The top 7 property misconceptions debunked
It happens in every industry – there’s always a few assumptions, myths and half-truths out there which everyone assumes is true when they aren’t. Separate fact from fiction and find out if what you’ve read online is really the truth…
There’s plenty of them floating around about the property industry – assumptions which you could easily believe to be true.
We’re here to bust the top 7 myths and misconceptions so you can avoid any costly mistakes going forward!
Misconception 1: All estate agents are the same
This is a common one. Not only are individual estate agents different but individual companies are also very different and will go about your sale differently. Look around and find the perfect agent for you - after all this is a big job and you need to have complete trust in the person you choose to do it. To point you in the right direction, try these tips:
- Talk to your friends and get a recommendation.
- Check industry credentials.
- Make sure they have local property market understanding.
- Find out if they're proactive with modern technology.
- Do they freely offer guidance and advice?
- Do they communicate regularly?
- Do they ask the right questions?
Misconception 2: You need to price your house with space for negotiation
The Internet has allowed potential buyers to research the local area resulting in them being able to see what similar properties sold for. If you price your house too high, not only will you put buyers off, but you also run the risk of not getting any offers, leaving your property on the market. Once a property has been on the market for an extended period, people begin to wonder if there is something wrong with it. Instead, focus on pricing your property on its worth. Many properties are sold at or above their asking price these days!
Misconception 3: Your house doesn't need to be 'sale' ready
Whilst some empty houses do sell, houses that already look like 'home' often sell better. People want to be able to envision their own family in the property. It is also important to clean your home and repair any minor problems or DIY mistakes as if left, a potential buyer will begin to think about the things they can't see. Most people want a home that is in a move in condition, even if they plan to do some renovations.
Misconception 4: Spring is the best time to sell
While homes do sell in spring, they also sell in summer, autumn and winter. The truth may be that people can't be bothered in the winter and would prefer to wait a few weeks until the days are lighter and the weather is brighter - however, overall there isn't a best time to sell your home.
Misconception 5: You should choose the agent who says they will sell your house for the highest price
You should choose an agent based on their experience and knowledge of the local market. Pricing your home high may be appealing but it will just end up on the market for too long causing suspicion with potential buyers. Instead, choose an agent who you trust and have faith in, offer great marketing and know your area.
Misconception 6: If your offers are low, your agent is not working hard enough
It is very easy to point the finger of blame at an agent if your sale isn't going as fast or smooth as you'd like. If your offers aren't matching the asking price, there could be many reasons, from overpricing to terrible marketing to an unfavourable market. Ask your agent to explain why it may not be selling and get them to give regular updates on what they are doing to get your home out there.
Misconception 7: Estate agents will say anything to get a sale
Much of the estate agent business is done on referral and if an agent constantly lied, they wouldn't receive business. Word of mouth will soon spread about an untrustworthy agent. Check reviews and ask people in your local town to find the best agent for your property and you.