You’ve probably heard that real estate agents are primarily interested in chasing a fast commission. There are occasions when that’s true, but it’s a stereotype and so mostly wrong. While there are some surprising secrets about agent we’re about to reveal, your agent, whether you’re a buyer or seller, is actually on your side. In any case, real estate transactions are often too complex and legally loaded for most of us to feel comfortable handling them on our own. So let’s take a look at some agent secrets you might not have known in Los Angeles.
Bigger Isn’t Necessarily Better
Although it seems counter-intuitive on the face of it, bigger real estate firms aren’t necessarily better. They really don’t have access to any more listings than smaller boutique agencies, and that’s one of the agent secrets you might not have known in Los Angeles that they don’t want you to know.
Agencies of whatever size all rely heavily on the MLS, and they all have the same access to it. A smaller agency, however, is often capable of providing more personalized service and may have agents with more focused niche expertise. In addition, a larger agency usually won’t budge on the commission because they have much greater overhead and larger marketing expenses. And that brings us to the next secret.
The Commission Is Actually Negotiable
You may have heard that a real estate agent’s commission is always 6%. But one of the agent secrets you might not have known in Los Angeles is that the commission is often negotiable. The reality is that haggling over the commission is, in fact, a common practice.
The negotiability of the commission depends on the particular circumstances of a real estate transaction, but in general the larger the commission owing to a large sale price, the more willing an agent will be to negotiate. The rule of thumb is that you should offer your agent a commission large enough to provide the incentive to work hard for you, but you shouldn’t feel locked into the 6%. And if you truly believe your home will be an easy sell, then do negotiate.
An Open House Isn’t Really for Buyers or Sellers
Here’s one of the agent secrets you might not have known in Los Angeles that may really surprise you. The purpose of an open house isn’t really to serve the interests of either buyer or seller. Its real purpose is to move forward the long-term marketing plan of the agent.
Agents know that most of the people who attend open houses are not serious buyers. They’re just tire kickers looking to get a feel for the market and to see what’s available in the area. But open houses give agents the opportunity to hand out business cards and then later contact the people who signed in. The plan is to turn these prospects into leads and then, at some point, into clients.
Their Livelihood Depends on Happy Clients
This final one of our agent secrets you might not have known in Los Angeles definitely contravenes the standard stereotype. For the truth is that if an agent wants to continue in businesses – successfully and with those crucial word-of-mouth referrals – she has to ensure that her clients are happy and satisfied at the end of the day. Good agents understand this and so do everything they can to ensure successful transactions and client satisfaction.
Despite the fact that some of these agent secrets you might not have known in Los Angeles probably make you a little uncomfortable, your agent is on your side. For one thing, her continued success depends or your happiness and satisfaction. Simply put, the right agent can be a valuable asset and ally for both buyers and sellers.