6 Myths And Misconceptions About Real Estate Agents
Buying and selling of property is a complex process as there are a lot of negotiations and paperwork involved. A real estate agent can simplify things by acting as a bridge between the buyer and the seller. A majority of real estate transactions involves two agents, one for the seller and the other for the buyer. The role of the agent is a critical one he ensures that the transaction is streamlined at both the ends. However, there are several myths and misconceptions about real estate agents that need to be debunked. Let’s check them out.
The agents make high commissions on property transactions
It is a common belief that agents only care about their commission and they make a lot of money on property transactions. The higher the transaction value, the more money they make. But you will be surprised to know that despite all the hard work they do, agents do not pocket the entire commission amount. The amount earned in the transaction is split between the two agents and the brokerages involved, which means that it is not really as much as you believe.
- They hide facts to make a sale
Real estate agents have earned a bad reputation for hiding facts and information while making a sale. Only a few unscrupulous ones are to be blamed for making a sad impression of the entire profession. The truth is that they are legally bound to disclose full information and issues about a property to the buyers. If they fail to do so, the buyers can drag them to the court. In case proved guilty, they can be fined or may even lose their license. Experienced agents adhere to the rules and ensure complete disclosure of information.
- It is easy to manage transactions without them
Buyers and sellers are tempted to believe that they can manage a property transaction on their own and save all the money they would otherwise have to pay up for commission. But they fail to realize that buying or selling real estate is easier said than done. Whether you are a buyer or a seller, you will have a hard time while searching online for properties, going around looking at the options, negotiating with the other party or doing the legal paperwork. With a trusted partner like HomeInMeridian Houses for sale by your side, you can have complete peace of mind, with every single thing being handled by experts. Agent commission is a small price to pay considering that all the hassles involved in the transactions will be reduced to the minimum.
- They want to cut the deal and simply vanish
Another misconception about real estate agents is that they just want to cut the deal and simply vanish. This profession is not about building long-term relationships but only about making quick money. However, this is a wrong notion as agents, like other professionals, want to build close ties and help their clients find the best and most profitable deals. It is just a few unprofessional people who have formed the wrong impression for the entire industry.
- Buyers can use the selling agent as how own
Many buyers are willing to use the same agent who is representing the seller because it sounds simpler and easier to them. However, it is better to have one’s own agent as working with seller’s representative can cause a conflict of interest, obviously in favor of the seller. On the other hand, having a dedicated representative is a much better approach as he can give proper advice and also identify the red flags for the buyer.
- All agents are created equal
If you think that all agents are equal and there is no benefit of choosing one over the other, you are absolutely wrong. Choosing a good agent brings lots of advantages, such as saving your money and assuring a genuine deal. They also provide comprehensive range of services and connect you with credible buyers or sellers. Look for someone who is reputed and has a complete knowledge of the local market. Read online reviews of local agents and ask acquaintances about them to choose the best one.
Having an experienced and knowledgeable real estate agent can be a great plus for anyone planning a real estate transaction. Avoid building false notions and impressions about them because the genuine ones are truly concerned about their clients and want to help them get the best deals. Know your agent well enough and trust him so that he can do the best for you.