Realtors are commonly known as “open door & close door salesmen.” The public’s perception is that our job solely entails opening and closing doors for viewings. They already have preconceived notions about realtors thereby the creation of unrealistic expectations.
Hence, this article sets forth to address the common misconceptions about realtors. This article attempts to educate the public about the inner workings of realtors. Expectations are then managed at a realistic level. There is greater synergy and better understanding between the client and the realtor.
The owner is holding the keys
When properties are advertised for sale or rent, prospects expect the realtors to have all the keys in their possessions. Unfortunately thats not the case in most cases. The owners will be holding the keys, especially for (fully) furnished properties. It is understandable as the owners want to safeguard their possessions in the property.
A prospect once made this remark, “I expect you to be bringing the keys for the other units and I want to view these other units now!” This brings us to the second misconception.
I want to view NOW
More often than not, prospects want to view the properties within the hour or in the same day. This is maybe because they just saw the banner for sale or for rent, or they saw the advertisement online and they happened to be nearby the property. Such requests can be met if the realtors have the keys and they are available to show the unit.
If the owners are holding the keys, or the property is tenanted or owner occupied, appointments have to be made 24 hours in advance at the very least. Often prospects forget. Even though by nature they’re dealing with real estate (properties), it is also very REAL as they’re also dealing with people. The tenant and/or owner’s time have to be taken into consideration. The viewing also have to fit into their schedule.
The last common misconception publicly held is that realtors are earning massive bucks. They are expected to drive posh cars and wear tailor made suits to viewings. Yes, there are realtors who’re earning such income and living such lifestyle. Otherwise, as stated earlier, it is just a misconception.
Realtors are commission-based earners. Unlike salaried employees, realtors derive 100% of their income from commission. In addition, realtors do not have attractive benefits as salaried employees. Realtors do not have bonuses, increments, allowances, EPF, social security, and corporate medical coverage.
Realtors have to practice stringent and wise financial management. Their commission has a direct effect on their income and expenses. No deals closed equates to no income. Deals closed equates to income less expenses paid for real estate marketing and daily expenditure.
Hence, owners should pay their realtors the full professional fees as per agreed. There should be no under-cutting of the professional fees! Realtors spend their own time, travel expenses, and marketing costs to secure a tenant or purchaser for the owner.
In conclusion, as a realtor myself, I hope the public have a better understanding and knowledge of realtors. This will create a better working relationship and environment between clients and realtors.
Hence, this article sets forth to address the common misconceptions about realtors.