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Realtor Secrets

The Top Ten Things Your Realtor Doesn't Want You To Know

1. Ever wonder why real estate ads have so little information? The idea is to get as many home buyers as possible to call so the listing agent can snag them as clients. It's the same for open houses. Any honest agent will admit that it's extremely rare to sell a listing at an open house, it's just another way to get new clients.
   
2. In Arizona, all it takes to get a real estate agent's license is a nine day course and passing the state's three hour, multiple choice test.
   
3. Some listings pay the buyer's agent more than others. Ten years ago, the commission was almost always 3%. Now, about a quarter of the listings pay only 2.5%. A lot of agents will only show you the 3%, so make sure your agent is showing you everything on the market. Or better yet, hire us and we will automatically send you every listing on the market (with no commission filters) and you tell us what to show you.
   
4. If you paid a listing agent $300 an hour instead of a commission you'd almost certainly save money, even with an average priced home. With a million dollar property, the hourly rate could be in the thousands.
   
5. Listing agents, on average, find buyers for their own listings less than 10% of the time. More than 90% of the time, the listing agent splits the commission with a buyer's agent.
   
6. When listing agents claim to find buyers for significantly more than 10% of their listings, beware. One trick is to hold off putting a new property in the multiple listings so they can show it to their clients first. Then, they don't show their buyers everything, just their own listings and overpriced and undesirable properties of other agents. They could also be pricing the properties based on what their buyers can afford rather than what the market will bear.
   
7. Question: When an agent represents both the seller and buyer, who gets the best representation - - - the buyer or the seller? Answer: the commission.
   
8. A listing agent cannot represent both buyer and seller unless each of them consents. If the listing agent does find a buyer, the seller can refuse to let the listing agent represent that buyer. The buyer can insist on separate representation, too.
   
9. A seller does not have to accept any offer. However, if a seller does back out, a commission will be owed if the offer is equal to or better than all the terms in the listing agreement. That means full price or more with no conditions attached. But in reality, no such offers exist. They may not be for the full listing price and nearly always have conditions requiring inspections, appraisal and obtaining financing. The seller can therefore refuse to accept and owe no commission.
   
10. Agents work on a commission basis, but listing agents don't necessarily try to sell at the highest possible price. On the contrary, they will try to set the list price as low as possible to ensure a quick and easy sale. $10,000 less for the seller might only reduce the commission by $125. Similarly, buyers' agents will coax their clients to make highest offer they can afford to increase the likelihood of acceptance.
    

DISCLAIMER:
This list is intended for general information purposes and is not a substitute for legal advice. No attorney-client relationship is intended or implied. Real estate law differs greatly from state to state. Consult with an attorney
licensed to practice in your state.