Tuesday, April 1, 2014

5 People You Should Never Get Real Estate Advice From

5 People You Should Never Get Real Estate Advice From

In my business, many have ideas how real estate ought to be done or sometimes how it should be done - right or wrong. I run into those people all the time. They are not in the business, never been in the business, had little or no experience at it, but they sure know everything about it. And they will somehow let you know and sound like the authority over a professional in the business.

So before you take the plunge from third-party advice, whether or not you asked for it, here are the 5 people you need to stay away from. Ask yourself the question, why are they freely giving you this information or sharing such a great tip with you?

1. Uncle Bob. Yes, we all know an Uncle Bob. He knows everything. Even about the things he does not know anything about. He's never been in the business of real estate, no credentials, let alone done anything of that sort. He's opinionated, speaks louder to be heard, and somewhat of a bully and not afraid to tell you what to do and give you advice about anything because he knows absolutely everything. And in his arguments, he can always give you an example of someone he knows, usually indirectly, reported as a third-party story, somewhere, who's done something like that.

2. Family. The "hot tip" from the brother-in-law. Oh yes, he bought this foreclosure on his own, without proper professional advice, or a 'wholesale' property 2 years ago and saved aver 20% off the regular or going price. After checking, he way overpaid by more than 20% on a property he needed to drop another $50,000 to fix - that he conveniently forgets, but he sounded so much more clever than anyone else to make up for his mistake. And yet again, more fixing to do. He still makes believe he saved money, so he's passing it on to you as great advice of what to do. Or for example, the pressures from a parent because that's the way he or she did it in the 60's. 

3. Strangers. Yep, the ones that you don't know, and they have no clue who you are, but they will sure go out of their way to give you advice. Beware of any advice at a social gatherings. Especially from someone you'll never see again and with no credentials. A stranger could be the neighbor you don't know about a house you are considering purchasing. He'll praise his neighbors' house for sale because he personally vouches its a great neighborhood and he'd like to have you (as you can imagine) as a neighbor out of instant love for you. After all, he's been living there for 20 years! He does not tell you that he fixes cars in his driveway, loves to backyard party late, and all his 20 motorcycle friends come over every Friday night for a few beers.

4. Co-workers. Right, the Uncle Bob of the office.

5. Media Talking Heads and Late Night and mid-afternoon weekend TV Show Real Estate Gurus & Reality Episodes. The how-to get rich quick schemes. Why are they sharing their real estate secrets? Because they make more money talking about it, getting you to a seminar and selling you a program rather actually doing what they say you can do.

So when you look for good real estate advice, look for a competent licensed real estate professional, doing this day-in day-out as a profession, someone with credentials, experience and reputation. Measure twice, cut once.

Richard Bazinet - Realty ONE Group - Phoenix Scottsdale Real Estate

5 People You Should Never Get Real Estate Advice From