Things People Think about Real Estate Agents that Aren’t Even True
More people are using real estate agents to buy and sell property than ever before. However, most of the public doesn’t really understand what a real estate agent actually does. Check out these common misconceptions about agents and the real estate industry:
“It must be so fun to look at pretty houses all day!”
Well, yes, I guess it would be. However, that is .05% of an agent’s job. Agents complete a ton of other tasks—and also, not all houses are pretty. Some are fixer uppers, some are stinky, some are amazing, some have issues. Sometimes, its not even a house at all—it may be acreage or a commercial building. Just as not all properties are straight out of a designer magazine, looking at pretty houses all day is not really what agents do all day.
“Your job is so easy!”
Thank you! (I take this to mean “good job!”) In reality, real estate is 24/7 and agents literally lose sleep and sanity in order to get the deal to closing. An agents day can include all of the following and so much more: locating property, scheduling, marketing, writing contracts, negotiating, attending inspections, liaising and meeting with vendors, fighting lockboxes and signs, communicating with all parties, tracking deadlines, pulling comps and solving unique problems.
“Agents are overpaid.”
It is easy to think this when you see the commissions paid on the closing statement—but that number shown does not take into account any expenses like taxes, fees or brokerage splits. Most are surprised to learn that the median yearly income was $42,500 in 2016 and a median income of $8,930/year for those with under 2 years experience (according to a 2016 NAR Survey). Many seasoned agents do earn a good income, but its not as easy or quick as most believe—you have to put in the work.
“All agents must hate each other!”
Actually, it is the opposite—especially in a small town. Most agents belong to the local MLS, serve on committees together, hang out and do business together. Yes, agents compete against each other and are on opposite sides of deals. However, when you speak to each other regularly, you can’t help but get to know one another. There is a camaraderie among agents and brokers, even if you don’t work at the same company.
“All agents are liars and only care about the sale.”
Well, not all people deserve your trust. Real estate is just like any other industry—there is a diverse group involved—some good and some not so much. Most agents are ethical and are there to guide you through the process and offer the advice as to the best course of action. Real estate is, at its core, a relationship business and unscrupulous agents don’t tend to make it long term.
There are so many misconceptions about the real estate industry and about agents in general. It is a highly rewarding, but very tough business. At the end of the day, we just want happy clients!
Lisa E. Priest loves to dispel notions and is an East Texas Broker/REALTOR® with Picket Fence Realty, Inc. You can reach her via phone or text at 903-948-3343 or read more at BuyPalestine.com