Thinking about hiring a real estate agent in Newark? Many people have misconceptions about working with real estate agents, and these misconceptions often keep buyers and sellers from hiring an agent when it really could benefit their situation. Here are
5 common cliches people believe about working with a real estate agent in Newark, and why they aren’t true.
That Their Fees Are Set in Stone
A real estate agent’s fees are the stuff of legends. Everyone knows that, as soon as you sign on that dotted line, the agent gets 6 percent of the home’s purchase price, right?
That isn’t necessarily the case.
To start, the assumption that each agent in the deal – both the seller’s agent and the buyer’s agent – receive 6 percent of the purchase price is just false. Instead, both agents split the fee, essentially each netting a portion of the purchase price in most standard agreements.
That means, on a $200,000 home, the total commission for the agents is $12,000, or $6,000 for each agent if split down the middle. From this, many agents also must pay other fees, such as fees to their brokerage, depending on their individual working agreements.
Depending on your situation, the amount of commission your real estate agent in Newark can be negotiated. Newer agents with less experience, for example, or those who are really looking to meet a big goal of number of home transactions completed may be willing to take a smaller cut of the fees.
While the agent you’ve chosen to work with may not want to decrease their commission, it never hurts to ask if you’re worried about the success of your home transaction. The worst the agent can say is no.
That They Won’t Help You Get a Deal
Most people believe that all real estate agents want is to finish a property transaction, either buying or selling, at the highest possible price so they get the most commission. And while agents need to make money for all the work they put into helping clients buy and sell homes, protecting their bottom line isn’t usually at the forefront of their minds.
A real estate agent in Newark wants to help their clients find the right fit for their needs when buying or selling a home. If the client feels they somehow, got talked into the raw end of a deal, that can reflect poorly on the agent.
Instead, agents are committed to doing what they can to help their clients get the best price for their budget while ticking off as many must-haves and wants from their house wish lists. They put their knowledge and experience to work when helping clients evaluate homes for sale and offers to purchase, running reports of comparable properties in the area to see how other home sales compared to the property in question.
Ultimately, a real estate agent’s future in the business thrives on referrals. The happier they make you as a client, the more likely you are to refer friends and family to them, and the better off their business will be.
That You’re Stuck with the First One You Choose
Choosing a professional service provider, such as a real estate agent in Newark, can be a worrisome process for people. They think that once they sign a contract with the person, they’re stuck.
And, especially when it comes to all the money and big decisions on the line with buying and selling a house, it can be frightening to select one person and think that’s all you get. What if that agent turns out to be working against your best interest? Or isn’t doing all the work they tell you they will when you first sign the contract?
Just as with any contract, it’s important to carefully read all the terms and conditions before you sign. However, your real estate agent’s contract should have a clause allowing you to back out of your agreement if you feel the partnership isn’t the right fit.
This allows you to go seek out someone with whom you feel more comfortable guiding you through the process, giving you an overall better experience.
That All Agents Are the Same
All real estate agents operate exactly the same, feeding you long lists of potential properties or organizing open house showings every two weeks, right? Wrong!
Just as with any other profession, each real estate agent operates a little differently, and their personalities are a bit different. Some agents are more suited to working only with sellers, while others are comfortable working with both buyers and sellers. One agent may prefer to be the one looking through all the available home listings to help you find the right match, while another may desire that you present a long list of options on your first meeting so you can start ticking through them together.
Before you agree to work with any individual real estate agent in Newark, it’s important to read some reviews from previous clients and meet with the agent directly to get a feel for their personality and how they want to work.
If you don’t feel comfortable for any reason during this first meeting, it’s perfectly okay to walk away and find someone you feel will better suit your needs.
That They’ll Do All the Negotiating for You
Contracting with a real estate agent in Newark means you get the benefit of their knowledge and experience when it comes to making and accepting offers, but that doesn’t mean it is taken completely out of your hands.
Sure, your agent can advise you as to whether or not the offer seems fair or whether you should ask for certain other concessions to make up for a different price than you want, but they can’t completely make the decision, and they won’t be the ones to say whether you accept or walk away.
When buying or selling a house, you have to come into things prepared to take in all the advice you’re given, but the decision at every step ultimately comes down to you.
Find the Right RealEstate Agent in Newark
If you’re looking to buy or sell a home and want an experienced real estate agent in Newark, contact us at (848) 299-4847!