Most people only buy or sell a home a few times in their lives. As such, most people only hire a real estate agent a few times in their lives. Perhaps this is why there are so many false myths and misconceptions about real estate agents and why these misconceptions seem to be so prevalent. If you will be house hunting and hiring an agent in the near future, you deserve to know the truth — so here it is!
Misconception: Your real estate agent will keep 6% of the home sale price.
First of all, the seller is the one who is responsible for buying the services of real estate agents. You, as the buyer, get to enjoy the services of a real estate agent at zero cost. The seller will pay 6% of the total sales price to the real estate agents — note that the word "agents" is plural. Your real estate agent that you've enlisted will keep half of that amount, or 3%, and the seller's agent will keep the other 3%. Keep in mind, too, that your real estate agent does not get to keep their full 3% as profit. They will give a certain percentage of that fee to their real estate office.
Misconception: Your real estate agent will tell you what home to buy.
A real estate agent will never say "you should buy this home!" You, and you alone, are responsible for deciding which homes best suits your needs. What a real estate agent will do is provide you with a list of homes that meet certain criteria that you've told them you are looking for. They will take you to see those homes and listen as you give feedback about what you like and what you don't like. When you find a home that feels like the best one for you, then you will tell the agent, and they'll submit an offer on your behalf.
Misconception: Your real estate agent will primarily show you homes that they have listed.
Some people assume that when they sign on to work with a real estate agent, that agent will primarily show them homes they are selling for other clients. But this is not the case. In fact, it is considered a conflict of interest for an agent to represent both the buyer and the seller, which means your agent will generally prefer to show you homes being sold by other agents. If you are interested in a home that your agent is selling, they may be able to work as a dual agent and try to be as impartial as possible, but most agents prefer to avoid this approach whenever possible.
Hopefully, you now know a little more about the reality of hiring a real estate agent to represent you. Enjoy the house hunting process; it can be fun! For more information about hiring a home buying agent, contact a local realty office.
Share23 October 2020
When you decide you want to sell your home or buy a new one, you will need to hire a real estate agent to represent you. A good agent will do most of the legwork as far pricing the home, creating a listing, and advertising the home goes. However, you will need to work beside them and make decisions along the way. We've created this website to give the average home seller or buyer a little more insight into the world of real estate. Learn how to find a good agent, help them do a better job for you, and navigate the sale process in the articles presented on our pages.