Happy Friday Readers! I hope you’ve made it through the week in tact!
Today I was in the office finishing up a closing file from a condo I closed on in German Village yesterday. We were talking about all of these Real Estate Reality TV Shows, and how they are absolutely NOTHING like Real Estate in the real world! If you’ve ever bought or sold a home… you know exactly what I’m talking about! I wish that everything the good ole TV said was true, but it just is not the case! Let me show you a few examples of why you should not “buy” into the Home Buying/ Home Selling/ Home Flipping – Reality Shows!
REALITY TV SHOWS BUSTED!
1)Buyers look at 3 homes, and then choose 1 of the 3 to buy – FALSE
The majority of buyers look at more than a handful of homes before making a decision to buy one of them! If you only had to take all buyers to three homes, all real estate agents would be jumping for joy, and fighting to the death to represent buyers!
2) The “Buyer” on TV, has not yet made their decision – FALSE!
There is no way to show the entire home buying process in one thirty minute episode. Buying a home can take 30 to 60 days! TV shows select consumers who are already completed, or almost completed with the buying process to simplify the show. Sorry… it really is all make believe!
3) All Real Estate Agents regularly make six-figure commissions – FALSE!
Trust me… no one wishes this one were true more than me!!! What the TV doesn’t explain is that the listing, and the buying agent split the commission 50/50 (in most cases) and then split that split again with their brokerage, and then pay office dues, marketing fees, and taxes out of that! It’s not all that it’s cracked up to be folks! A career in Real Estate isn’t for the faint of heart!
4) When you buy a home to “Flip It”, the only expenses you need to worry about are the repairs – FALSE!
This is probably one of THE most common TV lies! The storyline goes something like this: The buyer buys a super cheap house, fixes it up in 30 days, and then gets $30,000 more than what he invested… and there were no other costs! Boy oh boy… who could pass up such an easy deal? Sorry folks… when you buy a home that you want to make a quick buck on, there are still other costs to think about! Investors still have to take into account taxes, utilities, closing costs, insurance, interest, and in some cases commissions! While investing in Real Estate is a very smart decision… doing so blindly, and because you think TV makes it look easy… that’s a very bad decision!
Before making any kind of Real Estate decision, contact an expert; preferably me 🙂
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