Many websites will cater to the public when it comes to the real estate industry. For the most part, there’s a lot of information about the real estate industry that needs to be covered, and it might have a steep learning curve for a lot of individuals.
Most real estate agents usually take four to six months to train in this industry before taking an exam. Even then, there are still many hoops and processes that these agents will have to go through before being considered professionals in their field.
Like any industry, the real estate industry will also have its myths and misconceptions, which are usually bred from rumors and unverified information surrounding most communities. As such, we’re here to help clear up any misconceptions and uncertainties that people may have before they start hiring someone from these industries.
Debunking Myths
If you’re planning on selling your home before a specific date, there’s no secret that you will have to be quick on your feet when getting new potential buyers. Some real estate firms are known for selling your home fast in different parts of the country.
Agents Love Big-Time Deals
Myth
Most of the time, people will have a common notion that the bigger the deal, the more an agent will make.
Reality
Although most agents can profit from selling a house, the percentage that most will get from selling one is so quite negligent that the difference between a home that $10,000 more expensive will only land an agent around $150 in commissions. Most agents don’t necessarily focus too much on the commission’s difference: true professionals will focus more on getting the job done and making the client happy.
The Less Commission There Is, The More You’ll Save
Myth
This myth usually comes from brokers that like to offer discounts by claiming that there’s a discount, the more that they’ll be able to save.
Reality
In reality, full-service agents will not discount their offers since it’s unnecessary and won’t change much. On-call agents real estate agents don’t necessarily have the tools and means needed in the same way as full-time agents have. Most of the time, full-service agents tend to get higher offers. That said, a -2% commission reduction isn’t necessarily a lot compared to a discount of 10% since the agent isn’t able to have the necessary means of marketing exposure.
Home Inspectors Lean Towards Agents
Myth
There are home inspectors that will “doll up” a report to get the most value out of a home for real estate agents.
Reality
The last thing that agents want is being sued for non-disclosure of something they are not aware of. So they must know the ins and outs of the home, including the history, the structural issues, and previous owners. Safety hazards are grounds of legal action if not known by real estate agents.
Agents Will Say Anything To Close the Deal
Myth
Many people will think that real estate agents will usually say anything to close off the deal. Some agents will fabricate some facts and lie to you regarding some aspects of the property. However, this an unfair point to make for the majority of the industry.
Reality
The top-producing real estate agents in the industry will be honest and truthful with the information that they give to their clients. Building a professional rapport with their clients can help build long-term relationships and open up more business prospects.
It’s important to note that real estate agents go through a rigorous training process of learning different aspects of the industry. Most agents know that fabricating facts can lead to legal actions that are against the law. Suppose an agent is caught fabricating facts about specific subjects related to the real estate industry. In that case, this could lead to immediate termination, prosecution, and loss of their license in selling properties.
In summary, there are many misconceptions about the real estate industry, and these are just the tip of the iceberg. It’s crucial to take a step back and your background research on the real estate agency you’re planning on hiring. Remember: real estate agents are only human, and they do make mistakes themselves, but that doesn’t mean that their mistakes should reflect the industry.
When interacting with real estate agents, you must treat them with the same level of respect and professional decorum as you would treat everyone else. Real estate agents are vetted professionals and have gone through several processes to deliver accurate information while ensuring that their clients are satisfied.
