We have several websites that provide misinformed advice concerning real estate agents. They will purport to disclose (some will be well-intentioned) ‘secrets kept by real estate agents,’ that unfortunately depicts the agents in a bad light. Unfortunately, such misinformation makes some buyers to have an illusion of being well equipped to handle ‘rogue’ agents.
Some of the Myths include:
Real Estate Agents Are Often Late For Engagements
False. Irrespective of the profession that an individual is engaged in, there is no excuse for being habitually late. It will not matter if or not you are a highly qualified doctor or a mechanic or TV installer. You will earn respect in your professional circle for being punctual and diligent in delivering your promises.
If your real estate agent has a tendency acting like a god or exaggerated self-importance without respect for punctuality, then it is advisable to look for another one. Fortunately, most real estate agents that I have interacted with are diligent and prompt in their work. This is why we should not base our opinions or perceptions on a few bad apples.
The Better You Spend For A Home, The Greater An Agent Makes
False. You have often heard people claiming that Real estate agents should not be entrusted with negotiating for a property because of the perception that agents get a better tip when you pay more for the property. This is a wrong assumption because an agent will only gain $ 150 for the difference between $ 300,000 and $ 310000, which is not a very significant amount to an experienced agent.
The Lesser Percentage You Pay Out To Sell, The Better You Generate
False. This is a common argument among the Discount brokers who purport to assist customers to save money. However, top-notch real estate agents rarely offer their services at a discount. This is because the discount brokers cannot afford the services paid for by seasoned agents, who attract more customers. It is not prudent to opt for services discounted at 2% while you lose 10% in the property acquisition.
Agents Must Show You Homes On Demand
False. It is not a requirement for an agent to show you any property immediately you call them for the first time unless the agent is representing the seller or you have a contract with him. This is because real estate agency operation requires money. Therefore, avoid wasting the agent’s time if you are not ready to write an offer or pay upfront.
Agents Get Kickbacks from Lenders / Title / Inspectors
False. Real Estate Agents have been prohibited from receiving any incentives, favor or kickbacks from real estate vendors. This is illegal under. A lot of agents would not accept to lose their license by violating these laws.
An Agent’s Property Inspector Will Usually Benefit The Agent
False. Many seasoned real estate agents would prefer transparency in their dealing. Any agent worth her salt wants disclosure. This is for their professional good and caters for the customer’s welfare. This is why it is prudent for agents to disclose all material facts about the house.
All Real Estate Agents Get A Lot Of Cash
False. The average annual salary for an agent is about $ 36000m p.a., with every broker closing with an average of four deals annually.
Agents Sell Their Property for More Cash Than That of Clients
False. Seasoned agents and producers do not spend more time when it involves their property. They are better informed on the market jargons than the average vendor is, because if the property is expensive, then you cannot dispose of it within a reasonable time.