Every industry has a few myths. Look at science – according to myth, if you’re a scientist, you’re also a lone wolf and a geek. Now, I’ve known one or two scientists, and they were anything but. Colorado real estate agents carry around a few myths of their own, passed around from homeowner to homeowner since the dawn of time.

Myth #1: Lenders and inspectors give agents kickbacks. Not unless those lenders, inspectors and agents want to go to jail. You see, in 1974, the Real Estate Settlement Procedures Act was passed. The RESPA says receiving or giving kickbacks is illegal. I don’t know about anybody else, but I’d rather keep my real estate license.

Myth #2: Agents make a lot of money. Those that pass this little myth around have never asked an agent. Once all of our fees are paid, such as MLS fees, overhead, insurance and other expenses, most agents average a salary of around $36,000. For those that don’t know, middle class is somewhere around $75,000 and above.

Myth #3: Agents will say anything to get a sale. Some agents might lie to you, but most won’t. Personal reputation is especially important in the real estate business. An agent with a reputation for lying soon ends up out of work or without a license.   Most agents, like me, are in this business because they love to work with people.

Myth #4: The higher the sale price, the more agents make. Many think that agents would be ecstatic if they sold a house for $10,000 more than expected because of their real estate agents' commission. If they are, they’re ecstatic for the client, not themselves. While the seller makes around $10,000, the agent makes about $150. With today’s prices, $150 doesn’t go very far and certainly isn't worth comprising their integrity.

The next time you think about Colorado real estate agents and everything you know about them, consider where you got the information. Is it something that “everybody knows” or something you know from experience?

If you’re looking for a professional agent who puts your needs first, you've found, call me at 303-327-6880 or email me at mgold@remax.net.  To learn more about me and the services I offer, visit my website at www.mikejgold.com.

Your Local Colorado Real Estate Professional!

Mike J. Gold