Real Estate Fact and Fiction
Your Guide To The Real World of Real Estate

There are so many misconceptions about real estate, we decided to give you the truth. We call it “Real Estate Fact & Fiction; your guide to the real world of real estate”.

Fiction: Since all agents have access to the MLS, it does not really matter who I list with.
Fact: It is true that the MLS gives you significant exposure for your listing. However, there is much more  to being an effective listing broker. Effective advertising, strategic pricing, negotiating skills, agent knowledge, experience and competence should be the most critical considerations.

Fiction: Listing agents specialize in a certain price range.
Fact: An effective listing agent can sell a home in any price range. It is the same process whether it is a $100,000 condo or a $1,000,000+ executive Colonial.

Fiction: Buyer agents specialize in a certain price range.
Fact: An effective buyer agent can assist a buyer in any price range. Whether is a $100,000 condo or a $1,000,000+ executive Colonial, the process is the same.

Fiction: A house is worth what it is worth.
Fact: A house is worth only what a buyer is willing to pay and a seller is willing to accept on a certain day.

Fiction: All agents have similar negotiating skills.
Fact: This assumption is absolutely incorrect. Some agents are confrontational and others have the ability to represent their client’s needs while negotiating a common ground. An effective agent is factual, unemotional, knowledgeable and non confrontational when negotiating. Effective negotiating is accomplished by reasonable compromise.

Fiction: A listing agent needs to be local.
Fact: An effective listing agent can sell anywhere within a reasonable commute. The agent will analyze comparable sales in any town and effectively position, price and promote their clients property.

Fiction: A buyer agent needs to be local.
Fact: A buyer agent can go anywhere within a reasonable commute. The agent will analyze comparable sales in any town and give good advice to their client with regard to negotiating and overseeing their client’s interests. This includes assisting with a mortgage broker, attorney, home inspector and any other professional services that may be necessary during the purchase.

Fiction: A seller will accept a fair price for their house.
Fact: A seller will try to maximize their price and return on investment. “Fair” is in the eye of the beholder.

Fiction: A buyer will pay a fair price.
Fact: A buyer will only pay what they have to pay to get the house they want and not one penny more. “Fair” is in the eye of the beholder.

Fiction: Your agent should be a personal or family friend.
Fact: While it is essential that your agent needs to earn your trust and it is great if they are your friend, it is more important that he or she is a trusted and competent advisor.

Fiction: Real estate agents are Salespeople.
Fact: While sales and people skills are vital to success, an effective agent is also a trusted advisor, confidant, project manager; your partner throughout the process.

Fiction: Real estate people sell houses.
Fact: People buy houses. Effective agents are catalysts in the process.

Fiction: Once you have a signed offer, the house is basically sold.
Fact: There are many major steps to navigate in the process; including the all important home inspection, purchase & sale agreement and bank appraisal to name a few that require the full attention of your agent and attorney.

Fiction: Condition is not a major factor in determining value.
Fact: Property condition is a major and vital factor. Very simply put, buyers will overpay and underpay for condition.

Fiction: Buying or selling a home is not a stressful process.  
Fact: It is one of the biggest and most important decisions you make in life, so it can be very stressful. That is why it is so important to have competent and trustworthy representation on your side.

Fiction: You can be objective in negotiating for yourself.  
Fact: Buying or selling a home is a very stressful and emotional process. If you are emotionally involved, you cannot be objective.

Final Thoughts:  
Real Estate is about people and houses get involved.  
When it comes to money, people are funny.