Real Estate Myths

Buyers and sellers often have misconceptions regarding real estate agents. It’s important to mention that at least two agents will be involved in every real estate transaction. One for buyers and one from sellers.

Commission percentage:

Many people believe that the agent pocketed all of their commission.

Fact:

The seller is responsible for the commission. They divide it among the brokerages and agents in 4 ways. Sellers may negotiate for it.

Agent problems:

You are committed to an agent once you start working with them. If you are a seller, you sign a contract.

Fact:

If things aren’t working out, it’s possible to ask the agent or the brokerage manager to release you from the agreement early. Buyers don’t usually have to sign a contract.

Buyers may use the agent that sold their house:

Buyers can now get everything they need today, including food, transportation, and even a flight. Buyers assume they can buy real estate online since most property listings can be found online.

Fact:

First-time buyers and those who are unfamiliar with the area don’t know much. They need an advocate. The agent representing the seller must negotiate the best price and terms. If the seller works directly with the agent, it is considered a conflict of interest. Great buyer’s agents are those who live in the immediate area.