There’re a lot of misconceptions about how the real estate business works, commission rates of the real estate agents, agency relationship, etc. In this article, I’ll try to debunk a few of these misconceptions and myths about real estate agents.
Top 3 Myths about Real Estate Agents
1. All Real Estate Agents are Equally Qualified
A good real estate agent can make a big difference by saving you time and money. So, when you’re searching for a real estate agent, always go for an experienced real estate agent who lived or worked in your desired area for at least 10 years or more. A well experienced and knowledgeable real estate agent knows every block of where you want to buy your property. He or she can tell you every detail of each property, starting from previous transactions, previous owners, history, etc.
On the other hand, if you choose a new real estate agent, he or she will face difficulties finding information about specific areas and sometimes it may take several months to make any deal.
The bottom line is always look for a well experienced and knowledgeable real estate agent who has worked for several years in the real estate industry.
Hence, this myth is false.
2. Real Estate Agents Will Say Anything to Sell the Property
Some real estate agents may feed you lies, but all real estate agents aren’t the same. A well experienced and reputed real estate agent won’t lie to you about any property. You should remember that if he or she wasn’t honest, he or she wouldn’t gain the trust of previous clients. Also, if they were caught telling a lie, they would have already lost their license to sell real estate. Giving false information about any property is against the real estate law of their state, and if anyone is found doing it, that real estate agent will surely lose the license.
This myth is also debunked.
3. You cannot Change the Real Estate Agent after Signing the Contract
If you want to sell your property, you sign a contract with a real estate brokerage or an agent. But generally, buyers don’t sign any contracts with a real estate agent. A real estate agent works for free for the buyer, and if he or she manages to give the buyer a deal, then he or she gets paid. Sometimes, a real estate agent doesn’t get paid from the buyer and works for free.
Before signing a contract with a real estate brokerage or agent, always sit with the agent and try to understand the mindset of the real estate agent. The main mantra of success here is “GO SLOW.” Don’t jump to a conclusion and sign a contract. However, if things don’t go accordingly with your real estate agent, you can terminate the contract at any time, and sign a contract with another real estate agent who understands your demands. So, this myth is also false.
