5 Myths About Real Estate Agents
It is common for buyers and sellers to enter the market with misunderstandings about real estate agents – how they work, how the process works and what the agency relationship all consists of. It’s important to note that in any real estate deal, there are usually two agents – one for the buyer and one for the seller.
Here are five myths about working with both buyer’s and seller’s agents.
Myth 1: Agents get a 6% commission, no matter what
It is common misconception that agents pocket the entire commission themselves, but this is not the case. The seller pays the commission and it is split four ways between the brokerage and the two agents. It’s important to note that the brokerage commission is not fixed, and sellers can sometimes negotiate it.
Myth 2: Once you start with an agent, you're stuck with them
You can ask the agent or brokerage manager to release you from the agreement early if you feel things are not working out. It is rare for a buyer to be under contract. Until their clients find a home, a buyer’s agent works for free. The home buying process can be as quick as a month or it can take up to a year or more.