Investing money is the only proven way to gain large profits. Now, there are several types of investment that are dominating this field, but even though there is a huge hype over the crypto market and it is currently on the rise, one type of investment was and still is one of the best ways to make some cash, and no, we are not talking about the stock market, but about real estate one. Namely, this business has for some time been highly valued, as properties business simply cannot ever disappear. Of course, people who make that all possible are the agents, those responsible for providing the best service and finding the right property for the right person.
On the other hand, people often think about these employees and their job, in general, in a more negative way, but those opinions are mostly based on false information and gossip. Furthermore, there have somehow always been some misconceptions about the people in this line of work, and dishonesty is one of the big ones, along with that groundless but frequently used saying, “they are only out to take your money.”
Now, we don’t need to tell you how this makes the job of finding the right place to buy and call home much more challenging, and those who are looking to buy their first house are bound to come across a few common misconceptions about these agents. That is why the best thing someone in this situation can do is to avoid falling for the fairy tales and rumors before they know more about them and their work so that they can form an opinion based on facts instead of fabricated information.
So, in order to help you gather some facts, let’s go through the list of the most common myths about real estate agents that you should know.
You don’t need one
Among all other untruths, this one is most often used even though, in practice, it’s far worse to go house shopping on your own, without any advice or knowledge about the market. Some people might even convince them that it’s easy to find a house on their own and that they don’t need an agent. However, that’s not the case. Searching for a home is overwhelming as it is, and if you decide to do it by yourself, it can be a time-consuming and stressful experience, especially if it’s your first time. In reality, it will only make your job even more difficult, as there will be much more things to consider and keep track of.
There are many reasons why hiring an agent is better than flying solo. They’re more experienced and equipped with the resources they need to find you the perfect residence. If you’re looking to increase the efficiency, you might want to rely on powerful tools, like the Wahi showing guide, to write down any notes or questions you may have about the property and present them to your agent later on.
They will say anything to make a sale
These agents must adhere to a strict code of conduct and ethical guidelines if they want to survive in the industry, and one of the most important traits to survive in this line of business is honesty. That is why they will always disclose genuine information, and they’ll put the interest of their client at the forefront.
The whole concept is based on the reputation and experience of previous clients, which is why every real estate company and agent that wants to succeed or just to be competitive in this sometimes cruel and over-competitive market focus on the clients and their need above everything else. It’s simple, no one will risk their reputation, as once you get a bad rep, it’s almost impossible to overcome it. Besides that, referrals are of vast importance in this field, and having a good reputation means more clients.
They make a lot of money
Most people would probably think they earn a fortune every time they make a sale. It may come as a surprise, but some agents earn even less than the people they’re selling houses for, as they solely rely on a small portion of the deal in the form of commission, and even that is sometimes split in half.
As for how high the commissions are, the sum can vary but is usually between 3% and 7% of the final price. According to CREA (The Canadian Real Estate Association), members adhere to a code of conduct stating that commission rates or fees they charge for services offered to the public are solely the choices of the people providing those services. That also includes the division of fees among cooperating members.
They hide information about the property
No one can just fabricate information without any consequences, and the same principle is here as they are legally required to disclose any possible issues or problems regarding some place before any deal is actually made. The law is pretty strict here, and if they don’t do that, they might end up in court and be at risk of losing more than just their license. Furthermore, once they lose it, it is not easy to get it back because of the bad reputation, and not to mention all the fees to get one. Experienced agents know the rules down to the letter and won’t take any risks and hinder a sale by hiding information because it can easily be the beginning of the end of their career.
They can help you with the home inspection and guide you through the process, which will make buying the property much simpler. They’ll provide you with all the necessary information about the property itself, so you won’t have to worry about that or ask other people. Keep in mind that they are not obligated to share information about the neighborhood as it is something the home buyer should research.
They do not pay for transportation and marketing
Well, this simply isn’t true as they pay from their own pockets for gas, mileage, and other transportation expenses, as well as marketing expenses to make them present on the market. Trips to a listing, continuously checking on a vacant property, prepping for showings, or meeting vendor’s contractors are solely paid by them. Add to this gas, tolls, and vehicle maintenance, since they are not being reimbursed for any of this.
Don’t forget the marketing expenses that are also not reimbursed. They spend a lot of money on video production, digital marketing campaigns, websites, open houses, etc. All of the marketing is provided by the agents themselves, which means the sellers don’t contribute at all. In the end, it is a lot of money invested in their future, and it is crucial to understand that they need to pay for their expenses like other people.
It is not easy to sell houses and properties, especially if you are the agent who needs to face various misconceptions and myths. It is also pretty difficult for the buyers to finish the whole process because they have many unreasonable concerns caused by misconceptions. Because of that, it is crucial to be open-minded, learn more about the process itself, leave all the myths behind, and trust the person who is in charge of selling the house. It is the only way to get the maximum without worrying about unnecessary things and letting people do their job as they should.
If you think that houses are easy to sell, well it is probably better to think again. Real estate agents deal with all sorts of issues during the process of searching, presenting, and trying to close a deal, and people still believe in some myths about them. And trust us that those myths are not easy to debunk because people do not change their opinions easily. Note that most agents will make your home search simple and put in a sincere effort to get you the best deal, and it is crucial to trust that they will always find the best possible solution.