Real Estate Mistakes and The People Who Make Them…

I get asked all the time for advice about real estate transactions and I love answering those questions (Most of the time).  Everyone thinks Real Estate is very complex and complicated but it’s really not when you accept and assume some basic facts.

  1.  Real Estate agents and Brokers do know more about real estate than you do.  Unless you have immersed yourself in the business, or are an attorney specializing in Real Estate,  chances are your agent DOES know more about what you are buying and selling than you do.  Our world is full of people now who watch Real Estate shows on HGTV and feel they are experts.  Most of the time those people end up harming themselves by making low offers, drawing arbitrary lines in the sand about pricing and repairs or pricing their home way above market value.
  2. If your home does not sell in 30 days there is a reason.  If you are getting feedback about paint, odors, condition or staging you may be able to do something about some of that.  In the end though it’s about price.  Any home will sell when it is priced right.  Many sellers think their home will sell for more for reasons that only they understand.  As agents we often say “If you over price your home you are the highest bidder and you get to keep it!”
  3. Pricing adjustments do not show desperation!  They show you are an active sellers trying to attract a willing buyer.  On the other hand, sellers that refuse to lower the price show the market that they are not serious about selling and eventually all interest will fade away.
  4. Sometimes it is best to sit patiently and wait.  When negotiating the best way to get movement your way is to not respond.  Most people are terrible negotiators.  Listen to your agent.  They do this for a living and know how to work a deal in your favor.
  5. Sometimes you have gotten the best deal you are going to get.  Many times people trip themselves up because they come up with an arbitrary price they are willing to pay for a house they really want.  They end up walking away from their dream home because the seller wont come down $3000.  The best real estate investors know that when you get the best deal you are going to get you move forward not on down the road.
  6. You need to pick an agent.  Buyers who talk to multiple agents and never hire any of them quickly get figured out and will never get the service that a loyal client will get.  No other industry has customers that expect the professionals to spend hours with them even though the customer has no intention of them getting paid.  If you talk to 6 agents and don’t feel comfortable keep looking.  Hiring an agent will save you so much headache in the long run.

The Real Estate industry is quickly changing and technology is positively affecting every part of what we do.  The fact is though that it is a people business.  You need an experienced trained professional to guide you.  Once you find the right one trust them to help you.  If you don’t trust them you have not found the right one.

Steve Mallett  Real Estate Broker TX

Licensed since 2003 and a Broker for Keller Williams SW

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