Real Estate Myths

There is so much information available these days and a simple search on the internet will produce many entries for myths in real estate.  Websites contain everything from books to purchase, documents to download and headlines about “what Realtors don’t want you to know.” It’s of the utmost importance that you don’t believe everything you hear about real estate and that you always double check the facts with your Realtor. Do not let myths, hearsay or urban legends hurt your home buying or selling experience. These are some of the most common myths in the world of real estate so that you can arm yourself with the best and most accurate information possible!

 

“The Less Commission You Pay Your Realtor, the More “Profit” You Make on Your Home”

Just like any other business – success speaks. It isn’t about the car they drive, or the house they live in – your agent’s success speaks because they are a leader in their business, have an informative website, have online reviews, and are rated highly on real estate websites. Top producing agents have many clients even though they charge them the accepted commission rate, because they have a proven track record and results!

“Less-than” agents or discount agents do not have the advantages of true, seasoned professionals – they do not have several listings and buyers, their own website, mobile apps or great testimonials online. Most importantly, you’re paying for someone to have your back and you are hiring your Realtor for their negotiation skills. Does this discount broker have a team of people and an office who will take care of EVERY detail of your transaction? Probably not, but we do.  Top real estate agents do not discount their services, because they don’t have to, and they shouldn’t.

 

“Your Home Should Be Priced High To Allow Room for Negotiating”

If your home is priced too high in the current market you are going to receive fewer showings and more passes than other properties currently for sale in competition with your home.  This is a big mistake. The truth is, your home can be priced at any value you think is correct.  However, we all know two things – #1: The bank will only loan a buyer up to the appraised value of your home. #2: Things are not worth there asking price, they are worth what someone is willing to pay for them.  Real Estate is no different.

 

“It’s Okay to be Late for Appointments or Showings”

There is no excuse for tardiness when meeting with clients or going to see a home.  Your Realtor should not leave you hanging and you should always plan to arrive ten minutes early to showings.  Being on time means being responsible and exhibits a courteous attitude and spirit.  Respect is earned by showing and following through on what has been promised. Allison’s team will always be on time for you and give you nothing but the most professional service.

 

“My Realtor Should Tell Me about Crime, Schools & the Predominate Culture of Neighborhoods”

Realtors are prevented from discriminating against a number of protected classes.  This prohibits agents from disclosing ANY information related to them. It includes, race, age, marital status, school statistics or crime rates. Because these things are important to you, it may seem shocking to you that Realtors cannot disclose this information.  The Federal Fair Housing Law prevents it and it’s recommended that you do your own independent research on the area and neighborhood you are moving in to.  Your Realtor can point out to you where the information is available.

 

“Your Agent Will Tell You ANYTHING Just To Make a Sale”

Just like car mechanics, there are honest, trustworthy and knowledgeable professionals who care about your vehicle and your satisfaction.  There are also not-so-honest mechanics that will lie to you and waste your time and money.  Don’t spend MORE time choosing your mechanic than you do choosing your Realtor. Top Realtors did not build their reputation by lying to people; they built it by being honest, hard-working and committed to upholding their client’s trust.  They are careful and serious about each transaction and work to build a clientele, earn referrals and impact their community positively.

Agents who lie, misrepresent facts or make false statements are breaking the law.

 

“Agents Should Show You Homes When You Want to See Them (on DEMAND!)”

An agent is never obligated to show you anything.  “Demanding” something of someone rarely works, and even if it does, the person may be responding to you because they are not busy out and about selling houses.  Do your homework, and don’t necessarily go with the first Realtor that will show you something.  Agents do not work for free, they work knowing their investment will hopefully make a difference.   An amazing agent will respond to you promptly, answer your questions, but will not necessarily jump in the car with you!

 

“Agents Must Always Receive Kickbacks – I Better Not Go With Anyone They Recommend!”

Absolutely not! There is a law (RESPA: The Real Estate Settlement Procedures Act) that has prevented that since 1974.  It is completely against the law.  No agent worth their weight in salt will violate a law that affects them and jeopardizes their license and livelihood.

