People tend to make assumptions about REALTORS®, largely because of the nature of a commission-based salary and the large sums of money that trade hands. While there isn’t much mystique associated with the real-estate industry, there are certainly a lot of misconceptions. Below are the top five myths about REALTORS®.
1) REALTORS® benefit when their client pays more
Though much of a REALTOR®’s salary comes from commission, that doesn’t necessarily mean it’s better for REALTORS® to push their clients into a more expensive sale. For example, if a REALTOR® can find a way to save their client $10,000, that would only equate to a $150 loss in their commission. Since REALTORS® depend heavily on word of mouth advertising, their clients’ satisfaction is worth the minor monetary loss.
2) REALTORS®’ fees are final
People often think that all real estate fees are set in stone, but in reality this is not the case. In fact, you can negotiate with REALTORS® regarding their fees.
3) The best REALTORS® have the most listings
People tend to judge REALTORS® by the amount of business they do, meaning that the more transactions they conduct, the better they must be at their job. However, there are many reasons not to sign with the busiest REALTORS® in town, including:
- Usually, their time is more heavily divided, which means less time for you
- REALTORS® with fewer clients are better equipped to deal with your personal needs
4) Home inspectors recommended by REALTORS® will always favor the REALTORS®
By law, REALTORS® must disclose all material facts. Therefore, inspectors will always favor full disclosure, if not for the satisfaction of the client, than for fear of legal recourse.
5) Buyers get a better deal if they call the name on the For Sale sign
Most people assume that the listing REALTOR® can give the best deal, but this is not always the case. In fact, the REALTORS® on For Sale signs are contractually obligated to get the best deal for their sellers. That doesn’t mean that you can’t work out a fair deal that satisfies both parties, but it does mean you should be careful disclosing any confidential information to a REALTOR® listing a property that you are interested in.
What have you heard about REALTORS® that you know is not true? We want to know!
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