Many of us rely on the professionals to handle every part of our real estate deals, but what about the important things your real estate agent will never tell you? Is there more you could be doing to get a better deal? Of course, real estate agents are a helpful and important part of any deal, but there is also some information you will not get from these professionals. Here are some important things you might have to learn on your own.
4 Things Your Real Estate Agent Will Never Tell You:
- You can negotiate your real estate agent’s commission: Traditionally, your agent will collect 6 percent, while the other party’s agent will collect another 6 percent. This number is negotiable, however. You are never forced to accept any commission that you are not comfortable with. Also, keep in mind that the agent’s commission comes out of the revenue from the sale. If you are the buyer, the commission will not affect you. You need to understand this going in, because no agent will tell you how to negotiate against them.
- A house is too expensive for your budget: For obvious reasons, a real estate agent has the incentive to persuade you to buy the most expensive home possible. The larger the purchase, the larger the commission. For this reason, a real estate agent will not be a good counselor on your budgetary limitations. They are a salesperson, not a financial advisor. Take a thorough look at your budget before shopping for a home, then stick to your numbers.
- They don’t actually have much control: Real estate agents can do a lot to help you close a deal if they are good, but they can’t control the market. The market will ultimately determine how quickly your home will sell and for home much. An agent will have a better sense of the current conditions of the market at any given time, but you should take their promises with a grain of salt. For the most part, these things are beyond their control.
- Fridges are a fuzzy area: It might sound odd, but refrigerators can be a source of passive aggression in many home deals. Agents will rarely talk to you about this issue. If you want to keep the refrigerator it’s best to get it in writing as part of the larger deal. Otherwise it will be somewhat uncertain who gets to keep this expensive item.
A good real estate agent is a crucial part of any real estate deal, but knowing what they might not tell you can help you make a more informed decision. Be sure do plenty of research on your own, so that you do not rely on your agent too heavily.
Garland & Mason, L.L.C. is a New Jersey real estate law firm that is committed help their clients succeed in their real estate deals.