Myths about Real Estate Agents Tips And Tricks

Real estate agents are individuals who are licensed to help people buy, sell, and rent real estate. They are ultimately responsible for bringing buyers and sellers together and are paid a commission—usually a percentage of the property's sale price. Real estate agents are also called real estate associates and real estate salespeople.

Do you need a real estate broker for your property requirements? Are you contemplating whether the brokerage is worth it? Let’s analyze this together and figure out if it is worth it. 

Buyers and sellers often enter the market with misconceptions about real estate agents — how they work, how the process works, and what the broker relationship is all about.

Here are four myths (and four truths) about working with both buyers and seller’s brokers.

1. MYTH 1: Brokers get commission, no matter what.

There is always confusion regarding brokerage commissions. Does one need to pay it up front? What are the charges for rental properties? What are the charges for selling properties? 

Truth:

It is not necessary that every time you are looking for a property through a broker, you would have to mandatorily pay a brokerage commission. When you look for new projects, especially recently launched ones and the purchase is not through an investor or homeowner but through the builder directly, there are high chances you won't have to pay any brokerage commission for the property. Also, brokerage varies from area to area. For example when you are looking for a house on rent in Mumbai, one usually has to pay a month’s rent as brokerage or sometimes half a month’s rent, depending on the property and your pre-set terms with the agent. For sale it is the same, the brokerage usually goes up to 1% and can be negotiated as well, which many people don't know about. 

2. MYTH 2: Once you start with a broker you cannot look for another one!

This is a common misconception regarding brokers, especially in India. If you’re a seller or a buyer you get to choose which broker you want to go ahead with.

Truth:

If things aren’t working out, it’s possible to tell your broker that things are not going well and you would be switching to another broker.

Otherwise, start slow, and if you don’t feel comfortable, let them know early on — it’s more difficult to break the agreements and start over the whole process with a new agent after a considerable amount of time.

3. Myth 3: Brokers just want to close the deal and disappear.

It is true to some extent that the broker wants to close a deal and have some business for them. 

Truth:

The second part of it is not true. It is actually the opposite: the better service they provide, the more likely you are to recommend him to your other contacts. This increases the chances of repeat business too. A dedicated broker puts in the effort to be the best link between the Buyer and the Seller. This actually works in the favor of clients too, because the entire industry mostly works on word of mouth.  

4. Myth 4: Real estate brokers are not helpful.

To save brokerage it's common to feel like not opting for a real estate broker. Most of us have a misconception that we can easily find a home without the assistance of a verified broker. But it can be a short-sighted decision and can potentially lead to a loss of time and money.

Truth:

Real estate brokers are always helpful. Real estate agents possess strong knowledge of their area and the best property options. They can offer you multiple options as per your need. A builder might not give you multiple options and will try to convince you into buying his property. Agents definitely help negotiate the price of the property too, so the brokerage you pay is worth it, with the entire transaction actually feeling lighter on your pocket.

It will and always is a choice whether you want to get a broker or not. But if you choose to do so you can visit thepropertist.com where you can find more than 1k+ verified brokers and 30k+ listed properties waiting for you.