When you’re buying or selling a home, a real estate agent can be your best friend. From helping you find listings you might otherwise overlook to providing expert insight on pricing and offers to navigating the complexities of mortgages and closings, these knowledgeable professionals work hard to make the process as easy as possible. Unfortunately, though, you may have heard some myths about the profession that are keeping you from working with an agent. Read on to debunk some of the most common misconceptions.

Clearing Up Misconceptions About Real Estate Agents 

1. All Agents Earn 6% Commission

While it’s true that real estate agents earn a commission on sales, they don’t necessarily earn 6% on every sale. The industry standard for agents is 6%, but that figure can be negotiated. It’s typically paid by the seller and considered when determining the price of the house.

It’s also split, between the buying and selling agents and their brokerage firms. This means, typically, that most agents typically earn commissions of 1.5% on transactions. 

2. Buyers Must Work With the Selling Agent

Many first-time home buyers believe that they need to work with the agent selling the home they are interested in. The truth is buyers can work with any agent they want.

Unless a seller signs a waiver stating that their agent doesn’t have to allow other agents to show the property, any agent can show you listed properties and manage the transaction.

It’s also in your best interest to work with a separate buyer’s agent, who has a responsibility to look out for your best interests. A seller’s agent has a conflict of interest in favor of the seller. 

3. Real Estate Agents Cannot Turn Clients Away

Although agents are bound by anti-discrimination laws, and cannot refuse a client based on race, gender, religion or other protected classes, they can refuse to work with you or terminate a contract for other reasons.

Unethical behavior (such as insisting they don’t disclose problems with a property you’re selling), abusive behavior, or excessive demands are all justifiable reasons to terminate a contract. 

Whether you’re buying or selling a home, expert help from an experienced real estate agent can make the process go smoothly. In Red Wing, MN, turn to the professionals at Lawrence Realty. These experienced agents have a thorough understanding of the local real estate market and a focus on customer service. You can explore their listings on their website or give their office a call at (651) 388-4745 to make an appointment.