REAL ESTATE MYTH: It is better to price a real estate property on the high side.
This is one of the most common real estate myths. To maintain their desired selling price, sellers hike the price at the beginning to cover for bargaining by the home buyer.
Truth: Overpricing your property often leads to it going down the shortlist of prospective buyers. But, if you price your home competitively from the beginning, the chances of attracting generous traffic increase by many folds. It is true that buyers will have a tendency to negotiate, but too high a price will just throw them off your property at the very start.
REAL ESTATE MYTH: Multiple offers give the sellers an advantage.
It might feel powerful to have multiple buyers prospecting over your property. The multiple offers are luring to let go off.
Truth: But, remember, every buyer has a time limitation and no one likes to be played. It is quite likely, that you juggle those multiple offers to compare and hold back, and buyers withdraw altogether in lieu of better offers elsewhere.
REAL ESTATE MYTH – Real Estate is a predictable market.
Unfortunately, the real estate industry functions through a complex network of several factors such as construction, investment, state laws regarding real estate and so on.
Truth: According to an article in Forbes India, real estate prices skyrocket not because of construction quality or any other factor, but mostly location. And that is not enough to guarantee the stability of the market.
To quote the cliché, change is the only constant in life. Recognize and embrace the fact that change will happen in real estate, repeatedly. Prepare yourself better and it will pave the way for a successful real estate career.
REAL ESTATE MYTH – Brand Names don’t matter in Real Estate.
Real Estate is indeed a large scale investment and money is the most important factor when it comes to closing deals. But for the same above reason, trust is just as crucial as finance for your client.
Truth: Looking at properties by known developers, you have clear expectations in terms of design, timely delivery, construction material and credibility. Brand value plays a major role in taking such crucial decisions of choosing your home. Brand Loyalty also pays off in getting more referrals for your company, thus helping your business grow.
For more information on why Brand Loyalty matters, click here.
For information on how to create brand loyalty, check our post here.