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Real Estate myths are all too common and most can be easily debunked with proper explaination. Here are 7 Real Estate Myths that are commonly heard and misconstrued by the general public and explainations to disprove them.
Table of Contents
1. Real Estate Agents Can Only Show Thier Own Companies Listings
Real Estate agents who are members of thier local real estate association and MLS have access to any listing that is listed on the MLS. If you call them about a listing you saw on the MLS they can make arrangements to show you the property.
2. A Home Does Not Need To Be Prepared For Sale
If you are putting your home up for sale, it should be in the best condition possible. Properly preparing a home for sale can be the difference between selling it fairly quickly or your home sitting on the market for a long time. Once people have a negative view of your home it becomes a hard sell.
3. Real Estate Agents Make A Ton Of Money
Successful real estate agents can certianly make a very nice income but the amount of time, effort and money that top producing real estate agents put forth is signifigant. The reality is, the percentage of agents that are making a high yearly income is extremely low.
4. The Agent Keeps All Of The Commission
Commission is legally paid to the agents employing company and the agent is paid after the brokerage takes its percentage. The comission split varies from company to company and covers the cost of running the company and staff salaries. By the time all is broken down, the resulting amount the agent actually gets may surprise you.
5. Real Estate Agents Are Paid A Salary
Despite what many people may think, real estate agents do not make a salary. There is no base salary or reimbursement for the time and money they’ve expended no matter the outcome, whether it’s 500-plus email or hours of research, advice, problem-solving, trouble-shooting, giving insight over the phone or making countless trips to show property. The only way a real estate agent makes money is if they make a sale.
6. You Go To The Bank After You Find The Home You Want
Pre-Approval is one of the most important factors when you start the home search. Many home buyers belive that they do not need to get loan approval until after they find thier dream home. House hunting can be a time consuming, exciting and frustrating process. By getting pre-approved you can limit the chances of be disappointed down the road. Another reason you should be pre-approved is a buyer who has been pre-approved has a signifigant advantge in a situation where there have been multiple offers if the other buyers have not gone through the pre-approval process.
7. The Value of Real Estate Automatically Appreciates Every Year
There are a number of different factors that affect the appreciation of your Real Estate asset. Some of the things that can affect the value of Real Estate are supply and demand, abilty to obtain bank financing, developments in the area (positive or negative), changes in zoning, maintenance or lack thereof of neighboring properties. The best way to find out the value of your Real Estate asset is to get an appraisal.
For help with your home search, rentals or appraisals call our office and speak to one of our agents.
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