4 Common Perceptions About Real Estate
It's amazing about how the public perceives real estate agents, brokers and the real estate market overall.
Real Estate Perception #1: If a home sells quickly, the listing agent gets recognized for that and they should. We work hard to get out listings sold quickly and for top dollar for our clients.
But, let's say an agent lists a condo in a 55 & Over development on the first floor and another agent has one on the 2nd floor. In my market, buyers in this age group want a first floor condo most of the time. Those condos sell much faster than the 2nd floor condos. Both need to be priced right as always. The agent that sells the first floor condos quicker, looks better in the eyes of the other homeowners that live there than the agent that has the 2nd floor condo. Because of this public perception, the first agent will get more listings in that development than the other agent that has the 2nd floor condos that took longer to sell. The 2nd agent will be talked about how they weren't able to sell it due to "they didn't do something right" which is so far from the truth.
Real Estate Perception #2: If a homeowner is not happy with their agent due to lack of communication, the home didn't sell, they never held open houses, etc., then the perception is the rest of the agents from that same office are all the same and the Broker doesn't care. Not true. If you canot air out your grievances with your agent, then call their Broker. A good Broker will get both sides to the story first. What the Broker will do about the agent's behavior is up to them. A Broker cannot fix something if they do not know it's broken to begin with. Do not let one rotten apple spoil the bunch.
Real Estate Perception #3: When a home has been on the market for more than six months and has had price reductions, it is not always a sign that something is wrong. Some homes needs a buyer that needs the home. I had a listing like that and gave them homeowner two choices: A. Keep doing price reductions until it sells and give away the house or B. Leave it alone and expect it to be on the market for at least six months or more. My client opted for B. Almost a year later their home sold and it sold for 3% below asking. My sellers were thrilled and happy that they chose option "B".
Real Estate Perception #4: The News Media - How many times have you seen on the news that the real estate market isn't doing well? Too many times you can count I bet. The media is reporting on the national real estate market. Real estate is local and always will be. Always consult with a local real estate agent and find out what is really going on in your real estate market. It may be an eye opener.
Never take things at face value. Situations aren't always transparent as they may seem.
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