Things Your Real Estate Agent Doesn’t Want You to Know

When it comes to trying to sell your property, you need to trust your real estate agents. They know the industry, and you’ll have to rely on them to get your prospects and finally sell your house at a high price. However, there are some things your real estate agent may not necessarily want you to know. Bear in mind that it’s not malicious. But then, they are things you should know. Here are seven of them.

The commission fee may be negotiable.

You can immediately understand why your agent may not want you to know this. When a house gets sold, the agents split a 6% commission fee (3% for each party.) In most cases, this 6% is industry standard, and it’s non-negotiable. Or, is it?

You have to understand that it has everything to do with what the agent is walking away with. If your property is medium-priced, your agent probably won’t be willing to negotiate the fee. If anything, they may want to drive the price higher. However, with more pricey properties, the agent’s takeaway will still be significant if they lower their commission. As a result, you can get your agent to shave off 1-2% off their commission. You just need to know how to negotiate.

You may not be on the top of their priority list.

This point may trouble you at first, but it doesn’t have to. Since the seller pays commissions, your agent may be partial to the seller’s preferences if you’re the buyer in the transaction. On the other hand, if you’re the seller, then you can be assured that your agent has your full interests at heart. After all, who doesn’t want to get paid for their job?

This doesn’t mean the agent will try to pull one over on you. It just means that as the buyer, you need to pay extra attention to the transaction because you can believe that most agents will sell a property to a higher bidder and gain additional commission.

You may be able to sell a home without an agent.

Even though many agents want you to believe that it’s almost impossible to sell your home without an agent, it’s not true. It’s not only possible, but it’s also very likely if you know the right people. If you’re able to find someone interested in your property, nothing is stopping you from selling it yourself. However, you should do some due diligence before you sign any documents.

More often than not, homeowners will have to list their properties on the MLS system, and you’ll have to part with some money. However, in the long run, you may end up spending less than you would if you hired an agent. However, you should know that many people consider it simpler and less stressful to hire an agent.

Your agent may be partial about a high asking price.

This stands to reason. After all, the more the house sells for, the more your agent’s commission. Your agent might be overly optimistic about the house’s price. Even though you could sell at that price, you probably won’t. Besides wanting more commission, your agent might be optimistic about the high price simply because they want you to get as much as you can for your home.

In the end, you should be realistic about the price of your home. You don’t want it to stay on the market for too long, and a steep price will do that to you. It’s best to try and get listing prices from several agents so you can find an average. The average is necessary because some agents might suggest prices that are lower than they should be.

You should give your contract a closer look.

Before you sign a contract with your real estate agent, be sure you know exactly what’s in the contract. There may be some hidden fees or conditions in the fine print. You need to find out what their commission is – is it higher or lower than the standard 3%? You also need to know if there are any payments you’ll be responsible for down the road. Things like administrative fees are often included in the commission. If they are separate, you need to know about it. In summary, read the fine print on your contract.

An open house is good for both of you.

Open houses are great opportunities for people to meet real estate agents. They can meet people, exchange contacts, and gain new clients. Agents who don’t currently represent you can also size up your property and try to get their own clients to buy them. Generally, open houses are in your favor. Still, you should know that they work just as well for your agent.

Bigger agents may not give you their full attention.

Everyone knows that if you want to sell a house in San Bernardino fast, you need a successful agent. In fact, if you want to sell any piece of property, agents with a good track record are the way to go. But then, you should know that working with a successful agent has its downsides. More often than not, they are busy with other projects, and thus, they may not have time to walk you through everything. It doesn’t mean you shouldn’t sign up with them. It just means you may have to get used to working with more than one person. Successful agents often have other people handle parts of their jobs.

What should you do with all this information?

Understand it, learn from it, and trust your agent. The fact that your agent has something to gain from your deal doesn’t mean they don’t have your best interest at heart. If anything, it means they’re willing to work double-time to make the sale happen. If you find a real estate agent who’s good at their job, you should hitch your wagon to their horse. You can use this information to leverage a better deal.