9 well-known real estate clichés and where they stand today
By Donna Shryer
You know your profession’s clichés. In a pinch, you may have even used a few. But since many of these adages are old, it’s time to revisit their value. Which are still as good as gold, which need a new lease on life and which are so yesterday? Let’s lay it on the line! There’s no time like the present.
1. The three most important things in real estate are location, location, location!
The jury is split on this one, and ironically, the separation comes down to location.
Thomas J. Nelson, CRS, REALTOR® with Big Block Realty, serving the San Diego market, says location is important but no longer deserves triple billing. “Today, the three most important things in real estate are price, location and condition,” Nelson says. “Any house will sell if it’s priced right. I once sold a home without a kitchen or bathroom, but the price for the location was good and the home sold above asking.”
Marilyn Dopler, CRS, broker at RE/MAX Suburban, serving the suburban Chicago market, goes a step further. “Buyers and sellers often disagree on what makes an ideal location,” Dopler says. “For example, a seller may value the curb appeal of their corner lot. However, some buyers may dislike the possibility of added traffic.”
That said, “location, location, location” appears to hold true in rapidly, robustly developing real estate markets. For instance, it’s all about location for J.J. Rodriguez, CRS, owner/broker of J.J. Rodriguez Professional Real Estate Services, where his San Antonio market is experiencing significant development and buyer appeal. “Location is so important that I’ve had clients buy a smaller, less expensive home than they want—just so they can live in a desirable community,” Rodriguez says.
2. Buyers don’t always tell the truth.
This cliché gets the boot across the board. “If a buyer says they’ll only consider ranches and then goes off and purchases a for-sale-by-owner two-story, it’s not that the buyer lied. It’s about me not asking the right questions,” says Gary Rossignol, CRS, REALTOR® with RE/MAX Preferred Group, serving Greater Cincinnati and Northern Kentucky. “I need to ask probing questions and find out why that buyer only wants to see ranches. Maybe they didn’t like the two-story they grew up in. Now we’re getting somewhere,” Rossignol says. “So, we’ll look at ranches, but I’ll also educate this buyer by showing them two-story homes with a totally different look and feel than their childhood home.”
Pat Tasker, CRS, REALTOR® with Shorewest REALTORS® in Milwaukee, would also like to say “so long” to this outdated cliché. “Some buyers—especially first-time buyers—think they want certain things, but after viewing homes, they can begin to prioritize. Some items drop off the list if they realize certain things aren’t in their price range or desired neighborhoods, and some things they want to move up the list, as they realize they really are a priority. They weren’t lying when we first met, but once reality sets in and they’re educated as to what’s out there in the market, their priority list becomes more realistic,” Tasker says.
3. Pretty costs more.
This remains true but with serious caveats. Homebuyers—even those on a tight budget—need to know that there are ways to put “pretty” within reach, says Rachel Hillman Foy, CRS, broker/owner of Hillman Homes, serving the Greater Boston market. “It’s my job to help buyers see trade-offs. Maybe that means one less bedroom, being farther from the train station or a smaller lot. If we take something off the priority list, pretty may become affordable,” she says.
“Amy Z” Zukowski, CRS, REALTOR® with HomeSmart Cherry Creek Properties in Denver, agrees that pretty costs more, although she strongly cautions against declaring a home “too pretty to afford” until after seeing it in person. “Between digital enhancement and professional photography, listing photos can be a lot like Tinder profiles: you arrive at a showing and the house looks completely different,” Zukowski says. “So, I ask my buyers to see a home first. Bad listing photos may be their opportunity to negotiate a very affordable price.”
4. Less is more.
It’s a popular mantra to help sellers grasp the concept of clearing out clutter and prepping their home for showings. However, sellers also need help recognizing that fine line between tidy and sterile.
Tasker explains, “I recently saw a listing where every inch of the kitchen counter was empty. It was so cold. You want the coffee station with cute mugs. You want throw pillows on the living room couch. You want buyers to see a home.”
Creating a warm, inviting environment is what staging is all about. And according to the National Association of REALTORS® 2017 Profile of Home Staging, it works—with 83 percent of buyer’s agents saying that a staged listing makes it easier for buyers to visualize the property as their future home.
5. You get what you pay for.
In today’s world, this adage bears repeating, but with a brand-new twist. “I say this all the time to potential clients—buyers and sellers—but I’m not talking about a home’s value. I’m talking about REALTOR® representation,” Nelson says. “I tell potential clients that they can choose an agent with a discount brokerage, but they’re taking a big risk to save a few bucks. And as we move into a more challenging market, sellers in particular need to know the importance of a skilled agent who knows how to generate buyers and offers.”
6. You can never be too careful.
Everyone’s heard this cliché, but when was the last time you applied it to yourself as a REALTOR®?
Rossignol wants to see every REALTOR® make it a daily catchphrase. “REALTORS® are so used to getting a phone call and hearing, ‘I want to see your new listing on Oak Street’ and we say, ‘OK, I’ll meet you there in 30 minutes.’ No! You don’t do that. You don’t know who this person is. You don’t know if they’re qualified to buy this house, or worse, if they plan to hurt you.”
To play it safe, Rossignol reminds REALTORS® to conduct first-time meetings with an unknown potential client in a public place, ideally the office, where it’s easy to photocopy the client’s ID for proper vetting.
7. Price does not equal value.
It’s an adage gaining steam as online databases continue to evolve. Dopler has seen too many buyers take a pass on their dream home just because an online valuation model comes in at a lower value. On the flip side, sellers pin their hopes on many online valuation sites’ reports and want to overprice their home. These service providers never actually walk inside a home, see its condition or know firsthand how that home compares to similar properties in the same community. “No online database can replace the personalized home assessment you get from an experienced REALTOR®, a qualified home inspector and an unbiased home appraiser,” she says. “That’s one of the first things I tell every new client. I set things straight right away.”
8. Never buy the most expensive home on the block.
This one seems to be losing ground, especially with the millennials’ focus on quality of life.
Rodriguez would like to swap out this older adage for a modern version: “Buy the most home you can in your most desired community.” This truism, he says, applies to those on a tight budget as well as those able to buy their dream home on their dream street. “If homes in your most desired community are appreciating more than homes in another community, then it’s a good investment regardless of home size,” Rodriguez says.
Rossignol adds, “If someone finds their dream house, I’m not going to discourage them from buying it. Eventually, it’s about the right home for the right person at the right time.”
9. You’re only speed dating until the seller accepts your offer.
In a strong seller’s market, these new wise words may help buyers stay in the game—even after losing a few opportunities.
To help clients navigate Denver’s strong seller’s market, Zukowski guides buyers to equate home shopping with speed dating. “In our market, it can be an emotional roller-coaster ride for buyers. And when a bidding war starts, who knows what will happen. So, to reduce buyer burnout, I urge homebuyers to resist falling in love with a home too soon. Until their offer is accepted, they’re only speed dating—getting to know the market,” she says.
There you have it—a few real estate pearls of wisdom from the past, present and future. What’s interesting to note is that the same adage can be a hit as well as a myth, depending on whether sellers are in command, buyers are calling the shots or your market is experiencing solid development. So while an often-quoted platitude may no longer apply to your market, it may work quite nicely in another REALTOR®’s geographic backyard. It’s like the old saying goes, “Variety is the spice of life!”
Have you witnessed these or any other clichés? Share your story in our We Are CRS Facebook group. Join at Facebook.com/groups/WeAreCRS.
