You can get a better deal on a home if you spin around on one leg counter clockwise while eating some shaved ice.
I hope none of you actually believed the statement above. Then again, shaved ice is pretty good on a hot day! :D. But instead of perpetuating real estate myths, I intend to break down common myths and misconceptions about using a Realtor.
Common Myths and Misconceptions About Using a Realtor
As a Realtor, I must tell you there is a lot of misinformation out there about my profession. Let’s get started busting a few myths and misconceptions about Realtors.
1. All Realtors are shady and are only looking out for their best deal, not yours.
While this could be true of some Realtors, most are just trying to sell homes and make a living. About 80% of the time, people recommend Realtors to their friends based on their own experiences. I don’t know anyone who would recommend shady professionals to their friends and family. As such, being shady doesn’t provide much repeat business for a Realtor.
2. Realtors from one brokerage or agency can’t show me homes listed by another agency.
All homes listed on the Multiple Listing Service (MLS), and even homes For Sale By Owner (FSBO), can be shown by your Realtor no matter what company they work for.
3. To see more properties in the same area, you should visit multiple Realtors.
All Realtors have access to the MLS and can show any of the homes listed there. If you visit multiple Realtors, chances are you will be looking at the same homes multiple times. The only exception to this is the fact that popular Realtors in an area may have pocket listings that are not on the MLS. “A pocket listing or hip pocket listing is a real estate industry term used in the United States which denotes a property where a broker holds a signed listing agreement (or contract) with the seller, whether that be an “Exclusive Right to Sell” or “Exclusive Agency” agreement or contract, but where it is never advertised nor entered into a multiple listing system (MLS)” ~Via Wikipedia
4. The lower the commission you pay your agent to sell your home, the more money you will make.
This can be true in some cases, but the most successful agents can market your home for more money, offsetting their commission.
5. Agents receive compensation from lenders, title companies, and inspectors.
Nope, not at all. In fact, this has been illegal since 1974 when the Real Estate Settlement Procedures Act went into effect.
6. Agents should tell you about crime, ethnic makeup and schools in the neighborhoods you’re looking at.
This is also a big no no. Federal fair housing laws prevent it. But your agent should be able to point you to where you can find information on a city or neighborhood in the United States.
7. You can get a better deal on the home if you work with the listing agent or owner directly.
I am sure there have been “better” deals made this way, but in general you want to work with your Realtor. Your Realtor works for you, so their job is to make you happy. The selling agent works for the seller, so they want to keep the seller happy. Makes sense, right?
8. You must sign a buyer’s agreement as written.
Buyer’s agreements serve to make sure your agent works hard for you since you will be buying a home through them. I know I work very hard for every buyer that has committed to my service. Buyer’s agreements can be based on area or even a specific home. Read the agreement, and make changes as needed.
9. All real estate agents drink coffee and energy drinks.
I love my morning coffee, but not every agent enjoys caffeine every morning. Although, it certainly helps during those long Saturdays of showing homes from Nephi to Gunnison.
I hope these answers clear up misconceptions about Realtors and help you with the purchase or sale of your next home. After all, buying a home should be exciting and rewarding.
Have you heard a possible Realtor myth or misconception and wondered if it was true? Let me know in the comments, and I’ll break it down for you.