Myths about real estate agents confuse more than help the public. False assumptions also result in the industry being flooded by misinformation. Stop believing the myths that don’t keep you on the right track but send you to a never-ending loop of false information. Today, let’s debunk the most common myths you might still believe about real estate agents.
Starting With an Agent Means You’re Stuck With Them
This erroneous myth is causing so much confusion to the public and those who are unfamiliar to the industry might easily believe and turn away from getting an agent who can answer important estate planning questions to help sell a home.
Here’s the thing. First, you sign a contract with the agent and his brokerage if you’re the seller. It typically includes a term period of between six months to one year. When you sign the agreement, you can be stuck through the term, but that’s not default. In fact, you can ask them to release you from this agreement if things aren’t working out the way you want them to be.
In the case of buyers, they’re seldom under an agreement, but their agents are working for free until they (buyers) find a home to buy, sometimes taking as short as a month or as long as one year. The agent is unpaid at this time.
Nevertheless, you should start slow and let them know early on if you don’t feel comfortable.
Real Estate Agents Get Salaries, Plus Commissions
Another myth to debunk, this has been around for a long time – with the public thinking that agents are making an easy living. This is opposite from the truth. In fact, real estate agents do not get base salary or reimbursement for the money, gas, and time they have spent regardless of the deal’s outcome. They don’t get reimbursement for countless property trips, let alone for the effort and time spent on hundreds of messages and weeks of problem solving, advice, and research.
Real estate agents are going to laugh loudly at this myth because a majority are earning less than their clients do.
Do remember that these professionals are relying on commission. While many would earn a large commission during a market boom, they have to save for the lean months. And when that comes, some of them may barely be surviving.
But if you think your agent is pocketing the entire commission, you can contact an experienced estate planning lawyer to address your matters.
Agents Sell Estates to the Most Serious Buyers on Weekends
Many assume that weekends are when the most serious buyers buy a home. Contrarily, these times do not bring out a majority of the ready-to-buy buyers.
In fact, nosy neighbors and voyeurs are who mostly come to open-to-the-community events. They come to see how other people are living and are finding new home decorating ideas. So the truth, serious showings are happening during weekdays. Just like in many markets, weekends are also too late a time to look at any properties of interest.
All the Real Estate Agents are Equally Good
Many people think that all agents are the same and that one is as good as the other.
Do not settle, because a local agent can make a big difference. A good one can protect and save you time. For this reason, you should compare your options well when choosing a real estate agent. You may want to select one that’s knowledgeable in the same town for at least ten years. Compare these agents to one that has been only visiting the area using his GPS when moving around.
There are also agents that are more interested in making a sale while the others are into building long-term relationships with their clients.
In all cases, no two agents are the same in their approach. For this reason, it pays off to study and compare your options when finding a real estate agent. You may also want to check on their achievements and presentation styles.
Real Estate Agents Work Less Than Other Professionals
Many people believe that real estate agents make more money fast – because they’re motivated by the deal most of the time. But this is a common myth that you must stop believing about them.
While many might be thinking that working in the real estate industry is a glamorous job, it’s not always. They also don’t work less than other professionals do.
In fact, they also have to put their clients’ needs first before their needs. And as they also need steady income flow, they have to work hard in having a steady client base through marketing. They also need to answer the question as to why people have to choose them over other agents. So again, real estate agents do not work less than other professionals do.
There you have the most common myths you still believe about real estate agents and truths that you need to know now. Again, things such as they’re working less than other professionals, getting salaries plus commissions and selling to the most serious buyers on weekends, to name some, are untrue.