What Property Agents Do Not Tell You

What Property Agents Do Not Tell You

First published: 21 January 2021 @ 8:21 am

What does a property agent do? They act as a third party that sell properties to potential buyers. However, there are certain things that they don’t tell you. Let’s find them out!

Real estate agents work for the seller

A Property Agent and a Couple
Photo by RODNAE Productions on Pexels

Real estate agents are required to represent both the buyer and seller in a transaction. However, they are only legally obligated to put the interest of the seller first. In other words, real estate agents work for the seller.

This is why it is important to have a buyer’s agent working for you as well. A buyer’s agent can help negotiate with the seller’s agent on your behalf and can give you valuable advice on how to get your offer accepted.

The commission may be negotiable

Many real estate agents charge a commission on each transaction they do, but not all do. Some real estate agents may offer their services for free or for a reduced fee if you decide to go with them as your agent and not use an agency that charges a fee (like us).

There are also some real estate agents who charge different rates depending on whether they sell a house quickly or slowly, or if it is a difficult sale (like selling property that has been sitting on the market for months).

If you decide to use an agent who charges by results instead of charging a flat rate, it will be up to you and your agent to agree on what the commission will be before you start looking for a property.

This can be done by discussing what you expect to pay for your property and the agent’s services and then coming to an agreement.

The price of the property may not be as good as it seems

It is important to remember that real estate agents are working for the seller, not you. Even if a seller is willing to give you a better price than they originally offered, the agent may decide to increase their commission from 5% to 6% instead of letting you have that extra 1%.

Make sure that your real estate agent’s commission is fixed before you make an offer.

You should also consider how much time and effort it will take to get your offer accepted, and how much more it will cost if your agent has to increase their commission later on. If your offer is accepted, it will still be up to you whether or not you want to go ahead with the sale and use that particular agent or another one instead.

Fewer people involved in making decisions

Many sellers try their best to make sure that all of their family members agree on any major decisions that are made. They may also ask their real estate agent to consult with their family members and try to reach a consensus on the matter.

This can make it difficult for the seller to decide whether or not they want to accept your offer, because their decision may be delayed by other people’s opinions.

To speed up the process, it is important that you try to keep your offers simple and straight forward, and try not to ask for too many changes at once.

You should also have all of your questions answered before you make an offer on a property so that you can give your agent the information they need without delaying the process.

Some properties will not sell until after one year

Most sellers hope that they will be able to sell their property within a few months after listing it on the market, but this is often not the case.

It is very common for sellers to have a property listed for sale for several months or even a year before it sells, and this can lead them into making bad decisions that could cost them money in the long run.

If you have a property listed with an agent who charges by results instead of charging a flat rate, this means that they will be paid even if your house sits on the market for months and does not sell.

In this case, you may be better off with a flat rate agent who will not charge you for any time that your house is listed. This way, if your house takes longer than expected to sell, you will not have to pay any extra fees or commissions.

Not all agents are required to tell you about the property’s condition

A Property
Photo by Chris Goodwin on Pexels

It is important to remember that real estate agents are only required to tell you about the condition of a property if they have been asked by the seller or buyer in writing to do so.

If a seller does not give their agent permission to disclose any information about the property’s condition, then it is illegal for them to do so even if they know about it.

Therefore, it is very important that both sellers and buyers ask their agents in writing if there are any known defects or problems with a property before making an offer on it.

If there are any known problems with a property, this information should be disclosed in writing by both parties before an offer is made on the property so that both parties know what they are getting into before agreeing on anything.

Not all properties sell for what they were listed for

If you ask a real estate agent to sell your property for a certain price, they may accept your offer if it is close to what you want. However, this does not mean that the agent will be able to sell your property for that price.

It is very common for real estate agents to list a property at a higher price than what they expect it to sell for.

This is because they know that many buyers will be willing to make an offer on the property at this higher price and they can then negotiate with the buyer and get them to pay less than what was originally listed.

If you are looking for a good deal on a property, you should ask the seller if they are willing to negotiate with you and reduce their asking price if necessary.

Agents may charge fees or costs even if your offer is not accepted

If an agent agrees to list your property and try to sell it, but does not manage to do so within six months, then some agents may charge you a fee or commission even though your house did not sell during that time period.

This is because some agents will only take money from their clients when they successfully sell their house (they do not charge them any fees until this happens).

For more tips on the behind the scenes of buying and selling houses activities, check out our blog, HandyWork!

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