When it comes to real estate, or indeed many other industries, there are plenty of myths. Here are 6 common ones we hear often in real estate and the corresponding reality.
Myth 1: All agents are the same
Reality: Each agent has a different skill level, different experience, different focus and different qualities – just like ‘real’ people!
Myth 2: All agents say and do anything to make a sale.
Reality: Real estate agents operate under very strict rules and regulations with significant penalties for infringements and while there are still agents who do not act ethically the majority do. Professional agents rely on a good reputation to get repeat business and referrals – an agent who lies or blatantly misleads is, at the very least, unlikely to get either, particularly in a small community where word of mouth advertising dominates. Whether buying or selling it is important to select a trustworthy agent with whom you feel comfortable; you are not obliged to continue dealing with an agent you find unsatisfactory.
Myth 3: All agents make heaps of money
Reality: While it is true that agents can make a good living there is a significant amount of time, effort and expense contributed by agents in the course of doing business including industry website subscriptions, fuel, insurance, vehicle maintenance and advertising. A lot of time, energy and expense can be exerted before a sale is finally achieved, particularly in a quiet market when buyers are scarce.
Myth 4: There are tons of buyers out there wanting to buy my property but the agent just won’t bring them here.
Reality: There are not tons of buyers – maybe there are more in the cities – but in country areas buyers are not so plentiful and at present there is plenty on the market competing for their purchasing dollar. Agents show buyers absolutely everything that matches their criteria; agents need to make sales to make a living so there’s nothing to be gained by not showing all matching properties to buyers at every opportunity.
Myth 5: Agents can only sell their own company’s listings.
Reality: Not true. If you find an agent you are comfortable working with, ask them to show you all the properties you are interested in regardless of which agency has them listed. Your preferred agent can usually organise the inspections with the listing agent on a conjunctional basis.
Myth 6: Agents have a bag of tricks for selling.
Reality: There are no tricks for selling, the three P’s are what sells property: Presentation, Pricing and Promotion and a good agent can ably advise you on all three.