Both buyers and sellers enter the world of real estate and they have many misconceptions about the real estate agents. This is because many of us don’t really understand the work of real estate agents and their entire process. Some people are not even aware of the fact that there are often two different real estate agents working on the same property – one real estate agent working for the seller and other real estate agent working for the buyer.
Myths and misconceptions:
Therefore, without further ado, here are five myths and misconceptions that people have about real estate agents and the truth behind them:
Myth 1: Real estate agents always earn at least a 6% commission on the real estate transaction
This is not true all the time. And, otherwise – this is a very inaccurate statement to make. This statement assumes that the real estate agent is the only person getting any commission. The truth is, that any and all commission on a real estate transaction is shared between 4 people – the 2 brokers and the 2 agents. In addition, this commission is not set to just 6% all the time and is open to negotiation.
Myth 2: Once you sign an agreement with an agent – you cannot get out of it
If you are selling your house, typically, you sign an agreement with a real estate agent (and a broker). The agreement will include a term period which is anywhere between half a year to a full year. Signing such agreements means that you will only work with that particular real estate agent for the term period and that you cannot work with anyone else (as far as that real estate transaction goes) while your agreement lasts. However, this is not the case all the time. Sometimes, if the agreement does not seem to be working out for either party, it is very much possible to renegotiate and get out of an agreement. This really depends upon both the parties involved in the agreement but – it can be done.
Myth 3: All real estate is the same – equally good and equally bad
This could not be any further away from the truth than it already is. Just like every person is different – so is every real estate agent (they are people too, after all). So, find the right real agent for yourself. Find the real estate agent who works the best for you. Investing time in this can help you save both time and money in the longer run. It is well worth looking for a local trustworthy real estate agent.