4 myths about real estate agents

Here are four common myths about real estate agents that you need to stop believing.

1. They always make a six percent commission
This is false. Six percent is the average commission, but the rate can vary between three and seven percent.

In addition, commissions can be negotiated. For instance, agents will sometimes accept a slightly smaller commission to allow a buyer and seller to come to an agreement. When interviewing agents, ask if their rate is negotiable.

2. There’s no problem with a buyer using the seller’s agent
It’s always better to hire someone who can advocate for you. A good buyer’s agent knows the local market inside and out and they’ll be able to provide valuable insights. While the seller’s agent will treat you fairly, their fiduciary duty is to the seller.

3. Agents are interchangeable
Never underestimate the value of experience. An agent who knows the area well and has roots in the community is more likely to provide good advice than one who’s new to the area. In addition, some agents are more interested in making a sale than they are in helping you.

4. You can’t buy a for sale by owner (FSBO) home with an agent
This misconception stems from the idea that if someone is selling their home themselves, then they won’t want to pay the commission for a buyer’s agent. This is mostly false, as by and large sellers understand that offering to pay the agent’s commission is a good way to attract buyers.

Real estate transactions are complicated enough without these misconceptions. Your agent is there to help and can answer any questions you may have.