Buyers and sellers often make their way into the market, unprepared, and with a lot of misconceptions about real estate agents. They are not aware of the technicalities of how they function, how the process is done, and what does an agency relationship means.
Allow us to point out that there are always two agents involved in a real estate transaction. While one represents the buyer, the other one stands for the seller.
In this article, we have taken upon the responsibility to debunk the top myths when it comes to real estate agents, be it of the buyer’s or the agent’s side.
1) Agents keep all the commission
Many people have this assumption that agents get to keep the entire commission. Well, this is not only inaccurate but also far from the truth!
So, what’s the truth? Keep on reading!
The truth is that as soon as the seller pays the commission, it gets split between two brokerages and the two respective agents.
Moreover, the commission meant for brokerages is not fixed, and sellers, by all means, have the right to negotiate it.
2) You get bound and stuck once you start with an agent
A seller usually signs a contract with the real estate agent and their brokerage. The contract comes with a term ranging between six months to a year.
It is a misconception that once you have signed the agreement, you are forever stuck with the agent until the term is completed. But what if we tell you that it is not how it looks like?
To put it simply, if things are going south, it is very much possible to ask the agent or the concerned brokerage manager to release you from the agreement earlier than the term.
However, make sure that not too much time passes and that you bring it in their notice pretty soon.
Also, it best to first consider a consultation session via call or in-person as well as go through online reviews to determine if they suit your needs.
3) All agents work in the same way
We agree that the general process of buying or selling is obviously similar. However, it does not mean that two agents have a similar approach to real estate.
In fact, it is wrong to generalize and lump them into the one bunch, like it is in any other profession.