Buying or selling a property is one of the biggest financial decisions you’ll make in your life, which makes misinformation or bad advice all the more dangerous. But never fear—we’re here to set the record straight. Here are the most common real estate myths we hear on the job, debunked.
Myth #1: Selling your property yourself will save you money.
We’re starting right out of the gate with one of the biggest myths we see. Many sellers attempt to go it alone instead of hiring an agent to save on commission costs, only to find out it’s not as easy as sticking a For Sale sign ion their gate and snapping a few photos of the home.
In reality, sellers who choose to go solo often run the risk of losing money. This can happen in several ways. For example, the seller can price the property too high, meaning it could take months to receive an offer. On the flip side, they could price the home too low and leave money on the table. You’ve heard of buyer’s remorse, but seller’s remorse is a real thing, too—that is, looking back and realizing you sold your property for far less than it was worth, potentially missing out on millions.
I heard a true story about a Nigerian in diaspora who wanted to sell an inherited plot of land close to Abraham Adesanya. He set a price of N10 million for a plot of land in a prime location that could have fetched him five times that amount without even trying to find an agent. He felt terrible when he realized he had undervalued the property and attempted to persuade the buyer to pay a higher price. The purchase, however, was already completed, and the buyer had secured the bargain deal of 2021. That buyer now has the option of reselling the land, taking the proceeds, and purchasing land in Bogije to construct a good four-bedroom duplex.
When you hire an agent, they’ll not only know how to price your property correctly, but also how to help you negotiate the most favorable offers. Agents—especially at a company like Danbel Properties and Investments Limited with more than 50 REALTORS—have access to a whole host of buyers through their coworkers. We know what other agents’ buyers are looking for and can connect you with a serious buyer more quickly.
We can also connect you with more than just a buyer. We’ve got connections in the entire industry, from real estate surveyors to lawyers. It’s our job, after all!
In addition, agents serve as a guide through the financial and legal jargon that come with selling a home. We are well-versed in the language of offers, counter-offers, and contracts, and we can help safeguard you against potential pitfalls.
Myth #2: If you see a house online, that means it’s available.
Many major online real estate sites are aggregator sites, meaning they are gathering as many listings as possible. However, these sites aren’t always the most up to date, depending on how often they refresh their data. In addition, some of these sites don’t always delete a listing once it has been sold, meaning they have many “off-market” listings—houses that are not actively for sale.
Myth #3: Online resources can do it all.
Online sites can provide ample information on how to go about real estate transactions, but they should never be used to replace the advice of a knowledgeable professional. After all, these lawyers and surveyors couldn’t have spent all those years honing their skills and knowledge, and you’d think that a two-hour google search would be enough to replace them.
Myth #4: If you’ve bought or sold a property before, you’ll be a pro your second time around.
Unfortunately, buying or selling a property isn’t like riding a bike. Well, it is—if you hop back on the bike and realize everything about riding a bike is now totally different. The buying and selling process changes over time, and the market is constantly fluctuating. These new processes and market conditions can lead to a totally different buying or selling experience than the one you had in your last real estate transaction. You may feel like a first time buyer (or seller) all over again, especially if it’s been awhile since the last time you went through the process.
Myth #5: Price your property higher so you’ll have room to negotiate.
Sure, you want to get as much money as possible for your property, but selling a property is not a “swing for the fences” type of situation. Though it may seem counterintuitive, scoring big in real estate has more to do with being realistic than being bold.
First and foremost, pricing a property too high will drive away potential buyers. If you’re pricing your property high in the hopes of being able to negotiate, remember that if your property is so expensive that buyers don’t even bother looking, there will be no one to negotiate with. This is an especially bad tactic if you’re in a buyer’s market—that is, when inventory is high and buyers have plenty of options to choose from, meaning they’re more likely to skip right over a home that’s overpriced.
At the end of the day, it’s better to set a reasonable price that will draw in the right kinds of buyers and offers. Your agent can recommend a realistic price, ultimately helping you reap the greatest reward when your home sells.
Myth #6: Agents just want to make a sale.
While our ultimate goal is to help you buy or sell a property, we’re about more than making a commission or turning a “For Sale” sign into a “Sold” sign. In fact, at Danbel Properties, we think of ourselves more as guides than salespeople. That’s because we’re in it for the long haul, from the first time you contact us to the moment you’re handed ownership documents to your new property. We love it when clients become friends or when we can stay in touch and hear how they’re grateful that we crossed paths. At the end of the day, we’re people helping other people make a well-informed, life-changing decision.
The Truth of the Matter
Don’t let conflicting information lead you astray in your property search or sale. Almost always, it pays (sometimes literally) to go straight to the expert source by contacting a registered and certified real estate developer like Danbel Properties and Investments Limited.
If you’re looking for a reliable guide through the real estate market, contact us today, we would be happy to help!