5 Common Myths About Working With a Real Estate Agent

Posted on Wednesday, June 10th, 2015 at 7:13am.

It is essential to know and learn the ins-and-outs of working with real estate agents. This will ultimately lead you to have a better home-buying or selling experience. People who have had bad experiences with real estate agents would not mind reaching heights to criticise the profession as a whole.

Most people have their own opinions about real estate agents and the real estate industry in general. However, just like any other job, there are a few bad seeds that can spoil perceptions of the industry, and they should not be taken as the general occurrence. Hence, when you're searching for an agent, you should look at the facts and compare your options carefully. It is helpful to look at some common misconceptions floating around and compare them with the truth.

  • Myth 1: I can find more homes for sale by calling lots of agents

If you are looking for a home in a specific area, and the agencies belong to Multiple Listing Services, that means all the agents in that area have access to the same properties. Small-town agents might work a multi-county area. In such cases, ask your agent which areas he covers. Agents who work in a city may restrict themselves to certain neighborhoods or subdivisions.

Make sure the contracts are worded so that areas and duties do not overlap if you sign agreements with more than one buyer's agent. For instance, a particular agent may work with you only in County A. Similarly, another agent would work with you covering only County B.

It is advisable to work with an agent in your area whom you like and stick with that agent because researching and showing properties definitely is time-consuming.

  • Myth 2: Agent with the most listings in town is the best agent to hire

A vital question that you should ask yourself is, if an agent has many listings to deal with, how much time would he have for you (buyer) when you might want to look at properties?

Because of this, many top agents are teaming up with different agents so that time is not an issue. Being a buyer, you should, without any hesitation, ask your agent if he would have enough time to actually show you various properties.

An agent working with fewer clients will have your specific needs in mind constantly. Therefore, a new competent agent can be as effective as a seasoned professional. Hire an agent who has both skills and time for you, instead of an agent having only a lineup of listings.

  • Myth 3: Real Estate Agents will say or do anything to make a sale

It is natural to know that there are some liars in the real estate industry, just like we have liars in almost all kinds of industries. However, a majority of agents are quite honest, because they know and understand how important buying or selling a home is.

An agent has to earn respect professionally by having explicit and honest relationships with their clients and peers. Such a practice helps an agent tread the road to success, which is much more profitable than lying. Many veteran agents and top sellers clearly know that any lying or misrepresentation can put their career in jeopardy.

  • Myth 4: The more money you sell your house for, the more your real estate will earn

Usually, people have this misunderstanding when they do not know the commission system. It doesn't matter if your house sells for $788,000 or $790,000, as this will hardly affect your real estate agent's pay cheque. There is no need to be suspicious and think that your agent is trying to make a high commission.

  • Myth 5: If you enquire about a home, real estate agents should show you that home

Agents generally have a very busy schedule. Merely showing interest in a house does not mean that your real estate agent should stop what they're currently working on in order to meet you and show you the property. So, unless you are planning on making an immediate offer, you shouldn't expect your agent to drop everything and show you a home immediately.

Knowing some of these misconceptions, you will perceive that most agents are honest and straightforward in their dealings. Nevertheless, it is important to search for the right real estate agent who can clearly understand and represent your needs, but at the same time, you don't have to be worried about encountering a dodgy agent because very few actually exist.

3 Responses to "5 Common Myths About Working With a Real Estate Agent"

What Questions Should I Ask a Prospective Real Estate Agent Before Hiring Him? wrote: [...][...]

Posted on Friday, June 12th, 2015 at 6:53am.

Ron Dean wrote: Can a real estate salesperson sell a property he has listed, in other words, can be do both tasks legally

Posted on Thursday, September 15th, 2016 at 8:39pm.

Jerad Cox wrote: Hi @rondean - great question!

A Realtor can represent both the buyer and a seller in a transaction in the Province of Alberta. This is ONLY allowed if both buyer and seller agree in writing. At that point the deal is done under what is called 'transaction brokerage', where the rules of information disclosure changes a little bit to keep the Realtor objective and to not provide any undue advantage to each party. Hope this information helps! J

Posted on Friday, September 16th, 2016 at 10:53am.

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