Myth:
The Internet is taking over the role of the real estate professional in housing transactions.

Reality:
Despite the increasing number of information sources accessible to consumers, including the Internet, home buyers and sellers continue to trust the experience and "know how" provided by real estate agents and brokers. According to the 2000 NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers, nearly four out of five home buyers in 1999 used a real estate agent to assist with the transaction. Moreover, home buyers who searched for housing information on the Internet were the most likely to use a real estate agent to complete their home search and close the transaction. Home sellers, too, rely heavily on the knowledge and expertise of the real estate professionals: 80 percent of sellers in 1999 used a real estate agent to assist in the selling process.

Myth
If I have several agents looking for homes on my behalf, I'll find a house more quickly.

Reality
Like most relationships, this one thrives on communication, loyalty and trust. By working exclusively with one agent, you will improve both the process and the results.

Myth
As a buyer, if I retain a buyer's agent to represent me, I'm responsible for the commission.

Reality
While some buyer's agents do have retainer or hourly fees, it is more typical for the seller to pay for the commission when the house is sold.

Myth
All real estate agents, as well as mortgage lenders, home inspectors, appraisers, real estate attorneys and other key players in a residential real estate transaction, do business in essentially the same way.

Reality
Absolutely not. The scope, quality and cost of services provided by individual providers can differ significantly. So given the financial magnitude of a real estate transaction and to help ensure the most problem-free transaction, consumers owe it to themselves to do their homework — on the Internet, by asking for friend/family referrals and/or otherwise — before selecting a particular provider.