The market world only has a little percentage of real estate agents and those who happen to be part of the mainstream may think that they are already experts.
While many people trust these self-acclaimed businessmen, these buyers have also overlooked the right concept of buying a house, and for real estate agents, selling a house, for that matter.
Well, the Internet has circulated a lot of information on the real estate industry but we still have to consider that not every piece of information found online is trustworthy.
"A lot of people, for some reason, they believe what they read on the Internet," says Gea Elika, principal broker of Elika Real Estate in New York and a regional director of the National Association of Exclusive Buyer Agents.
Indeed, everything we see and read on the Internet including real estate information should be grasped with a grain of salt, otherwise, it could cost us much money, and worst, grave financial losses in the end.
The US News Money features few dos and don'ts in the real estate market that we should be watchful for and mindful of whether we are a buyer or a seller.
It's better to buy a house yourself than use a real estate broker.
Such notion is a sheer false premise according to an agent. US News Money reveals that if the buyer doesn't have a broker, the entire commission will be received by the seller's agent since the house listed with a real estate agent has a built-in total sales commission in its price. Such a fortune for the seller's agent then!
Sell your home yourself to save money.
While this sounds not costly, the thought of spending extra time to look for prospective buyers yourself, list your property online, negotiate with potential buyers directly, and other initial tasks in the process could give you pains in the neck or pull your teeth off. If you really pursue selling your home on your own, chances are, the buyers would expect you to give them a discount since they know already that everything is in your control. When you have given way to their lower bid, what you think you have saved on the agent's commission covers the amount you have lost because of giving your buyer the lower price they asked. You see, selling your property yourself could be a bit risky, don't you think?
Renovate some parts of the house first before selling it.
Remodeling your house could be a major backfire. If you renovate the house in the hope of selling it at a higher price, chances are, the remodeling may not make sense to the potential buyers. They may not feel obliged to pay the higher price just because your house is renovated, more so, if the prospective buyers do not share your architectural and interior design taste.
"Most buyers want to put their own spin on things. You're better off adjusting your price accordingly," Kevin Brown Jr., president of Praedium Real Estate Services in Pittsburgh and a regional director of the National Association of Exclusive Buyer's Agents or NAEBA.
So, why not focus on purchase negotiation than renovation? After all, your aim is to sell not to spend.
