Forget the hype. You are getting ready to buy or sell a home, but before calling that Denver real estate agent you should learn the ins-and-outs of working with a Denver Realtor. You should get started by understanding and avoiding some common Denver real estate agent myths.

-Lenders, title companies and inspectors give kickbacks to real estate agents.

This is false. In 1974 the Real Estate Settlement Procedures Act was created. This act prevents agents from getting any kind of kickback or favors from real estate vendors. Any violations of this act would put the agents license and their livelihood in jeopardy.

-Real Estate Agents make too much money.

This is false. The median income for real estate agents in 2006 was $47,700. Plus, about half the agents at large brokerage firms close less than 4 deals a year. Out of which, you pay office fees, overhead and expenses, errors and omissions Insurance, office supplies, MLS fees and lockbox fees. Not many people can live on what is left.

-To get the best deal on a home call the agent listed on the for sale sign.

The agent on the for-sale sign is contractually bound to represent the best interests of the home seller. The home seller would like to get the highest price possible from any potential home buyer. If you pass along negotiable information (such as how much your willing to pay) to a sellers agent, that agent is contractually bound to pass that same information along to the buyer. Having a buyers agent represent your best interests does not cost you and benefits you by having a real estate professional representing your best interests.

Real estate agents that belong to the Multiple Listing Service or MLS, all have access to the same Denver area homes for sale. Ask your real estate professional if they are a member of the MLS. Then convert that phone time to spending time with the Denver Realtor that you're comfortable with. Talk about the type of home you are looking for and your goals. This will help your Realtor really narrow in on the home that fits your needs. This approach will save you time and make for a smooth home buying experience.

-Pay a smaller commission and you will make more.

This is False. A myth perpetuated by discount brokers. The claim they make is that sellers save money by paying less commissions. The truth sounds a lot less appealing. Discount brokers or less than full service agents cannot afford the complete marketing package that a full service realtor offers. Full service Realtors offering a complete marketing package tend to draw higher offers. A two percent commission reduction does not amount to much when your price gets discounted ten percent because your agent could not afford to properly market your property. Top producing agents don't discount their services, because they generally still net the Denver home seller more.

-When you pay more for a house, your agent makes more.

This is false and very misunderstood. I have heard it said that 'every additional dime you pay for that house makes the agent more money.? The misunderstanding is this. Let's say we are talking about a difference in price between $300,000 and $310,000. A $10,000 difference in the price of a home means about $150 to an agent. On a $10,000 spread an agent does not care about the commission difference.

-Real Estate Agents are always late.

This is false. Agents need to show their clients respect and that is earned by delivering what is promised and being on time. If your agent is not showing the respect that should be there, get another agent.

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