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Real Estate Myths

Reference Articles Real Estate Myths

Myth #1: It doesn't matter with which real estate agent you use to list your apartments.

Truth: It is critically important which agent you select to market your apartments!

There are two major reasons why your selection of an agent is so important to getting your apartments sold and getting the highest price and least inconvenience to you.

Real Estate Myths -

First, the real estate market is highly competitive with many other sellers competing for those few available buyers. Less than 60% of the apartments that are put on the market actually sell. You need Mike Lembeck with a proactive marketing plan who can outmarket your competition for those few buyers and not someone who just throws your property into the Multiple Listing Service and then prays that someone will sell it. Hire Mike Lembeck, who is an expert at marketing properties and spending money to get the job done.

Also, Mike Lembeck is an expert negotiator who can convert a prospect to a buyer and obtain the highest and best price and terms for you.

Secondly, it's important to have an agent with the education, experience and know-how to anticipate problems, avoid them, but be able to handle them quickly and in a professional manner should they occur. About 30% of the contracts written never close. Problems arise (and there's a million things that can go wrong) and sellers that think they have sold their property find out that the sale collapsed leaving them in a terrible predicament. If your apartments are in great condition, the rents are at market and you've priced them below market value and the market is strong and you're very lucky, you can probably list with anyone... but, why would you do that anyway? If a problem does arise, you want to be able to have someone who knows how to get it solved and get the property sold. That's what your paying for! Mike Lembeck has a highly successful track record.

Myth #2: Mike Lembeck sells a lot of real estate. Perhaps he's too busy to pay attention to my listing.

Truth: Mike Lembeck is very busy doing all the right things that will get the best results for you!

Just as superior restaurants are busy at dinnertime and superior doctors have a heavy patient load, Mike Lembeck's success in marketing apartment buildings has resulted in him being busy. You wouldn't hire your brother-in-law to do open heart surgery on you just because he wasn't busy. In addition, Mike Lembeck has assembled a top flight staff to assist him with the routine (but critically important) details in order to free him up to devote the time and attention you require to sell your apartments successfully. Mike Lembeck has built his business on one satisfied client at a time. And, his goal is for you to be another satisfied client who spreads the word about how well you were served.

Myth #3: You should select the agent who says he/she can get you the highest price.

Truth: No!...Always select a real estate agent on his/her credentials. Market value is a separate issue.

Overpricing an apartment building to get the listing is the oldest scam in real estate: smooze the seller and compliment them on their property to get the listing, then ask for a price reduction 30 days later. You should insist on a written, well-researched computerized market analysis to determine the realistic value your apartments will bear in today's market and price accordingly. First, select your Realtor based on his/her credentials. Then decide on price. NEVER SELECT AN AGENT BASED SOLEY ON THE PRICE HE/SHE RECOMMENDS.

Myth #4: Pricing apartments for sale is a mysterious process.

Truth: Your apartments will sell for what the market will bear.

To determine the range of value for your apartments, it takes a solid knowledge of the market. And because every property is unique, your apartments will sell more near the high or low end of the range depending on its specific attributes like location and condition. Mike Lembeck utilizes a computer database along with years of experience to help you decide where to set the price. It is not simple, but it isn't mysterious either.

Myth #5: Property condition is not that important to buyers.

Truth: WRONG! A property in superior condition will sell faster and for a higher price than a property in average condition.

Buyers purchase properties that are most appealing, and a property in great condition with a reasonable asking price always tops the list. Sellers that invest in necessary repairs and keep their property clean and fresh always reap the rewards!

Myth #6: A "discount" broker can do just as well and save me money.

Truth: Successfully marketing a property in the competitive marketplace takes skill and resources.

All of the promotional costs such as photos, brochures, printing, signs, advertisements, MLS fees, direct mail, etc. are paid for by Mike Lembeck. How will a discount broker offer such a complete marketing campaign? Does the discount broker have a staff to personally tend to your specific needs? Do they have a proven track record of success, or are they just using the lower commission to try to win your business? Do they have the expertise to guide you through the problems that often develop during the closing process?

Remember that you only actually pay a commission if and when your property sells. Many sellers have found that their commission with a discount broker was really zero, because their property never sold!