The Top 4 Realtor Myths Debunked

Of course, you can’t believe everything you hear, especially regarding REALTORS® and one of the most significant transactions of your life. In fact, when it comes to your Edmonton home purchase or sale, it’s essential to separate fact from fiction if you hope to save money, time and stress in the process.

Here are our top 4 REALTOR® myths exposed.

1. You’ll Save Money If You Sell On Your Own 

While it’s true you COULD save by opting to sell your home without the help of an Edmonton REALTOR®; it’s a pretty risky undertaking. Here are just a few of the many reasons why selling on your own may cost you more in the long run:

Market Knowledge – If you hope to sell fast and for top dollar, you need to have a keen understanding of the Edmonton market. This means researching current fluctuations and comparable sales in the area to come up with the ideal listing price. Come in too high, and you could be in for a long wait, list too low and you could lose out on (tens of) thousands of dollars.

Marketing Expenses – A good Edmonton REALTOR® will see your home is advertised – and advertised well. Forgo their services, and you will be forced to cover these expenses on your own. Keep in mind, without good promotion, your home will sit on the market longer, ultimately costing you more in the long run.

Expensive Errors – In any FSBO (for sale by owner) transaction, you will be 100% liable for any mistakes – which are likely to be noticed by a prospective buyer’s agent. Not only will working with a REALTOR® help you avoid costly errors, but your agent’s liability insurance will also see that you’re well protected.

2. All REALTORS® Are Created Equal 

While the process of buying and selling may seem straightforward, results may vary depending on your agent’s approach and commitment level. For instance, one REALTOR® may market your home for all its worth (i.e. professional marketing tactics as mentioned above) while some may simply put in the minimum effort such as an MLS listing and a FOR SALE sign.

When it comes to finding the right REALTOR® for your unique situation, we recommend researching those with a proven track record of success in the industry. Experienced agents will also come backed by numerous reviews, testimonials and former clients you can speak with to decide if they’re the best partner for you.

See our previous post, Choosing and Edmonton REALTOR®: 8 Questions to Ask and Why 

3. They’ll Say Anything to Get a Sale 

Another major misconception about REALTORS® is, because they make a commission off the sale of a home, they’ll say or do anything to make sure the deal goes through. But the truth is, it’s simply not in an agent’s best interest to mislead their clients for several reasons:

Code of Ethics – All Edmonton REALTORS® are bound by a code of ethics set forth by the Canadian Real Estate Association (CREA) and the Real Estate Council of Alberta (RECA). It is under these governing bodies that ALL practicing agents are required to be 100% upfront and honest with their clients – even to their (the agent’s) detriment.

Their Reputation Precedes Them – Word of mouth travels fast, and for this reason, REALTORS® rely on a good standing reputation for their livelihood. While that’s not to say an agent is immune to the occasional mistake, a good REALTOR® will go above and beyond to ensure their clients are happy, no matter what.

Here again, we recommend researching reviews, testimonials and past clients to learn more about their experiences with your Edmonton REALTOR® of choice.

4. They Make (a lot of) Easy Money 

A REALTOR’S® job extends far beyond listing a home on Edmonton MLS or taking clients to view the occasional property. For starters, all agents are required to continually undergo extensive training to obtain (and maintain) their licenses. From here, they’re expected to wear many hats, including everything from marketing strategist and research analyst to negotiations pro and investigation expert (pulling property reports, permits and seller history, for example).

Many REALTORS® spend countless hours, seven days a week, brokering the purchase or sale of a home only to have the deal fall through due to factors beyond their control (lack of financing, change of heart from the buyer or seller, etc.). Even in the event of a successful sale, an agent’s commission depends on current market conditions. It’s also divided four ways – between the buying/selling agent and their brokerage as well as their own (brokerage).

In short, we understand the invaluable help a professional REALTOR® can bring to the table. However, even if you opt to go it on your own, it’s essential to know all the facts so you can make the best possible decision regarding your next home purchase or sale. Either way, we wish you the best of luck and invite any questions you may have!

If you’re thinking about buying or selling in Edmonton, we can help. Get your free copy of either our Home Buyers: How To Avoid Paying Too Much guide and/or Seller’s Guide, or visit our website for more useful info, tips, tricks and advice.

Photo credits: shutterstock.com

Categorised in: Buying a Home, Selling a Home

This post was written by Terry Paranych Real Estate Group