Motorcycles, Risk, and Real Estate: 5 Do's and Don'ts
James Clear once said that "Risk is the absence of control." Think he's right?
I'm not so sure. While risks do require some mental surrender, it doesn't mean they can't be calculated.
Real Estate as Easy as Riding a Bike? Not So Much.
About three years ago, after my brother passed away unexpectedly from health issues, I purchased the motorcycle he left behind.
My brother was a tinkerer, and I spent a lot of money to get the bike running, but I love it. I drive my bike around town and use it as a cruiser in the summer, although I wouldn't call myself a "hard-core" motorcycle guy.
So, what does my motorcycle have to do with real estate?
The thing is, not everyone knows how to ride a motorcycle, and it brings with it some risk. If you look at somebody riding a bike and think, "that looks easy" or "I can do that myself," it might not go so well. You could end up seriously injuring yourself.
Real estate is a lot like that. Many people think, "That looks easy; I can do that myself," and they've seriously hurt themselves in the process.
How?
- By selling their house for less than they could have if they had hired a real estate agent.
- By giving their house a negative stigma of "there must be something wrong with that house because it hasn't sold," when, in fact, the DIY sellers just weren't marketing their home correctly.
Did you know that even if you hire a Realtor™ after a month of trying to sell your home yourself, you may have damaged your chances of getting top dollar for your home?
"The Batman of Real Estate, Eric has something in his utility belt for every real estate situation. He will do the right thing and go the extra mile to do whatever it takes to create your real estate success." - John Monaghan
The Do's and Don'ts of Risk-Taking in Real Estate
Risks aren't off-limits in real estate. You just need to know what you're doing and how to calculate the risks you're taking.
Do: Try Staging Your Own Home
If you have a good eye for design and want to try staging your own home to sell it, have at it. Just keep in mind these tips.
Don't: Try to Save Money by Doing "It" Yourself
"It," in this case, can be anything from selling the home yourself to trying to do the home inspection yourself. The risks can be pretty painful in these situations, and you'd be better off trusting the experts from the get-go. Instead, why not partner with a home inspector turned real estate agent?
Do: Buy for the Future
Instead of buying the house you need now, purchase the home you'll need three-to-five years from now. Will you be growing your family? Do you want to entertain more and need larger common areas?
Don't: Think Too Highly of Your House
Pride can be a deadly sin in real estate. I've seen owners try to determine the value of their home based on their personal feelings rather than listen to the wisdom of experts, and they end up frustrated it won't sell.
Do: Ask Questions
The more you know, the more calculated your risks can become. A trusted real estate agent can help you with home inspection tips, appraisals, buying a house as-is, and more.
Why do you need a real estate agent?
Consider hiring a real estate agent as your helmet when riding a motorcycle or a life jacket while navigating uncharted waters.
From insurance and title issues to foreclosures, estate dealings, and more, an agent is there to protect you and ensure you have a smooth experience moving in the right direction.
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