It’s not that your real estate agent wants to keep things from you — it’s more that there are certain trade secrets that tend to stay between agents. We’ve done a little digging and this is what we’ve found.
If you’re a savvy home seller, you’ll go to Sold.com and take their Home Seller Quiz. It will give you unbiased, personalized options that are a good fit for you and your situation. And it may reveal that your best path is using a traditional real estate agent.
But what is that real estate agent not telling you? In order to be the most well-informed client possible, you need to know a little bit about what they’re keeping from you. Read on to learn more.
Home Showings Don’t Necessarily Mean What You Think They Do
Your home is getting shown — that’s great, right? Not necessarily. Since statistically, it takes 10 showings in order for a buyer to pull the trigger, agents sometimes are just interested in hitting those numbers — and your home may be part of that effort.
It doesn’t matter how nice that other agent is, or how accommodating their clients may seem. This is business, and they do what they need to do to get their commission. Remember that.
Commissions Are Almost Always Negotiable
How much do real estate agents make? While the most common industry standard commission is 6%, split between buyer and seller agents, there is no reason you need to stick to this. Everything is negotiable. In fact, it’s estimated that more than 80% of sales close without sellers paying 6% (according to The Motley Fool).
The Open House Isn’t for Your Benefit
It’s so agents can pull in new clients. That’s reality. It’s an opportunity for them to hand out their cards and schmooze with potential new business. Don’t take it personally. Again, this is business.
You Can Get Just as Much from a Small Agency
Bigger is better — right? Not necessarily. While larger agencies do boast good brand recognition and robust marketing budgets, they also are typically less willing to negotiate when it comes to commissions. Better customer service can come from a smaller boutique agency, which has a personal touch — and with the power of the internet, marketing budgets aren’t as much of a consideration as they once were. Whatever works best for you is what you should do.
Here’s the thing: You’ve got to be willing to interview these people to find the right professional for you. According to The Motley Fool, many clients miss out on this opportunity, since in 2016, 7 in 10 buyers and 74% of sellers contacted just one agent about their transaction. Don’t be like that. Draw up a list of questions and get on the telephone to find the right agent for your needs.
There’s Fine Print in that Contract
Your agent may not tell you to put on your glasses and look closely, but we will. You want to look for disclaimers and any and all waivers of rights. Take as much time as you need. Patience is the sign of a good agent.
Most of all, keep in mind that while your agent is your representative, they also represent themselves and are looking out for their best professional interest. Make sure you look out for yours as well.