5 Important Things You Didn't Know About Real Estate Agents

What’s the biggest myth you have heard about any real estate agents? Most people say that:

  • Real estate agents make a lot of money without having proper training and knowledge.
  • They are in the business for money but nothing more.
  • They always try and find ways to make more money.

However, these so called “myths” aren’t true, and agents can be very helpful for a first time home buyer. In reality, they earn a wide range of income and have exceptional people management skill. They are the best people to have legal and technological knowledge about the industry.

With Commonfloor, there are “54 Super Agents” currently working in all Tier 1 cities - 28 in Bangalore, 19 in Delhi/NCR, and Mumbai. For any help, you can connect with super agents in your city.

Let’s see few famous myths about these real estate agents that will help you in future while you look for a property to buy, sell or rent.

You can get a better deal without a real estate agent

This is completely untrue. In fact, if the house is listed with a real estate agent, the price includes the total sale commission and if the buyers would prefer to go without an agent, the entire commission would go in the hands of the seller’s agent. So, agent or no agent, you will end up paying the same price for the house. And having an agent would relatively make your search easier, as he/she would shortlist properties on your behalf, making you save your time and money.

You can save money if you sell your home yourself

While it is true that some people do sell their homes successfully all by themselves, without the help of any agent, yet in most of the cases, it is highly difficult to deal with the stress. While selling your home, you need to make sure that it is listed online and that it is marketed well to prospective buyer. And most importantly, you need to possess appropriate negotiating skills, because if you are selling your home all by yourself, you should be prepared for buyers coming to you with unreasonable demands. So, until and unless you possess such a skill-set, it is better to go with the agents.

Real estate agents say and do anything to make money

While it is true that real estate agents earn their bread and butter by selling properties, it is completely unjust to brand them as tricksters and fraudsters, because they have really strict code of ethics and many rules and regulations. The business of most real estate agents relies on word of mouth publicity and personal referrals and they won’t do anything to mar their reputation.

You will get the best deal if you go with the listed real estate agent

Whoever you choose as your agent, they are bound to get you the best deal. No matter if they are listed or not listed for the property you select, they are legally and ethically bound to get you the best possible deal. Work with them in a fair and professional manner without disclosing any important information and they will help you in every possible way. Also, you always have the option to check their past records and references before you go for home shopping!

The more you pay for a home, the more an agent makes

Many times you hear people saying; “Every penny you pay for a property makes the agent rich, so don’t trust that agent”. That’s a fable which has been spread because agents do not work on a fixed salary basis, but make profits from the commission as they need to pay salaries to the employees who work under them.

However, it’s always wise on one’s part to be informed about changes and trends in the industry, so that the chances of getting deceived is less. Considering the nature of Real Estate industry in India, it is always better to have an agent in the process of purchase or sale. Agents use their personal rapport with various media channels to market the listings and generate genuine responses – in turn provide a solution to the buyer and/or seller.

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