It is easy to believe misconceptions that you may have heard about real estate agents when you do not have enough experience dealing with them. A lot of people think that some real estate agents are greedy for a commission or that working with an agency can be very limiting. We’ll set the facts straight and tell you which real estate agent myths are not worth believing in.
Myth 1 – You Can’t Change Real Estate Agents Ever
There is no rule that says you’re stuck with the real estate agent or the brokerage that you’ve started with. As a seller, there is typically a contract when you sign up with a brokerage or a real estate agent but that usually just lasts for half a year to a year. More so, it is possible to ask to be released from the contract if things are not going the direction you want. If you’re a buyer, you really have no obligation to stay with an agent and can switch anytime.
Myth 2 – All Real Estate Agents Are the Same
It is simply not true that you can get the same results no matter who your real estate agent is. A knowledgeable agent or an area expert can make a world of difference for both home buyers and home sellers. The right agent can save you time, money, and effort because the right agent knows the local scene, what houses are truly good deals, and more. Local experts are often interested in building a real relationship with you because they want you to call them later when you plan to get a new house or sell what you bought now.
Myth 3 – Real Estate Agents Get Huge 6% Commissions All the Time
It is not accurate to think that real estate agents can pocket 6% commissions all the time because the commission paid by the seller is often split between the brokerages and agents involved with the sale. More so, the percentage of commission can range from 1% and up. You can find 1% commission real estate agents in Toronto via feeDuck.
Myth 4 – It Is Not Possible to Buy FSBO Homes if You Have an Agent
It is a common misconception that having an agent will prevent a home buyer from buying ‘For Sale By Owner’ homes but that can’t be farther from the truth these days. A few decades ago, a lot of home sellers tried to sell directly to buyers to avoid paying commission fees and that worked for them. However, with how complicated real estate is these days, both home sellers and buyers can save more time, money, and effort with the help of a good real estate agent. It is also a smarter approach to contact owners of FSBO homes via your real estate agent because the agent has more experience and knowledge with regards to buying a home.
Myth 5 – There is No Need for a Buyer’s Agent if the Seller Has an Agent
Perhaps you’re thinking that you can save money on commission by having just 1 real estate agent but note that the seller’s agent is only responsible to protect and advocate for the interests of the seller and not of the buyer. To avoid overlooking details that can lead to future problems, it is smarter to have your own real agent represent you no matter what side you are on when dealing with real estate.