Realtor or Real Estate Agent? And Other Real Estate Misconceptions
We’ve all heard the saying “you can’t believe everything you hear.” That adage applies to many things, one of which is real estate. There are many real estate myths that are more faux than fact. From the real deal on the difference between a real estate agent and a realtor to the truth about house hunting, our Coldwell Banker real estate professionals break down the most commonly heard real estate misconceptions.
MYTH: “Buying and selling a home is [just] like it is on TV.” – Andrea Geller, Coldwell Banker Residential Brokerage in Chicago, IL
DEBUNKED: The good news is that while house hunting may not be as easy as it is depicted on TV, the joy of finding the perfect place to call home could never be accurately captured on television either.
MYTH: “[House hunting is just] like they show on TV. ‘Hey, let’s look at 3 houses and choose between the 3 in one day or one week’ How about it [can] take over 30 and sometimes months before the right home is found.” – Jennifer Ronzo, Coldwell Banker Harbor Light in Amity Harbor, NY
DEBUNKED: Unfortunately, finding the perfect house isn’t always a quick 1, 2, 3, but don’t be discouraged if your house hunt seems to take longer than a 30 minute TV episode. You’re not alone. A real estate professional can help keep you updated on new listings in your market or advise if you need to realign your search.
MYTH: “[Online estimates] are accurate.” – Chris McDonnell, Coldwell Banker Distinctive Properties in Vail, CO
DEBUNKED: Online home pricing estimates don’t always take into account the full picture. There are often many nuances like recent upgrades made to a home, required improvements and buyer demand that can affect the true value of your home. Real estate professionals will do their research and give your home a value that is more accurate than online estimates.
MYTH: “If you overprice your house, people will still come look at it because they can always bring a lower offer and go from there. A good buyer [real estate agent] doesn’t take their clients to houses they can’t afford just in case the seller won’t negotiate much. So, if you’re in the wrong price point for your home’s worth, ‘your’ buyers are buying elsewhere.” – Melissa Mummery, Coldwell Banker Coastline Realty, Brokerage in Port Dover, Ontario, Canada
DEBUNKED: Pricing your home right is one of the most essential elements to finding the right buyer. The best way to ensure you’re attracting potential buyers is to have a discussion with your real estate professional about the market and how your home measures up.
Real Estate Agents
MYTH: “Real estate agents and REALTORS® are the same.” – Franne Schwarb, Coldwell Banker Residential Brokerage in Mt Pleasant, SC
DEBUNKED: While most people use these two terms interchangeably, they are not one in the same. Just like not all doctors are medical doctors, the terms are not mutually synonymous. All REALTORS® are real estate agents. However, not every real estate agent is a REALTOR®. A REALTOR® is a real estate agent who is a member of the National Association of REALTORS®.
MYTH: “I think I’ll become a Realtor….I like looking at pretty houses.” – Sheila Bayles, Coldwell Banker Group One Realty in Monroe, LA
DEBUNKED: The real estate profession is not just a day of house touring. Real estate agents are licensed professionals who handle all aspects of the home buying, selling or renting process from negotiations to open houses and even marketing. Watch this video to see what a day in the life of a real estate broker looks like. Interested in a career in real estate? To see if your personality and goals are right for real estate, start by taking these skills and personality assessments.