Monday 12 August 2013

Common Myths About Real Estate Agents

Common Myths About Real Estate Agents

If you have ever thought about buying or selling a home you have more than likely heard common misconceptions about dealing with a real estate agent. As with any industry, there are good and bad reputations built. Someone you know may have chosen the wrong agent and skewed your view, or you may have read an article about a bad experience when trying to buy a home.

But as with any here-say, there are common myths that are simply untrue.

Tardiness Should Be Expected

This is a common misconception in most industries. Tardiness is a personal flaw rather than a professional expectation. A real estate agent is no different than a cable installer.

If they are consistently late, it is because they are unprofessional and disrespectful, it is not because they are a real estate agent.

An Agent Will Attempt to Increase the Price to Make More Money

Even though it is true a real estate agent makes their paycheck on commissions, their commission scale rarely adds value to increasing the price. An agent is less likely to raise the price and risk losing the sale than to make the commission by getting you the best price. The agent makes an average of 2.5% on each sale.

If the listing price of a home is $200,000, the agent makes a commission of $5000. It would not be in the agent's best interest to raise the price to $210,000 and risk the $5000 commission for an extra $250.

An Agent MUST Show You Homes When Demanded

As with most customer service/sales industries, real estate agents have the right to refuse service to anyone for any reason they deem necessary. Simply calling and agent and demanding they show your properties won't cause them to jump into action. The amount of time and effort spent on showing you the various neighborhoods and homes for sale is time away from guaranteed sales. If you are serious about purchasing a home, sign a contract with the agent before asking to be shown around.

The same can be said for the listing agent of a home. Unless you are represented by another realtor, the listing agent of a home may not meet with you just because you want to "tour" the home for sale. Agents can't afford to work for free and without a sign of serious interest, you are simply asking them to take time away for a "maybe interested" buyer.
Keller Williams Number 1 real estate company-2

Home Inspectors Hired by Agents Will Favor the Agent

In real estate, full disclosure is a necessity. Any agent with a good reputation will want the truth and only the truth. Falsifying an inspection for a sale could result in blemishing an agent's reputation and any future business. If you truly have doubts regarding an inspection, get a second inspection before making accusations about the agent.

Agents will do anything for a Sale

Though an agent may indeed go above and beyond to get a sale, a reputable agent with a strong history of production would rather lose a sale than to tarnish a reputation built over years of hard work. As with any profession, there are some bad eggs, and they are often easy to spot. Before you choose your agent, do as much research as you can on how the agent conducts him/herself and request any proof of success and reputation you can get. A little due diligence can go a long way when choosing an agent to trust your purchase/sale to.

There will always be less than favorable experiences with any company, industry, or professional service, however, painting an entire industry because of a few bad eggs will deter you from learning how to choose the right agent. Choosing an agent is the same as choosing a mechanic, one bad experience shouldn't stop you from trying again with someone new.

In conclusion, navigating the real estate market can be daunting, especially when faced with common misconceptions about working with real estate agents. While negative experiences may exist, it's important to recognize the myths and separate them from reality.

Tardiness should never be expected or tolerated, as professionalism is key in any industry. Additionally, the belief that agents will inflate prices for their own benefit is unfounded, as their primary goal is to secure the best deal for their clients.

Furthermore, it's essential to understand that agents have the right to refuse service and that demanding immediate attention without a commitment may not yield the desired results. Likewise, the notion that inspectors hired by agents will favor them overlooks the importance of honesty and integrity in the real estate profession.

Ultimately, while agents may strive to close sales, reputable professionals prioritize their client's best interests over financial gain. By conducting thorough research and due diligence, individuals can find trustworthy agents who will guide them through the buying or selling process with transparency and integrity.

Rather than allowing negative experiences to overshadow the entire industry, it's important to approach each interaction with an open mind and a willingness to find the right agent for your needs.

Post a Comment

favourite category

test section describtion

Whatsapp Button works on Mobile Device only