Posted by: Roby Robertson | June 16, 2008

Common Myths About Working With Lake Norman Real Estate Agents

Common Myths about Lake Norman Real Estate Agents

If you read my blog often you will notice that I try to provide the best and most relevant information in the area for buyers of sellers of real estate. From listings to traffic to communities, I try to inform you not bore you!

Here is some more valuable information to help buyers and sellers get started by avoiding these common myths about real estate agents.

Home Buying Myth Number 1

I’ll get the best deal on the house if I call the agent listed on the For Sale sign.

Maybe, maybe not. That agent represents the seller and is contractually bound to get the best deal for the seller. That doesn’t mean the agent can’t work with you in a fair and professional manner as a dual agent, but it does mean you should notdisclose confidential details to the agent.  The sellers agent has a fiducary responsibility to get the seller the best possible price for the seller. This may not mean he/she can also get the buyer the best possible deal.

Bottom Line
If you tell a seller’s agent the top dollar you will pay for a house, the agent must pass that on to the seller.   The seller’s agent may or may not be willing to negotiate his/her commissions to make a deal.   For the smoothest deal, hire a buyers agent. 

Home Buying Myth Number 2

The agent told me I had to sign a Buyer Agency agreement before he would work with me, so I did, and now I’m unhappy with the relationship.

You might know you are a good match with an agent on the very first day you meet, but what if you aren’t sure? If an agent asks you to sign an agency agreement before you feel comfortable about it, try one of these alternatives: 

  • Ask the agent to work under a verbal buyer agency agreement for a short time. Some states allow this, giving you time to become familiar with the agent before you sign a formal agreement. 
  • Ask the agent to write a buyer agency agreement that covers a very short period, a day or a week. 
  • Find out if the agent can offer a non-exclusive buyer agency agreement. The agent would be your buyer’s agent, but you would not be tied exclusively to her. 
  • Let the agent continue to be a seller’s agent–just don’t disclose confidential information.  Note: By default, the agent works for the seller until you hire him/her.
  • Bottom Line
    If the agent will only work with you if you immediately sign a lengthy buyer agency agreement, you might be better off seeking another agent. 

    Home Buying Myth Number 3

    I can find more homes for sale by calling lots of agents.

    Maybe–but maybe not. If you are home shopping in a specific area, and the agencies belong to Multiple Listing Services, it means they all have access to the same properties.

    Ask agents what areas they cover. Small-town agents might work a multi-county area. Agents in a city might restrict themselves to certain neighborhoods or subdivisions.

    If you sign agreements with more than one buyer’s agent, make sure the contracts are worded so that areas and duties do not overlap. For instance, Agent X works for you only in County A. Agent Y works for you only in County B.

    Bottom Line
    Researching and showing properties is time-consuming, so you’ll get better service if you find an agent you like (within a given area) and stick with that agent.  Many companies, including mine, have the ability to set you up with automatic listing updates sent directly to your email.   This gives you a leg up on properties as soon as they are listed.

    Home Buying Myth Number 4

    The agent with the most listings in town is the best agent to call.

    Think about that. If an agent has that many listings to deal with, how much time do they have for buyers, especially buyers who might want to look at properties other than theirs?

    Many top agents are turning to team systems, so time might not be an issue, but it’s something to ask about when you interview an agent. 

    Bottom Line
    A brand new (competent) agent can be every bit as effective as a seasoned pro. Someone working with fewer clients will have your needs in mind constantly. Hire the person, not a lineup of listings.

    Don’t forget that many of the current home listings are on the right side of this blog separated by price range. If you find any you would like to see or would like additional information, please don’t hesitate to contact your Lake Norman Area Agent at 704 451 7051.

    Be The First To See Lake Norman Hot New Listings as soon as they become available.

    What would my Home Sell For?

    See Also:

    Lake Norman Golf and Waterfront Communities

    Lake Norman Condos

    More Lake Norman Area Communities

     Lake Norman Hot Spots for Construction

    Roby Robertson

     

    Saving My Clients Thousands

    Broker/Owner

     

    Real Living In Style
    Davidson NC

     

    roby.robertson@realliving.com

     

    Ph: 704 451 7051
    Fax: 704 892 9766

    Committed to Saving My Clients Thousands When Buying and Selling Real Estate


     

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