Trust is an invaluable component of the Realtor-client relationship. While even the most prudent and self-educated home buyer or seller can learn the ins and outs of the trade, the most useful information comes from the Realtor—this makes trust in ones Realtor imperative. To combat the most natural tendencies to doubt it is best to know what lies behind myths about Realtors to figure out who is most trustworthy in your search. Here are some common misconceptions about Realtors that can railroad your search for a good, honest agent and inevitably cost you.
#1: Agents will withhold information to ensure a sale
A trustworthy, good Realtor will work in their clients’ best interests. The myth that Realtors will withhold home inspection information is costly if it rings true, but it’s also illegal. Realtors’ livelihoods depend a great deal on building relationships, and failing to disclose information to a homebuyer will cost them later down the line and put their business in jeopardy as well as trashing their reputation. Leaving a client unhappy could translate into negative references, while it may seem the easiest route for a Realtor to “do whatever it takes to close the deal,” it comes with a price—a price that a trustworthy agent looking after the client’s best interest, would never pay.
#2: The best agent in town is the one with the most listings
While being active is a positive sign of a Realtor’s business you must take this with a grain of salt. Although one Realtor’s name might be on a ton of listings what does this mean for you as their client? That agent may be too busy to focus on you or they may not even be the person you work with directly. Often times these busy listing agents are busy because of the team of people working for them to stay so active. Bottom line, you either won’t have their full attention or you won’t be working with them directly. What’s worse is that agent may only be using those listings as a trophy. And remember, just because they list a bunch of houses doesn’t mean they sell a lot of houses.
#3: You can only work with one agent
This misconception can be confusing. While you may ultimately end up signing a Buyer Agency Agreement with one agent that does not mean you can ever only work with that Realtor. Buyer Agency Agreements can be limited by time, and area. You can easily employ multiple agents at the same time as long as their territories are not overlapping. By employing different agents to cover different parts of town, you can benefit from each agent’s knowledge of their local area in multiple areas.
#4: You must sign a Buyer Agency Agreement as written
One more note on Buyer Agency Agreements…you don’t have to take them as is. You can negotiate the contract length with the Realtor. No one wants to be stuck with a Realtor they’re unhappy with, and no Realtor likes working with unhappy clients.
#5: I really want that house…I must work with the listing agent on it
This is nothing more than a high-pressure tactic a dishonest listing agent will use to try to get both the buyer’s and seller’s commission. However, if they represent both clients in the same transaction, they are required by law to only provide you with pertinent facts. They can’t help you get the best price. So, it’s in YOUR BEST INTEREST to keep your buyer’s agent. The buyer’s agent is the only agent that’s going to be on your side during the negotiation. If you think the listing agent will help you get a deal from their client, you’re crazy. That being said, you don’t have to work with the listing agent, and it’s in your best interest to NOT work with them no matter how hard they try to strong arm you into it.
When trust is the name of the game knowing as much as you can about what is true or not true about Realtors is a winning strategy. Now that these myths are debunked and explained you’re half way to victory!