Realtor Myths.

There are times that I am at a social gathering and when the topic of "what do you do for a living  come up"  I get the usual (gasp) "Ohh I am not selling" type of a response.  Or I get a mouth full of questions, like - "how much did 234 any street sell for?"  "How much would I get for my home, IF I was selling, I am not selling, but what if I was".  Or I get statements like the ones below that I feel are myths and they need to be broken.   

Real Estate Agents make alot of money - REALLY?  Where?  The average salary of a full time real estate agent is $38,000.00.    Now deduct MLS fees, car expense, E/O insurance, taxes (we get 1099's), marketing and overhead - what does that leave? 

Real Estate agents get kickbacks - From where?  Lenders, appraisers or inspectors?  Since 1978,  RESPA has prevented any sort of kickbacks and they are  illegal to accept.  Any agent that takes a kickback will lose their license and I don't think that there are any kickbacks that are worth it.

Agents will say anything to make the sale - Ok, so there are some agents out there that have proved this to be true.  But, for the most part, any agent that wants to work and remain working within a respectable firm would be more concerned about their reputation than a $20,000 commission check.  I know that MY reputation is worth more than that and I have made more than that on referrals.   If there are agents that are making misrepresentations or a false statements about a property then that is also against the law.   Furthermore, if any agent who break the fiduciary relationships or fails to disclose material facts - could be  prosecuted and  lose their license. 

Agents are REQUIRED to show me homes - on demand - That would be a big NOT!  Listen, my job is to sell real estate, not prance around busy lookers to view properties so they can get decorating ideas.  If you have no interest in buying - then please don't waste my time or the seller's time, that is just not nice!    Up until we close on a home, agents work for buyers for free. 

The agent want me to go up in my offer because they make more commission.  OK - this is math 101.  There is little difference in MY commission on a $490,000 sale and a $500,000.  That $10,000 more does NOT go in my pocket, but it could make or break the deal for you. 

If you ask, the agent has to tell you about race, religion and ethnic backgrounds of the neighborhood.  WRONG WRONG and way wrong.   According to the  Federal Fair Housing law, agents can not tell you what the neighborhood consists of, that is discrimination.

   

 

Comments

[Mariana Wagner]

Christine, You are brilliant. Yes you are. This is perfect. I need to do something like this on a local level. I love how you put it out there- clear, simple, Der! terms. Thank you!

[jf.sellsius]

These should be made into a poster and hung in every real estate office.