Realtors do not have the best reputation and their are numerous misconceptions. There is a lot of misinformation that misleads people looking to buy and sell real estate. We want to make sure you have the most accurate information so you are able to make the best decisions for you. In this article we are going to go over some common myths about real estate agents in Reno Nevada.
Commissions For Real Estate Agents Are The Same
When you hire a real estate agent to work for you, they are compensated through the commission they make through the sale of the house. Some individuals think that commissions are standard and they can not be negotiated. This is not true.
When choosing the right agent for you, it is a good idea to research and look through every document before you sign anything. The normal commission agents receive is 6 percent of the sales price. Although six percent is common, you do not have to pay this amount. Commissions are negotiable between the agent and their clients.
Realtors will charge you different rates. When your are looking for the right agent to represent you with the buying and selling process, it is crucial that you know what they are providing you and if they have your best interest in mind.
Agents are independent contractors and they essentially run their own business and each is different. Even under the same Broker. As a result, not all real estate agents are the same. Some will go above and beyond to assist you and some will do the bare-minimum needed.
When you are hiring an Agent, look at what services they provide and hold them to it. Interview more than one agent to see the best fit for you. Check for reviews and references if needed. If you feel they are not right for you, be willing to walk away.
After hiring one, if you are not completely satisfied, during the process let your agent know. If they are not willing to improve you can ask to be released. As we will discuss later, you are not locked into your agreement and you can hire another professional to help you.
Expensive does not mean better quality and better service. Keep this in mind when you are looking to buy or sell a house in the Reno, Nevada area.
Reno Agents with Ads and Gimmicks Are Worth More
Marketing is a great way for agents to get in front of potential clients and there isn’t anything particularly wrong with this. They are a business and they need to market themselves to stay in business.
Shiny object will get people to notice them. Heavy advertisement is not the best tool to measure the quality of a Realtor.
It is not a bad idea to interview agent who spend a lot of money on marketing in your area. Extravagant advertisement can sometimes mislead people in making the right decision. As we discussed above, it is important to interview more than one agent.
There are plenty of real estate agent in Reno, Nevada who have the track record of providing their clients with great services. Some agents do not need to invest money in advertising because they get referrals from their past clients who were more than satisfied with them and the services they provide.
Real estate agents need to sell themselves and the services they provide. They can promise you things to get you to hire them. For example getting the highest price for you house and getting you the best deal when you buy a house. This is where expertise plays a roll. If your agent is qualified they will sell your house fast and for the best price. They will also get you the best deal when you purchase a home.
Be aware of gimmicks some agents will use. For example: Saying they have buyers who are looking to buy in your neighborhood. If this was true they would have an offer for you when they meet with you. Another common gimmick is saying they will buy your house if it is not sold with a particular time. Although they might buy it from you, they often buy far below market price.
Look past the big name and see what they offer you.
Being an Agent Is Easy
One of the buggiest myths about real estate agents is their work effort. Being a agent does have its advantages. They also have their disadvantages. Realtor do not word standard hours, but they are always on call to help you. Especially if they are property managers. They also work holidays and weekends and will need to drop what they are doing at any given point to help their clients.
Real estate is a complicated thing to navigate for most people. A good Realtor will work as had as possible to assist you and make sure you are happy and well informed throughout the entire process. To get a basic idea, here is a help Infographic that goes over the buying and selling process so you get a general idea of what is involved.
Agents often show a house, conduct open houses, negotiate, write offers and make the necessary arrangements that are suitable for both the prospective buyer and the sellers.
You Cannot Change Your Agent
You are not stuck with your agent once you hire them to represent you with selling your house or looking for houses for sale.
When you make an agreement you have to honor it when you are under contract. However, asking your agent to cancel the contract is possible. This is not uncommon for home buyers and sellers in Nevada.
If you are not satisfied you can always change your agent. If they are telling you otherwise, that will be false and a way to keep you under contract. Most Realtors will release you if you ask them beasuse they know you will most likely not buy or sell a house while working with them.
If an agent bring a buyer or they show you a house you want to put an offer on, you can still be liable for their commission. This all depends on the contract you signed and if you replace them with another licensed agent in Nevada. Always ready everything and consult a legal professional.
Buying through the Seller’s Agent Saves You Money
Some people believe they do not need their own Buyer’s Agent representing them and decide to submit an offer bu themselves because they think it will save them money. You can work directly with the Seller’s agent in the form of dual agency or you can choose not to be represented by an agent.
Remember that the listing agent works for the seller and their job is to get the best price for the house. They will not always represent you. As a result, there can be a conflict of interest. You will be proceeding without the assistance that you need to get the best deal possible. You could be paying more for the house as a result.
Not every agent will charge you to work with them. So it will not always cost you more to get the proper representation. Also, the seller will not automatically save money so it’s not an incentive to do so. Some sellers do not not want their agent working with the buyer because of the conflict of interest it presents.
Hiring a real estate agent in Reno, Nevada to help you will allow you to maximize your ability to get the best deal.
Using a Buyer’s Agents Will Cost You More
Buying a house is one of the most expensive financial decisions you can make. That’s why it is important you use a professional to help you buy a house in Reno Nevada. Some clients are reluctant to use a Buyer’s Agent because they believe it will cost them more. This is not true.
Buyer’s Agents are paid through the seller. The listing agent will divided the commission with the selling agent for bring them a buyer for the house. Unless your agent charges a retainer fee and is paid through the commission of the house, it will not cost you more to work with them.
There are a few things to note here. Most Buyer’s Agents will be OK with just accepting the compensation from the seller which will not cost you more. Some agents will negotiate compensation directly with the buyer. For example, if they want 3% of the total price of the house to represent you and the seller is only offering 2%, some agents will require you to pay the remaining 1 % for their services. This is however negotiable between the buyer and their agent.
If you do not feel comfortable with this, let them know. If you are unwilling and you are not comfortable paying any extra compensation, you can work with another agent that will not make you liable for the remaining commission.
Retainer Fees Are Mandatory
A retainer fee is an upfront cost you pay to hire a consultant or professional to secure their services. Some Realtors charge one but you are not required to pay your agent a retainer fee. This is completely optional and you can still hire an agent by signing a Broker agreement.
Some agents ask this to work with them and it will be your decision if you want to pay them this fee. You simply do not have to. If they tell you their Broker or they require it, this is not true.
Reno Real Estate Agents
There are many myths about real estate agents and we want to make sure you are well informed so you can make the best decisions for you.
Getting the right real estate agent that meets your standards it our goal. We like to provide out clients with the best service available.
Contact us today for a free no obligation consultation to see if we are a good fit for you. We would love to help you will all your real estate needs.
Call us today at 775-525-0980 or Email Us Here anytime.