5 Things That Can Harm You in Real Estate

In the current real estate market, the surge in transactions continues at a rapid pace, and it is impossible to predict when this frenzied growth will slow down. If you wish to sell or buy a property, you must adapt to the market and adopt the right attitude. Here are 5 important things to know that can harm you in real estate. Many sellers or buyers compromise their real estate projects because they do not act according to the market. As a real estate broker, we regularly hear certain phrases that illustrate the common mistakes made by sellers or buyers who do not conform to the dynamic pace of today's context. Let us present to you the behaviors, the 5 things that can harm you in real estate that you should absolutely avoid to successfully complete the sale or purchase of a property.

Taking Your Time

Currently, the key to buying or selling a house is to act quickly. If you wish to embark on a real estate sale or purchase project without haste, this is not the right time for you. "I'm not in a hurry" should not be part of your vocabulary. Transactions are happening at lightning speed, and you cannot simply watch the train go by. Be prepared to move promptly if you want to realize your project.

Giving Up on Pre-qualification

Rest assured that a seller will eliminate all buyers without mortgage pre-qualification who submit an offer, even if they have no financial difficulties. The seller will always prioritize buyers holding this official document. Therefore, it is in your best interest to go through this process to avoid unpleasant surprises. Obtaining pre-qualification costs nothing and at the same time guarantees you a very low interest rate. Your purchase offer will have a much higher chance of success with this document. Would you like to estimate your mortgage loan? Use a borrowing capacity calculator to validate everything.

Selling or Buying Without a Broker

Many people believe that selling or buying a property without a broker is a considerable advantage. However, it's quite the opposite. A broker is the expert you need to make your purchase offer successful under the best possible conditions. A client not represented by a broker has no chance of having their purchase offer accepted in a multiple offer context. Seeking the assistance of a broker to carry out your real estate project increases your chances of success and also allows you to benefit from valuable advice. Remember that in the Greater Montreal area, buyers are represented by brokers in 8 out of 10 transactions.

Looking for a Golden Deal

In the current market, forget about properties at discounted prices or real estate transactions heavily in your favor. The majority of sellers want to test the market to position themselves and take advantage of the bidding wars. They will do everything to capitalize on the market's strength, so if you're only looking for a good deal, it's not impossible, but you'll have to do much more than simple searches on Centris.

Choosing a Broker Based on Their Commission

To find the best broker suited to your needs, you should not focus solely on the amount of their commission. This method of remuneration is a perfectly profitable investment. It not only pays for the broker's services when they successfully make the sale but also covers the entire marketing aspect, employee salaries, office rental costs, etc. You simply need to try and find the right compromise between a competent broker and a reasonable commission. Meeting with several brokers is the best way to see what the real estate industry offers. In general, brokers who offer the lowest commissions are not necessarily the best. Understanding today's market is essential to enter it and successfully complete a real estate transaction under optimal conditions. Our advice will undoubtedly be very useful in understanding the strategy to implement and the attitude to adopt to buy or sell your property in the current times. Do not hesitate to contact us if you want the help of experienced real estate brokers.