Myth #1: I can only buy a house through the agent whose name is on the sign or in the ad.

When you see an agent’s name on a sign, it simply means that that particular agent has the exclusive right to represent that seller in any negotiations and to present all agreements of sale. So, when you’re looking to buy a home and you’re not working with a Realtor® you can call the person on the sign, but keep in mind that that agent represents the seller’s interest and not yours. As a buyer it’s in your best interest, to enlist the services of a Realtor as your Buyer’s Agent. Let your agent protect your best interests, by making the call, showing the property or getting the information for you.

Myth #2: A Realtor® is tied to a specific neighborhood.

As an agent licensed in Delaware and Pennsylvania, I am able to show property–listed or otherwise–and present agreements of sale on real estate anywhere within either state. I have decided to specialize in Northern New Castle County (DE) and the southern portions of Chester and Delaware Counties in PA. Sounds like a big area, but it’s really only about a 15-mile radius. If you’re looking outside of this area, I will refer you without cost to you to an agent who can help you find what you need. While some agents do specialize in a particular neighborhood or the immediate area surrounding where they live, most cover a larger area.

Myth #3: Real Estate is what I do in my spare time.

For some, real estate is a part-time endeavor. Showing houses and putting signs in the yard is the easy part. Keeping up to date with a volatile real estate market, staying abreast of changes in financing options and keeping pace with the development boom are just a few reasons I’ve made a full-time commitment to my profession. But even more important, when you’re involved in a sales transaction, a lot of things need to happen along a very strict timeline. One way to make sure things happen when they’re supposed to, is to have a full-time agent, like me, paying attention to it and be available, virtually all the time.

Myth #4: I don’t need a Realtor®, I can find my new home on the internet.

Researching neighborhoods and pricing patterns on the internet is a great idea, and a lot of fun but keep in mind, not all listings make it to the internet and what’s there isn’t always current and doesn’t always tell the whole story. As a Realtor® I have access to the TREND (MLS) which is an automatically updated, searchable database that includes detailed information on every property that’s been listed by a Realtor® including listings that have been sold, expired, or withdrawn. Like to receive housing info over the web? Ask me to email it to you — just at a minimum you will know the information is current.

Myth #5: Real Estate agents make too much money.

Like any profession, you get what you put into it. If you work hard and work smart you can make a very good living in Real Estate. As an agent, I don’t earn a salary, I earn a commission on every transaction I complete. If a transaction that I’ve worked on for months never settles, I never get paid. The going rate for a sales commission is 7%, or $7,000 out of every $100,000 sold. Sounds like a lot of money, but that 7% is split between the listing brokerage (the name on the sign) and the buyer’s brokerage. Each brokerage then shares a percentage with the agents involved in the transaction. For example, if I’m working with the buyer, I collect 3.5%, of which as much as 50% goes to the brokerage (Prudential Fox & Roach). I may also have to pay a referral fee (up to 40% of the 3.5%). So, of that $7,000, assuming a 50 split with my broker and only a 30% referral, my share is about $1225. Subtract taxes, benefits, fuel, advertising, and other expenses and you can see why Real Estate is a full-time job.

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