When it comes to real estate adages and axioms, do you always know what to believe? Many sayings have been around for a long time, such as “location, location, location,” have a ring of truth for good reason. Others, however, don’t always hold up in every situation. Here are some examples of real estate maxims turned myths:
It only takes one buyer.
While technically, this is true, this real estate adage can mistakenly lead agents and clients to believe that aggressive marketing isn’t necessary. With most properties, it’s important to generate as much interest as possible to cast a wide net in order to land that “one” buyer. Make sure your clients understand how you plan to leverage your marketing expertise and experience to attract potential buyers to listings.
A house that needs work won’t sell.
While it’s true that some potential buyers are only interested in move-in ready properties, there are also people who enjoy renovating homes and putting their style stamp on them. There are also first-time buyers and bargain seekers who are willing to invest some sweat equity in affording the right property or in increasing the value of their investment. If you have a client who wants to sell a home but doesn’t have the time or energy to tackle needed renovations, explain how the price can be adjusted to reflect the needed work and possibly attract a buyer who’s willing to tackle the project.
Real estate agents don’t have to do much.
Sometimes buyers and sellers don’t understand all the hard work and research that happens behind the scenes to complete a real estate transaction. That’s why it’s important to communicate with clients regularly and to touch base even when it may seem like there’s nothing new to report. Let them know that you’re doing everything you can to make their real estate dreams happen and that they are a priority for you. It’s important to keep in touch with clients after deals close, too, to maintain relationships and to maximize repeat business opportunities.
When inventory is low, transactions don’t need home warranties.
While keeping an offer clean and simple may give buyers an edge in multiple offer situations, leaving off this valuable coverage and protection can come back to bite buyers and agents alike. A one-year service contract with budget protection for covered repair or replacement expenses due to normal wear and tear, an HSASM home warranty offers important coverage as well as a reliable repair resource when covered breakdowns occur. Moreover, HSA home warranties can foster increased buyer confidence and satisfaction with their real estate transaction. With renewable annual coverage for continued coverage, HSA Home Warranties add value in all types of markets.
When it comes to myths, remember that things are rarely black and white. Axioms that may be perfectly true in one market can differ in the next, and there’s an exception to every rule. Each client and each real estate transaction is different, so it’s important to stay as flexible as possible in your thinking and actions.