Welcome to our blog series on the Top Ten Realtor Myths. Last Monday, we addressed the myth that Realtors are hired to "sell" homes. If you missed that installment, you can read it by clicking here. Now, let's move on to myth number two.

Once upon a time, Realtors were hired based on their marketing skill. Newspapers and home magazines were the primary means of advertising a property. Therefore, one or two photos and a brief description was all potential buyers had to go on. Realtors fielded phone calls, selling the features of their listings using flowery language and not a little exaggeration.

Buyers, for their part, had little or no access to information. They had to rely on the Realtor's description of the property and neighborhood when scheduling a showing. Once the perfect property was identified, a typical buyer had to rely completely on the Realtor to estimate its value. The information, and therefore the power, was in the hands of the Realtor.

Then Al Gore invented the internet and everything changed.

Now, buyers interested in a home can cruise through multiple photos, check out a virtual tour, view an overhead photo shot from a satellite, and pull up independent estimates of the property's value with the click of a button. Although the buyer still needs his Realtor's assistance with some aspects of the sale, the balance of power has clearly shifted to the buyer.

The rise of the internet also drastically changed the way buyers search for properties. A National Association of Realtors study found that just by advertising a listing on the Multiple Listing Service (now entirely internet based) and on a few key websites, a Realtor could reach over 60% of buyers. Put a sign in the yard and tell the neighbors, and you're well over 80%.

All Realtors have access to the MLS, major real estate websites, yard signs, and neighbors. Therefore, there is little differentiation between Realtors when it comes to effective marketing campaigns. Sure, a Realtor can offer to advertise your home on the front page of Sunday's paper or on a billboard across from I-4, but it won't be effective. It'll be done just to make you, as the client, feel like the Realtor is doing something.

So, if marketing no longer sets Realtors apart, what does? In this market it starts with pricing. Great Realtors thoroughly research a property before determining its value. They know the communities and how they compare. They have a well-thought-out pricing strategy designed to attract multiple buyers.

Next, great Realtors know how to negotiate. They know an attractive price is just the start and it's overall value to the buyer that matters. They know how to ask questions that probe a buyer's inner motivation for choosing a particular house. They know everything is negotiable.

Finally, great Realtors keep their clients' best interests in mind. They know the standard contracts backward and forward. They stay intimately involved in the closing process, anticipating problems before they arise. They fight to achieve the best possible outcome for their client.

If you are planning on interviewing Realtors to sell your home, don't focus on marketing. Instead, ask the Realtors about their pricing and negotiation strategies. Ask how they plan on making sure they achieve the best possible outcome for you. Listen carefully to the answers and then make your decision.

Thank you for reading this installment of our blog series on the Top Ten Realtor Myths. Check back on Thursday when we'll bust the number one myth. As always, your feedback is welcomed!