When you’re ready to put your home on the market, you often look for a realtor to help you with the process. However, with so many misconceptions about realtors online, how do you know what’s right from wrong? Here are three realtor myths you shouldn’t believe.
Myth: Realtors receive a 6% commission regardless of the closure
While realtors do receive a commission, it’s dependent on a lot of factors. Typically, the seller pays the commission and it’s split between any realtor that worked on the sale or any broker that helped out. Therefore, not every realtor that works on your sale receives their own 6% commission rate.
Also, even though the 6% is pretty standard in some states, not every state is the same so you’ll want to see what the average commission percentage is for your area and sometimes you can negotiate the rate.
Myth: Each realtor is the same
Nobody is the same which means not every realtor is going to work the same as someone else. If you’ve heard bad stories about one realtor, choose someone else to work with and express your concerns in your initial consultation.
It’s also a good idea to research the realtor before you sign any agreement to work with them. This can be looking through social media, looking on review sights, and verifying their license is updated and registered with the state.
Lastly, local realtors are going to know the area much more than someone from out of town that pops in and out when a buyer wants a viewing. Pick someone local so you have a better chance of getting truthful answers about the area.
Myth: Purchasing a home from a ‘for sale by owner’ is prohibited when you work with an agent
This scenario may have been true years ago but today, many homeowners are educated enough on the selling process that they sell their home ‘by owner’. Don’t get discouraged if you find a home that you really love and are interested in viewing if you realize it’s for sale by the owner.
Instead, ask your realtor to schedule a viewing and ask the owner questions. It may work in your favor since you’ll be seeing the property with the current homeowners and you can ask questions directly to them.