11 Secrets Real Estate Agents Don't Want You to Know

Buying a home is the most expensive thing you'll likely purchase, so you want to get it right, but for inexperienced shoppers, the process can be overwhelming and pricey!  A good real estate agent will be there every step of the way to guide you, but even though they're eager to sell, there are things they're not going to tell you. Lorraine Jordan, 52, is an award-winning realtor who recently spilled secrets on red flags to look out for when buying a home, but there's also things to be aware of when it comes to your agent. 

It's not talked about enough, but you can negotiate your real estate agent's commission. Most take a 3% fee, but there is wiggle room at times. Realtor Shaheedah Hill explained on her YouTube channel when this applies the most. "They can credit you some of their commission, maybe for your closing costs–that's the most common way they might do it. They don't do it often, but this is the reason they may do it. They may do it to save a deal." She went on to explain that if the buyer or seller is short the money needed for the closing costs, the agent can use a portion of their commission to help you. 

Agents have to work under a broker. "Their broker is responsible for their actions," Hill explained. "If you have an issue with your agent or you have a question they're unable to answer, go around them to their broker," Hill advised. 

When it's time for the home inspection, In many cases your realtor will recommend someone. But you can actually hire your own and according to Lee Huffman it could be in your better interest to do so. "In most situations, we're taught to accept recommendations from people who we trust. However, you should skip that advice when picking a home inspector. In some situations, inspectors get blacklisted by referring agents if they catch large problems and cause a deal to get complicated or fall apart."

Here's one more reason to question who your realtor recommends. Hill explained that realtors can get a referral fee from a vendor they refer you to. "They may get a referral fee from home warranty companies, they may get referral fees from security companies."

Finding the right agent to sell your home can be a challenge, but according to Huffman you don't need one. "Real estate agents offer valuable advice, but are they really worth the added cost? In a hot real estate market where homes are selling as quickly, some homeowners are selling homes themselves instead." The site suggested ways to make selling you home easier. "Online resources make it easier than ever to research comps, stage your home, book a photographer, and get it listed on the MLS. And services like FSBO and Zillow allow homeowners to list and sell their houses for a low, flat fee."

While your agent is representing you, it's the seller who pays their fees. The Motley Fool warned because of this, your agent could have a conflict of interest. "Your agent may be keeping the seller's interests in mind to some degree during the searching and buying process — and they may be communicating some things about you to the seller's agents."

It's tempting to hire an agent whose face you see on buses and other ads, but you might not be just another number to them. "If they're as busy as they seem to be, you may not get their full attention," the Motley Fool said. "They may have someone else at their company doing some or much of the legwork. It can be good to clarify upfront just how much of the work the star will be doing and how much will be delegated to others."

Nailing the right price point is vital, but what you might not know is there's a pricing "brand" that can help seal the deal. Don Tepper, a Virginia real estate agent, explained to Trulia, "Buyers who want to spend $340,000 on a property may look between $325,000 and $350,000. If that's the seller's target market, then pricing a home at $351,000 will result in a lot of potential buyers missing the listing altogether." The solution? Tepper suggested price the listing at $349,000.

Oftentimes a realtor and even an inspector can miss potential problems and don't go the extra mile, so it's up to the buyer to stay on their toes. Fresh paint can be a warning sign not to ignore, Jordan explained to the Daily Mail. "If I see that, I'm going to look for water signs," she stated. "I'm going to take a flashlight and get down on my stomach under the staircase and see if there's a water stain line underneath the back of the stairs." But don't count on every agent to go above and beyond like that. 

Jordan advises homebuyers not to overlook small problems that an agent might not point out. She said, "People will often skip things like a backsplash or tiling near the cooker in the kitchen. If that's not there and they put in a brand new kitchen, I'm going to look a little closer to see what else they have missed out." She also advised buyers to look at the woodwork. "If you've cut corners on that, what did you do behind the wall where I can't see?"

Everyone wants a good review, but some agents will ask family and friends they haven't worked with, according to Motley Fool. "Do check references or reviews, of course, but perhaps, when possible, ask a few questions, such as how the person found the agent in the first place and how, specifically, the agent impressed them."