Top 4 Secrets No Real Estate Broker Will Tell You
A real estate broker can be a valuable asset for both home buyers and sellers. They are generally experts in their field and can answer a lot of questions. They can help you get a mortgage, help you facilitate a meeting and even assist you with finding the right home inspector. These brokers can also tell you everything that you need to know about a home. And according to Usaj Realty, they can help you navigate even the most difficult real estate market.
However, while brokers can help you with a lot and generally explain it all well, they won’t tell you everything. There are some secrets of the trade they may want to stay tight-lipped about. They also may not want you to know certain things for their benefit. While most are honest, hard-working and upfront, others might be keeping things from you.
With that in mind, this blog post is going to go over 4 of the top secrets that no real estate broker will be likely to tell you.
They are Not Your Only Option
When you want to sell a home, you have many options for selling. You can sell on your own or with the assistance of an experienced friend or family member. You can even reach out to another broker who might be better suited for your needs. Also, with the internet it is easier than ever to list and sell (or buy) a home without the assistance of a specialist.
But good luck ever getting a real estate broker or agent to tell you any of that. Many of them want you to feel as if they are the only game in town. Now, this isn’t saying that a broker can’t do it better, but they are certainly not your only option.
Their Commission is Negotiable
In the USA, the average commission is around 5-6%. This number is generally split between both the selling and buying agent or broker. However, these numbers are not set in stone and the actual commission paid is completely negotiable. Every day, people pay more (and less) than this arbitrary average so don’t feel tied to it.
But as you could expect, brokers want to make as much as possible, so might not bring up that their rates are up for negotiation. While negotiating for a lower rate won’t always work, it is certainly something to try, especially if (as a seller), you feel your home will be easy and quick to sell.
They Might Not Always Push for the Highest Price
Because the amount a broker makes is often directly tied to the amount your home sells for, you might think a broker will work hard to get the highest sale price possible for you. Unfortunately, this isn’t always the case. See, many brokers favor quick sales over long ones, even if the price is a little bit lower.
For example, a broker would rather sell three $250,000 homes in a week than two $300,000 homes, as their overall commissions would be higher. So be sure to have a price you are comfortable going with, and if your broker tries to convince you to go lower (even though the home has hardly been on the market long), be weary. While they want to help you, many ultimately have their own best interests at heart.
They May Not Always Seek Out the Best Home Inspector
A major part of every home sale is getting a home inspection. It is often advised for a buyer to find a trusted local inspector to ensure that every aspect of a home is gone through, to make sure you get a good deal. However, many agents will have a preferred inspector that they like to use.
Unfortunately, some brokers will purposely go with low-quality inspectors that might catch small or obvious things, but will miss or even ignore larger ones. Some inspectors have even complained online that they have been blacklisted for finding major problems in homes, which slows down or stops the transaction. Some shady brokers will sometimes use this awful tactic because they don’t want anything slowing down or ruining the final sale of the home.
Be sure to choose your own third-party home inspector for the best results and always do your research. If you don’t know what to look for or how to choose, there are online resources that can help.
Learning the Secrets of the Trade
While many real estate brokers are great and can help the selling or buying of a home, there are also some that are harboring secrets. These secrets could be small, or could be quite major, like some mentioned in this article. These brokers are here to help you, but also themselves. So always keep that in mind when choosing who to help you buy or sell a home.