Cole Harris
Have you ever bought or sold a home? If so, what were your perceptions of your real estate agent at the time? It is interesting to consider what people expect of real estate professionals on either side of a transaction. If we were honest with ourselves, most of us would have to admit we do not know a whole lot about real estate agents and what they do.
Below are four things most people don’t know about real estate agents, compliments of Salt Lake City-based CityHome Collective. CityHome Collective is a real estate and interior design firm that specializes in condos, luxury properties, and other high-end homes in Salt Lake City.
1. They Are Self-Employed
It is rare to work with a real estate agent who operates under his or her own name. Most operate under agencies. But guess what? They are not employed by those agencies in the traditional sense. Real estate agents who do not own their agencies work as subcontractors under the agencies they represent. As subcontractors, they are self-employed business owners providing services through their agencies.
This is important inasmuch as real estate agents are constantly trying to grow their own businesses while also generating revenue for their agencies. It is a fine line to walk, that’s for sure.
2. They Get Paid on Commission
Another thing most people don’t realize is that real estate agents are paid only on commission. They don’t get an hourly wage. Therefore, agent earnings are directly tied to sales. Fewer sales means a smaller paycheck and vice-versa. This is why many agents seem willing to scale mountains to make a sale.
3. Children Make Them Nervous
Real estate agents have a lot to think about when showing a house. At the top of the list is trying to read the client and figure out the best way to present the home in a favorable way. Real estate agents also have to worry about their own safety. Yet the one thing that makes them most nervous is a young child.
Couples do not necessarily create problems by bringing the children to open houses or viewings. But if they don’t keep an eye on the kids at all times, things can happen. As such, real estate agents tend to be nervous when children are around. The last thing they need is to have something broken during a showing.
4. They Choose Their Words for a Reason
Spend your Saturday morning reading the real estate listings and you are likely to read words like ‘charming’, ‘cozy,’ and ‘potential’. These are not words carelessly chosen out of the blue. They all mean something. Why do real estate agents use them? There are two reasons.
First, many of the words convey specific things to other agents. If a listing describes a home as ‘charming’ for example, a buyer’s agent reading that listing will know that the house is small. The agent can prepare his/her clients ahead of time.
The other reason is as simple as the fact that words cost money. Real estate listings are priced out by the word. Therefore, agents need to be as concise and short as possible. They can convey a lot in fewer words by using industry jargon.
How many of these little secrets did you already know? If you knew them all, kudos to you. You know more about real estate agents than most other people. For the rest of us, it is enough to know that real estate agents have a tough job that many of us would not want to do.
