There are many different ideas the general public has about real estate agents. The most common misconception is that agents make money for doing nothing. In fact, agents do a lot of work on a day to day basis that most people, including their clients, don’t see. Here are few other common misconceptions:
1. The biggest name is the best name
Most people try to choose the agent with the most listings. They think the realtor would have better connections, and that’s true. However, a busy agent will have less time to devote to your specific case. Compared to what probably amounts to a one-off payday, they might have regulars who will always take priority over your business. Go for the agent with the better reviews instead. They all have access to the same information, so what matters is the amount of effort they’re willing to put in for you.
2. Agents will do anything to make a sale happen
First of all, if an agent knowingly withholds or falsifies information in order to get a sale done, they are subject to lawsuits. Second, a bad review or a lack of references could sink a realtor’s ability to do business. A customer who gets duped into buying a home will eventually realize the truth, leading to a black mark on the realtor’s reputation. Better to have you walk away happy and possibly bring them more business in the future.
3. You shouldn’t tell your agent everything
Yes, some agents will only show you the most expensive houses and try to force them on you once they know your budget. However, the vast majority of them don’t have the time. Tell your agent your price range and expectations, and they’ll get you the best deal they can. If you don’t, you’ll both be wasting precious time and effort while most likely ending up compromising.
4. Real estate agents are extremely wealthy
While that may be true for the lucky few, most realtors make less than 36,000 a year. That’s enough for a decent living, but hardly what you could call rich. A realtor might make a good amount per commission, but the number of deals they actually manage to close down is extremely low, so don’t think you’re putting your hard-earned money into deep pockets. Chances are, they’re not that different from you own.
5. Real estate agents have easy schedules
While it’s true that realtors don’t have to punch timecards or be in the office from 9~5, they are at the mercy of their clients. They must be willing to get to meetings and come up with houses to check out at a moments notice, including on weekends. In a business where promptness communications are so important, real estate agents often have to sacrifice their own schedules to fit that of their clients. Their schedules are flexible, but not easy.
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