As I continue my series, on common myths and misconceptions regarding the buying and selling of real estate I'm please to present another set of myths and conceptions.
- Buyers have to pay a real estate agent
This misconception is quite common in today’s market. Many buyers believe when they work with a real estate agent, it will cost them money.
Actually, in many areas real estate agents work with buyers for free. The agents fee is paid by the seller when the property is sold and closed.
- Going directly to the listing agent will save money
Often, a buyer will want to go directly to the listing agent in the hopes of saving money by negotiating or asking them to lower their commission.
Having your own buyer’s agent represent you helps when purchasing a property by having an experienced negotiator guide you on what items are negotiable, price and other ways to save you money.
- Working with more than 1 agent is ok
This extremely common misconception is one of the most wasteful of all. When working with an agent as your representative, it is vital that you work with just that one agent.
Most real estate agents work very hard for their clients. Their expenses tend to be quite high just getting clients: website fees, administrative fees etc are just a few of the costs real estate agents incur in their business.
If your agent is unavailable for any unacceptable reason, rather than contact another agent to show you a few homes, perhaps instead you should be contacting an agent who will work for you when you need them.
- Listing with a friend/relative will save me money
This misconception can be quite damaging to a relationship. First off, if the agent is a friend and have agreed to reduce their commission, are you certain they are still able to market your property correctly?
Also, an interesting issue that often arises when working with friends or relatives – if your property does not sell and you believe you are not being represented appropriately, will you be able to fire them and hire an agent who will?
You can always ask your licensed friend to help you find an agent so they can receive a referral fee.
As you can see there are many misconceptions about buying and selling real estate, working with an agent as well as the procedures involved.
When you’re looking to purchase or sell a property, get as many facts and information from licensed sources. This will ensure you not only have accurate information, but also can make an educated decision on your next property purchase.
Don't be afraid to contact several agents before making up your mind which you prefer to work with, they are there to answer questions and guide you the best they can
If you'd like to read the original article, you can read more about Common misconceptions about buying and selling real estate
If you're interested in purchasing or selling a home or condo in Panama City or Panama City Beach contact Jennifer today!. Directly: (850 ) 774-6582.
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