’t get paid after a deal.
Most real estate agents business relies heavily on referral business, word of mouth business and repeat business. An agent who carelessly lies to clients just to make a sale is unlikely to get business. When buying or selling a home, it’s important to select a trustworthy agent who you can be comfortable with such as Kenya Homes.
A home doesn’t need to be prepared for sale
Most Kenyan owners hardly prepare a home for sale, even apartments. You go to a viewing and the house is simply dirty and most repairs are unfinished. This sight will discourage a buyer.
Most buyers are always looking for move-in ready houses. Believe it or not, properly preparing a home for sale can make a huge difference in how it sales. Taking the example of a luxury house, they are always posh and clean; most importantly ready to move in.
Moreover, if a home is well priced, well prepared and well marketed, it has potential to sell under a month. Simple preparations such as staging, general cleaning or minor renovations can help minimize time on market while maximizing the sale price.
see also: Home Staging Ideas to sell your house fast
How to create a renovation budget
Pricing a home higher leaves room for negotiations
Most people assume that the seller overprices their house in order to allow for negotiations. In most business, people do this. However, it doesn’t mean it’s an everyday occurrence. As a buyer, you should consider that the homeowner will have to pay the real estate agent as well as get back the money they spent on the house. However, this doesn’t mean people don’t actually believe the myth.
This myth can be believed by a first-time seller. As a seller, you need to understand that today’s buyer understands the market and what they want. The internet has been a huge impact on the real estate industry. Buyers get more educated about the industry due to the massive information found on the internet.
A buyer cant waste time looking at a house that is overpriced and doesn’t even look worth the millions it’s stipulated to cost. Hence, before you list your home higher than your real estate agent suggests.
In conclusion, whichever myths you know about the real estate industry, Kenya Homes has facts to dismantle them.