Debunking the Top 4 Real Estate Myths

Posted on by Smith Marketing

When it comes to the buying and selling of homes and property there are a lot of myths floating around about real estate firms and agents. Many of these myths can be easily debunked by doing just a little research. Here are some of the most common real estate myths debunked so that you can be better informed before starting your property search in Greensboro.

Myth #1: Real Estate Agents Profit from Home Inspectors, Lenders, Etc.

There’s a common misunderstanding that agents recommend certain lenders, home inspectors, appraisers, and other real estate vendors because they receive monetary benefits from them. However, it’s actually against the law. Since 1974 when Congress passed the Real Estate Settlement Procedures Act (RESPA), it has been illegal for real estate agents to receive kickbacks from vendors. Agents may recommend certain inspectors and lenders they have worked with before and have formed a good rapport with, but it is not done with monetary gains in mind.

Myth #2: You Will Save Money by Selling or Buying a Home Without an Agent.

For sale by owner sounds like a great way to save money because you avoid real estate fees. But you are not guaranteed to save money, and there’s actually a good chance you won’t. If you want to list your home on an online property search in Greensboro such as MLS (multiple listing service) there is still a fee that is required. And you won’t have an agent to hold open houses, find interested buyers, and give home tours. Part of a real estate agent’s job is to help buyers and sellers make and get good offers, and they are experts at that task. As a seller you are more likely to get more, better offers and as a buyer you will be less likely to overpay when working with a real estate agent.

Myth #3: A Real Estate Agent Will Try and Convince You to Buy a Home on Behalf of the Seller.

A real estate agent who does this would be considered a dual agent and while this is not illegal, it is not typical. It is customary for the potential buyer to work with a buyer’s agent who is working on behalf of the buyer and not the seller. There should be a seller’s agent who works with the seller to list the home and try to sell it for the best price. Avoid dual agency and you’ll have a higher level of trust with your agent.

Myth #4: It Doesn’t Matter What Agent you Work with Because They are All the Same

Absolutely false. You will find many differences between real estate agents. One of the biggest distinctions is that not all real estate agents are Realtors®. A Realtor® has received special training and is required to uphold a certain code of ethics regarding real estate practices. Some agents charge higher commissions than others. And it’s important to find an agent with the right personality for you. Do you need an agent who sits back and lets you find homes you’re interested in, or do you need someone who actively looks for homes for you? Ask questions to get to know an agent before you agree to work with them.

Smith Marketing is Different in All the Right Ways

When you work with Smith Marketing and Allen Tate Realtors® you can be sure that none of these myths are true. With an excellent tool for property search in Greensboro, you’ll be able to find homes that meet your criteria easily. Smith Marketing helps clients buy and sell homes quickly and efficiently. Call (336) 215-7880 to get started today.