8 Common Myths about Real Estate!

Just when you think you’ve found out everything you need to know about how to hire the right real estate agent, someone or something will give you their “two cents” worth of info and have you guessing all over again! Here are 8 common misconceptions to remember when deciding on whether to use an agent or not.

 1) Real Estate Agents are Always Late for Appointments.

There is no excuse for habitual tardiness among professionals. ZERO!!!  Every person deserves respect, and respect is earned by providing what is promised and being on time. If your agent has a god-like, self-deluded impression of her or his own importance, find another. Although I do know and hear of some agents being tardy, myself and the agents I know have no use for it. Don’t let a few “bad apples” give the entire industry a perception it doesn’t deserve.

2) The More You Pay for a House, the More an Agent Makes.

In a sense, one might say this is TRUE as we are mostly based on a percentage of the sale or purchase... but, with a $10,000 difference in the end, we make a very small amount extra, like a couple hundred bucks vs. the THOUSANDS most people assume. So, as a realtor, I am not concerned about pushing you into a higher price range for my benefit, I am concerned with you getting what you want in the price you can afford and be happy with for years to come. Happy clients come back and happy clients refer you on and that is how our business grows in this industry.

3) The Less Commission You Pay to Sell, more you make.

Discount brokerages like to propel this myth. They claim to save sellers money by charging less. The truth is agents who are top producers and excel in this business do not discount services. Why? Because they don’t have to! Don’t forget that if you are the BUYER using an agent, the purchase is usually of no cost to you as the seller usually pays the commissions……so you are working with an agent for FREE in a sense. So why wouldn’t most buyers use an agent then to deal with all the hassle of looking? Many agents are constantly working with buyers and if you are not listed with an agent on the MLS system, then we usually don’t bring our buyers to you.

4) Agents Must Show You Homes On Demand.

Unless you have a signed BUYERS BROKERAGE AGREEMENT with an agent or the agent that represents the seller, that agent you call doesn’t have to show you anything. You can’t call a local real estate office and demand service or demand to be shown homes, because agents don’t work for free. If you aren’t planning on writing an offer with the agent you call, be upfront or don’t waste that agent’s time. But don’t expect that agent — who is likely to earn nothing — to be too excited about jumping in the car with you. That agent is not obligated to show you anything.

5)  An Agent’s Home Inspector Will Always Favour the Agent.

Any agent worth his salt wants disclosure. Why? Because he/she wants what is best for her client, but also, and this is not to be taken lightly, because he/she does not want to be sued. Agents must disclose material latent defects. A buyer is always, without fail, better off knowing the truth about a house.  The home inspector does not want to jeopardize their integrity or job, so they certainly are not going to risk anything for their preferred agent just because he or she throws them quite a bit of business…..they could be  out of business instead!

6) All Real Estate Agents Make Too Much Money.

This is my favourite one. Not all the agents you see are closing the number of deals others may be. Remember this:  80% of mediocre agents are doing 20% of the business while the 20% of good agents are doing 80% of business out there.

7) Agents Sell Their Own Homes for More Money Than Yours.

Busy agents and top producers don’t have the luxury of time to waste when selling their own home. They also understand the market better than your average home seller, which means if a home isn’t selling within a reasonable period of time, it means it is priced too high. We agents are smart enough to price our homes right and get them sold. We don’t create market value; we just follow it and act accordingly.

8)  Agents Will Say Anything to Make the Sale.

Although it is true that some agents will lie to you, it’s unfair to assume we are all the same. Making misrepresentations or false statements is against the law. Agents who break fiduciary relationships or fail to disclose material facts are subject to prosecution and a loss of their license to sell real estate. WE agents take this very seriously as trading in real estate is our passion. It is not just a job…it is a CAREER and if we lose our license to trade in real estate we can’t just pick up somewhere else. Our licenses are our ticket to financial gain…without them, we have to re-think about our entire scope and line of work.

So, next time you find yourself in a position where you may need a real estate agent, contact Sheldon Coxford and utilize his expertise and knowledge, helping you to make an informed decision about your real estate investment.  If you have more questions or want to buy a property, please don’t hesitate to contact me. I can be reached direct any time on my cell phone at 778.835.5621 or via email: sheldoncoxford@gmail.com

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Sheldon Coxford
Realtor & Relocation Specialist

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