Undeniable Truths About Real Estate is what I've labelled as being those things that, over my years in the real estate industry, I've found to be generally true.
I've also found that most experienced real estate agents I've known have also observed the common occurrence of these undeniable truths about real estate.
So, out of sheer curiosity, I recently decided to sit down and make a list of these so-called "undeniable truths." And, when I was done, to my surprise, I'd compiled a list of 29 events that I call, my undeniable truths about real estate.
I think you'll find my list of undeniable truths about the real estate industry to be humorous (or, a least entertaining) as well as informative.
By the way, because each of these "truths" is related to different types of circumstances, there's no way to present them in any particular order. So, with that in mind, here we go.
- 1You'll never know everything about real estate.
- 2Your first offer is usually your best offer.
- 3Renovations always cost more and take more time than you budget for.
- 4Murphy's Law was written by a real estate guy named Murphy.
- 5Flipping houses is a business, not an investment strategy.
- 6In general, residential real estate agents are the most poorly educated and have virtually no training.
- 7A real estate appraisal is nothing more than an educated guess at the value of a piece of real estate.
- 8A real estate agent who says, "I have a buyer for your property" is usually lying.
- 9The number one reason why a property doesn't sell is because it's over-priced.
- 10A property's location is the single most important influence on its value.
- 11Most people buy homes totally based on what they see.
- 12Buying investment real estate is the safest and most certain way to build wealth.
- 13Anyone can become wealthy by investing in real estate.
- 14Any property will sell in a reasonable amount of time if it's properly priced.
- 15Cost does NOT equal value.
- 16If you want to get rich, sell stuff to real estate agents.
- 17The National Association of REALTORS® is a useless organization whose main purpose has become the perpetuation of its own existence.
- 18Most lawyers know nothing about negotiating real estate deals.
- 19Most so-called "real estate coaches" have never sold real estate.
- 20National real estate sales statistics mean absolutely nothing to the value of your home.
- 21The number one factor that motivates people who try to sell their own property is the desire to avoid paying a real estate broker's commission.
- 22Only ONE party in a transaction can benefit from not paying a broker's commission. And, that party is almost always the seller.
- 23Residential real estate agents are territorial animals who rarely venture outside of a specific geographic area.
- 24Most real estate agents have such a great fear of rejection that they avoid knocking on the door or calling on an ad placed by an owner trying to sell their own home.
- 25Buyers set the value of real estate - not sellers.
- 26Seller's can't possibly "come down" from their asking price, because they don't have anything to "come down" from.
- 27Buyers always pay the real estate broker's commission because the buyer is the only one who brings money to a closing.
- 28A real estate agent can't sell anything. They can only make the buyer aware of properties that match their needs, then execute the purchase process.
- 29Just because you spend money to add something to your house doesn't mean you're adding value.
WANT TO HEAR MY COMMENTS?
Listen to my podcast to hear all 29 of my undeniable truths about real estate along with my comments about each.
All of your points are spot-on! Loved the explanation of each point on the podcast too.
Debe, I’m glad you enjoyed it.
Thanks for the list, and I totally agree with each point. I’ll listen to your podcast soon….yes, I will!!
Barbara, I know how busy you are and I appreciate you taking the time to read and listen. Also, glad you enjoyed it.
These are great Ken! Numbers 3, 12 and 17 are spot on too!
Hey, Ryan – Glad you liked it!
I read and listened and think your points are all spot on. I am also going back to AR to comment on Q & A.
I really appreciate your comment. Hope you come back, soon.