Realtors: Debunking the Myths of Real Estate Agents

There are a lot of myths and misconceptions about Realtors. It runs the gamut from the slick, gold blazer wearing, bouffant sporting, heavily made-up tiger lady from 80's movies up to the lovable, bumbling Phil Dunphy. Somehow these fancies of what Realtors are become ingrained even though nobody (well, almost nobody) expects their doctor to look like George Clooney and yell "STAT" all the time.

Here are some of the biggest myths and misconceptions about real estate agents (in no particular order):

1. All Realtors are rich: You've seen them. The ones who drive the Lexus with the catchy Houz4U license plate. True, it is possible to make a lot of money selling real estate but the average income of a licensed real estate agent in Columbus is about $42,000 a year. That's not a bad living but it hardly qualifies for the high rollers club. Add into this equation that most Realtors are basically on call all day and can put in 50-60 hours per week (I've written up offers for clients in a crunch at midnight to make sure they got the home they wanted) and the hourly rate plummets.
2. The busiest agent in town is the best agent to use. Maybe, maybe not. If you have a million dollar listing then you will probably get top notch attention. What if your home isn't in the top tier? What if your home is in the average or slightly below average price range? Many of my happy clients have come to me to sell their home after listing theirs unsuccessfully with the "busiest" Realtors. Why were they happy with me? Because I could give them the personalized service they deserved and give their home the attention to detail and energy to get it sold that it deserved. Fantastic pictures and a solid marketing plan shouldn't be just for the million dollar homes. Every home, and client, deserves personalized and attentive service.
3. Working with a lot of agents will get you a better home quicker. First, all real estate agents are pulling from the same source of listings (the Multiple Listing Service) to help find you a home. The listings you will be sent will be the same (assuming you gave the same criteria to each one). Second, the real estate transaction is one based on a relationship of trust. Trust that your agent will do what they promised to do and trust the you, the client, will follow through with your obligations. Using multiple agents confuses loyalty and damages a relationship of trust. If you truly don't like or trust the agent you are using then by all means find a new one. You have to be comfortable with who you are working with but the agent also has to be comfortable with you and secure in your loyalty. Don't forget, agents talk to, and know each other so word of disloyalty gets around quickly. If you are loyal to your agent then they will return that respect and be loyal to you.
4. Buying directly from the listing agent will save you money. Not necessarily. The listing agent's first, and only, loyalty and fiduciary duty is to the Seller. When negotiations begin the listing agent will be on the Seller's side. Any information you share with the listing agent (financial, urgency, how much you love the home) will be shared with the Seller. In the event the listing agent does represent both you and the Seller then as a dual agent they can't really advise or negotiate. At that point they are just facilitating the transaction. Isn't it better to have someone fully on your side going to bat for your best interests?

These are my top 4 common real estate agent myths that I encounter. If you are hesitant about dealing with a Realtor ask your friends and family for recommendations then sit down and talk to several Realtors in person. You will be surprised at how different we are from the common perception.