Whenever thinking about buying a house, the question of going with a real estate agent always comes up. Most first-time homeowners tend to go with a real estate agent simply because it makes the process that much easier.
However, you should know that you don’t need an agent to get into the real estate market. No law prohibits the purchasing of property without an agent.
Although many people choose to go without one, we’re here to convince you otherwise. Here is why.
Why People Don’t Hire Real Estate Agents
Legality is completely irrelevant when we talk about why homebuyers don’t hire real estate agents.
It seems that the decision ultimately comes down to money. Namely, homebuyers don’t want to pay the realtor fees that come with hiring an agent. These can sometimes amass to 10% of the purchase of the property. In most cases, the number isn’t that high and is usually half of that.
But that doesn’t change the fact that you get so much more in return. And if we are going to explain that, then we will need to talk about the benefits that come with hiring a real estate agent.
Why You Should Hire A Real Estate Agent
It’s safe to say that the small realtor fee is definitely worth going with a real estate agent. An agent brings so much to the table. The benefits drastically outweigh the costs and we will tell you exactly why.
You’ll Get A Better Deal
When it comes to hiring an agent, you can either do it as a buyer or as a seller. Contrary to popular belief, only the seller pays the agent fees whenever selling their property.
So, as a buyer, why wouldn’t you go with a real estate agent? Even as a seller, you’ll always want to get a better deal. Well, an agent is certainly capable of delivering just that.
A study in 2017 found that sellers with agents make around 30% more than those without one. That’s simply because the real estate industry is very complex and requires an expert to guide you through it.
And can you think of a better person to make you more money as a seller than an agent?
They Have the Experience
The only way to smoothen the home-buying or house-selling process is to have someone by your side that’s experienced enough to guide you. As we aren’t experienced realtors that know the ins and outs of the industry, hiring an agent gives you the best chance of that.
Part of the home-buying or selling process is paperwork. You’d be surprised to see the amount of paper you’ll need to go through and sign to finalize the deal. The purchasing agreement alone can be as much as pages long.
And there’s tons of information hiding in key paragraphs of the agreement. So you’ll likely want to have someone that knows what they’re supposed to be looking for when looking over these documents.
As always, you’ll want to avoid obstacles along the way and make the process as smooth as possible. To do that, you will need to hire an agent.
A Duty to You
A real estate agent is like your therapist. Both are highly professional and both are bound by confidentiality. An agent must put their client’s interest first.
It doesn’t matter what the client wants, it’s their job to advise, support, and make happen what the client wants. Since we are talking about finances, would you really want someone else to know your finances? Since an agent is bound under a legal obligation to keep the information confidential, it would work in your best interest to hire one.
If you’re planning on going without a seller, then no one has to keep such information private.
Since part of the home-buying or selling process is exchanging information, who knows what the opposing party will do with your financial information.
By hiring an agent, you are making sure that no senseless information goes over to the opposing party. Namely, your agent will know what information the opposing agent needs and what sort of information they don’t.
This way you are minimizing the chances of being used or played.
An Agent Knows What To Look For
Regardless if you’re buying or selling a property, there is always the use of an agent. In the case of purchasing a property, it would work against you if you make a bad decision.
Making a bad purchase can be seriously hard to recover from. And such mistakes can only happen if you’re flying solo.
An agent knows what to look for when on the market for a new property. They can uncover underlying issues by doing a full inspection of the property. It’s not uncommon for sellers to hide issues such as bad plumbing, roofing problems, leaks, etc.
With an agent by your side, you can expect anything but a full sweep. They will uncover issues that you might not even know exist. And most importantly they will approach these issues the right way, saving thousands of dollars.
More so, an agent will know what a good property looks like. They will recommend houses, compare properties, and help you make the right choice for your next home.
Superior Negotiating Skills
Ultimately it all comes down to money. Whether you’re a buyer or a seller, money always talks.
Regardless if you’re buying or selling a property, the ideal scenario is to get a better deal. That might not be possible if you’re going by yourself. Buy by having an experienced agent by your side, you can rest assured knowing that they will try to get the best possible deal.
This is all down to their superior negotiating skills and knowledge of the market. Remember that it is an agent’s responsibility to give you the best possible deal, otherwise, we wouldn’t need them.
When it comes to doing business in the real estate market, an agent isn’t required by law. However, you might wish to consider hiring one because of the many benefits that come with it.
Simply said, paying 5% in realtor fees can give you so much in return.