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 how agents work, how the process works, and what 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.
Now, let's debunk the top myths, be it of the buyer’s or the seller's side.
1) Agents keep all of the commission.
Many people believe that agents keep the entire commission. This is not only inaccurate, but also far from the truth!
The truth is that as soon as the seller pays the commission, it gets split between the two brokerages where the agents work and the two agents representing the buyer and seller.
Moreover, the commission for brokerages is not fixed, and sellers, by all means, have the right to negotiate it.
2) You get stuck once you choose 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 that agent until the term is completed. But what if we told you that isn't the case?
To put it simply, if things are going south, it is possible to ask the agent or the 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 any issues to the notice of the brokerage as soon as possible.
We recommend setting up an agent/brokerage consultation (via call or in-person) before signing your agent contract. It's also not a bad idea to read online reviews to determine if an agent and brokerage suit your needs.
3) All agents work in the same way.
We agree that the general process of buying or selling is 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.
At JPAR Rocket City, we call our agents the CEO Agent. We encourage them to see themselves as the CEOs of their own independent businesses, and we provide the tools and support to make that possible. This means they are in the best possible situation to serve you!