 

“A Recommended Home Inspector Will Always Favor the Perceived Outcome”

Any experienced agent will want disclosure and will only trust their referrals for honest, reliable results.  A professional and trustworthy agent wants what is best for their client, and nothing else.  A GREAT agent wants to be recommended many times over for their truthful advice.  They realize that the best impression a client could have is that the agent conducts themselves with an integral spirit and full disclosure.

 

“My “Friend” the Realtor Will Get Me a Better Price For My Home Then Someone I Don’t Know”

Top agents are always busy and do not have time to waste when it comes to selling their own homes, their mother or their friend’s homes.   They treat these situations with the same care and professionalism as any house they sell.  Top agents understand the market better than the average home seller.  Typically, if a home doesn’t sell or receive a lot of interest and showings in a reasonable period of time – it is priced too high.

 

“My Carpet Needs To Be Replaced – I Will Definitely Make My Money Back When I Sell”

Maybe…this is another reason to hire an expert and a top producing agent with a long history of selling homes in various markets. When they come to your home to estimate its value they will be able to assess possible improvements and let you know what your return on investment may be.  Some improvements and fixes will increase the chances of getting buyers interested in your home.  With all of the helpful online sites – many buyers are self-shopping for the home they want to live in.  The pictures of your home will make a difference in which properties they want to look at.

That being said, it is important not to get carried away.  We all know that it’s no longer true that your home will shoot up in value, and you will automatically recoup the investment you made in your home.  When it comes to improvements that do not affect the size of your home, increase the beds or bath and do not structurally impact the home – it can be a gamble. Remodeling should depend on your priorities, when you are going to sell and what your goals are. This is another reason it’s important to hire an agent that can guide you and advise you on these decisions.

 

“Allison Is Always Busy Selling Homes – She May Be TOO Busy to Pay Attention to Me & My Home”

Yes, Allison sells a lot of homes and is always on the go – this is actually a great sign! This means she is networking with other agents, buyer and sellers and has the superior real estate skills to pay attentions to, handle and manage your transaction. Finding you a buyer for your home is her top priority.  She knows her clients are what make her business grow and she surrounds herself with the best people in the business to help attend to every part of your transaction.  Think of your favorite restaurant or shopping mall – is it usually busy? Success speaks – if a business is running well and people enjoy conducting business with it, they will do it again and invite their friends to join them.

Allison has the ability to multi-task many activities at once. She is extremely successful with the craft and leaves no stone unturned.  Allison confidently managed 50-70 listings at one time in the busy and accelerated market of the nineties. Check out Allison’s Mission Statement to read more about what she will do for you.

“Obviously, I Should Hire the Realtor Who Promises Me the Highest Price for My Home”

NEVER trust someone just because they tell you what you want to hear. When interviewing agents you need to ask questions. You should be presented with a listing package and a marketing plan.  If a Realtor cannot take time to do a listing presentation for you, they will not take time for you in other ways down the road.  If you have a question, ask it and they should be able to provide a knowledgeable and logical answer to your question.  Just because something is the cheapest, doesn’t mean it is a good or accurate value.  Same principle in real estate – just because someone tells you the highest price, it doesn’t mean it is a good value or reflects what your home will actually sell for. This may prolong your home selling and cost you time and money in missed opportunities to sell.

 

“When Pricing a Home My Realtor Will Experiment With the Price”

Great agents are experienced and will take great care when pricing your home. It’s not to say that there won’t be a price decrease or that you will get an offer for the full asking price. However, pricing a home is a detailed process that will include assessing your home, looking at comparable homes on the market and homes that have recently sold. Allison will do a great deal of research on your specific home and current market conditions prior to setting an asking price with you.  Pricing a home is not an exact process, but it isn’t a “guess” or an “experiment” either. Allison has been pricing homes and doing Comparative Market Analysis for almost 20 years.
Putting these and other myths aside – Allison promises to treat you with respect.  She tells all her clients this, “I can’t promise you what day we will sell your home or how much your home will sell for, but I promise you outstanding service through the whole process.”  She will have you compare it to anyone in the industry. Allison daily raises the bar on the level of service she provides.

Howard Hanna Real Estate Services

Dearborn Birmingham Ann Arbor
22374 Garrison Street 800 N  Old Woodward Ave.
1898 West Stadium Blvd.
Dearborn,MI 48124 Birmingham, MI 48009
Ann Arbor, MI 48103
Suite 210