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Here are several of the craziest real estate myths that you need to know the truth about.
1. Real estate agents are paid on a salary. Actually, agents are paid commissions. They have to really work to complete a transaction so they can get paid. If the transaction falls through, they don’t get paid.
2. Real estate commissions are high. They’re actually not high because there’s a huge amount of liability involved. One out of every four lawsuits in this country is real estate-related. If you read a real estate contract, you’ll see all the potential pitfalls involved.
3. Agents keep all the commission. In reality, they don’t. A really good agent will earn 80% to 95% of the commission, but most agents only earn about 50%. Those same agents only make about $42,000 a year because they’re simply not very good.
4. All agents are the same. They are not. Our business is like any industry—certain folks operate with a high degree of integrity and are tremendous marketers while others aren’t. About 10% to 20% of the agents earn 80% to 90% of the commissions. The rest are part-timers.
5. The standard commission is 6%. All commissions are negotiable, and the commission percentage of a transaction depends on the variables within that transaction.
6. The broker pays the agent’s expenses. The agent pays all of their own expenses.
Don’t believe everything you hear about real estate agents.
7. A house either “passes” or “fails” its inspection. The inspection isn’t a pass/fail scenario—no house is perfect, and an inspector will always find something wrong. It’s always a matter of negotiation between the buyer and the seller as far as what gets fixed.
8. Serious buyers come out on weekends. On the contrary, the most serious buyers come out on weekdays. Serious buyers come out during the weekend too, but most of them come out during the week.
9. If you overprice your property as a seller, you can always come back down. The best thing you can do is price your home at a fair market value right from the start to entice buyers and negotiate from there.
10. If you’re a buyer, lowballing your offer is a great strategy. All you’re going to do if you lowball a seller is insult them. They’ll likely not want to negotiate with you after that. Offering a fair price is always the best thing to do.
11. Sellers with homes that have been on the market for a long time are desperate to sell and more willing to negotiate. Again, this depends on the circumstances.
There are plenty of other myths out there surrounding real estate, so if you have any that you’d like to ask me about that I didn’t answer today, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.