As house prices and rental rates are rising, people have started investing in the real estate sector. Everybody nowadays is heard asking how beneficial is it for you to invest in real estate? To either earn them a quick buck or to prevent themselves from facing a housing crisis. When investing in this sector, they are trying to understand the different jobs in this sector. They encounter several myths about a real estate agents, from buying an empty plot to a house. If you start believing these myths, they will cost you.
Real estate in Pakistan is no different Pakistani people perceive this industry as positive cashflow churning one.
Let’s keep scrolling to read about 10 of these and see if they hold water.
They Arrive at the Eleventh Hour
The common misconception is that a real estate agents is usually self-employed people who don’t have a 9-5 job. They set their work hours and are always late. So, if they tell you they will come on time. They will never do so! You might have interacted with a person with such a personality. But it is not always true. If your real estate agent gives you time and never arrives, you can fire him.
They Swim in Money
No! All real estate agents don’t have a bathtub in their homes full of notes. And every evening, they go home, pump some more cash in it and start swimming there. A real estate agent may not crack so many deals throughout the year to be that rich. They are trying to get themselves hired by you so they can close a better deal. So, don’t think they are just here to loot you.
6% is Standard Commission
There is no such thing as a standard commission. The commission varies from place to place and company to company. A commission earned by a real estate agents has to go to the agent himself, his brokerage firm, the buyer’s agent, and his brokerage firm. So, the split is into 4 parts. There is no fixed real estate agent salary.
Hiring an Agent is Equivalent to Wasting Money
The belief is that a real estate agents only wants to get his income in his hand. Closing a good deal or not is not his concern. They indeed desire their earnings, but it doesn’t mean they will destroy their image. They have to stay in the market for a long, with one company or the other. So, selling with a real estate agent may help you get a better amount for your house. As they have been in the market for a time and have better market knowledge. It means it will instead save you boatloads of income.
Chose An Agent Based on Popularity
The biggest mistake is selling or buying a property with the most famous real estate agency. It is not necessary. If you feel comfortable with another agency’s agent, then go for it! Don’t push yourself to go with the agent just because he is famous.
You can choose a real estate agent who is new to the market. He may not have as much experience, but he can have better knowledge.
They Have No Authority to Say No
An agent is not bound to work for you if he doesn’t want to. He has the right to say a no professionally. Sometimes the clients who are rude or have some unreasonable expectations, and are driving the agent up the wall, can be dropped by a real estate agent. There is another category of clients who try finding illegal ways or shortcuts to everything. It is justified for an agent to reject working for some clients.
Agents Have To Give Me All Information
The real estate agents is not your slave. They are working with you to close a deal and earn income. And you have hired them for your work. It is a two-way thing. You want him, and he needs you. So, you can’t ask him for information about every person for whom he has worked. The person hiring him doesn’t have to worry about the confidentiality of their details. The real estate agents are professional enough to keep your information.
They Follow Traditional Methods
First of all, there is nothing wrong with following traditional methods of the market. But it is always better to bring innovation to the market and going against the stereotypes. Several firms in this industry all around the world are trying to be innovative. One example is Makeen Marketing in Pakistan. It is encouraging young people to enter the industry.
They Love Getting Kickbacks
Kickbacks are payments not allowed by the law. The real estate agents receive them for some illegal handlings. If you think real estate agents are getting kickbacks from the other party, you can fire them and sue them.
Becoming Agent Is a Child’s Play
A person knew about rates of the property of area and guided his friends about it, and now he is a real estate agent. How simple that seems. It is not that simple. If it was that easy, everybody would have been a real estate agent. Several educated people are entering the real estate industry. They put their sweat and blood into the business they are doing.
We debunked the 10 top and most common doubts about a real estate agents that you will come across. Please leave comments below and tell us which of these you have heard.