Being in real estate is a very unique business because there are so many aspects that most are unaware of. The most familiar part of the operation is the agents that run it. These are the people who spend every hour of the day making sure that their clients are getting exactly what they want and what they need. Yet, there are still so many myths about being a real estate agent. Let’s clear some of these up.
Myth #1: Real Estate Agent’s Get A Salary
Fact #2: It would probably alarm people to know that real estate agents do not make a salary on top of the commission. Commission is entirely how they’re paid and from that money, real estate agent only keeps between 5-10%. The rest is divided up through different channels. For a full breakdown click here. So, before you ask to renegotiate a real estate agent’s commission, ask yourself if you’d appreciate someone asking you to provide your five-star quality service for less money.
Myth #2: An Agent’s Transportation and Marketing Expenses Are Reimbursed By Their Brokerage
Fact #2: An agent’s transportation and marketing expenses are paid off by the money they make on commission. If you work with an agent who covers your staging, photography, and ads, know that they have more to lose than you do if your house does not sell right away. This is also why if your real estate agent is willing to drive 2 hours to come to see your house, they are 100% invested in you and your property.
Myth #3: Real Estate Agents Always Go With The Highest Offer
Fact #3: It’s true that a real estate agent always wants their client to get the absolute best price for their house. But at the same time, the agent always advocates for what’s in the client’s best interest and guides their client to choose the right offer. Whether this is an offer without conditions or perhaps the family looking to buy sends them a personal card explaining the property’s sentimental value over another who just likes the look of it.
Myth #4: Real Estate Agents Operate Transactional Businesses
Fact #4: In an average person’s life, they will buy between 4-5 properties, whether primary, recreational or an investment. Now imagine buying 5 houses with 5 different real estate agents. Now imagine buying 5 houses with the same real estate agent. One sounds a lot more appealing than the other. Real estate agents try and make connections with every single one of their clients on a personal level. When an agent says they are your agent for life, they mean it.
Myth #5: Anyone Can Be A Real Estate Agent
Fact #5: Not everyone can be a real estate agent, just like not everyone can be an NBA player or a doctor. Being a real estate agent takes a certain type of person with a business and sales-oriented mindset who has a thick skin and a strong work ethic. To make it in this business you need to be driven to go out and get what you want. To make difficult decisions. To juggle multiple things at once. To be comfortable with the fact your job will never be the typical 9-5. It’s a hard profession and the ones who are successful are the ones who dedicate their lives to it.
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