Home buyers, as well as sellers, are on a separate side of the fence whenever it comes to buying a home. They are trying to find a property that fits their idea of a dream home, but most home buyers often tend to forget that there are many people competing for one property. What one is trying to achieve is top dollar for their property, and there are several sharing the same goal. While one wants a sale, the other party wants a purchase. The middle man is a real estate agent who can make a lot of difference to both parties. They can benefit from hiring an agent, but their reasons could be different.
Why not use an agent?
If you are going to sell the property, you will aim to get as much for the home as possible, and this means you will not be happy about parting with the extra commissions. But studies have shown that sellers fetch about 30% less for the properties when they try to sell them without an agent. If the buyer is represented by an agent, you will, anyways, have to pay a commission since the buyer’s agent’s commission is a part of the deal.
If you are a buyer and have an agent, the seller will be paying a commission and not you. Yes, the seller might refuse to do so, but this means you could take a look at other properties if that is the case. But a lot depends on whether you are in the buyers’ market or the sellers’ market.
Make the most of the deal
When it comes to reviewing and understanding the documents that are involved in a real estate deal, you might be far out of your element. It is important to have a thorough understanding of what you are getting into, no matter whether you are a buyer or a seller. The agreements could be more than ten pages, and some might also have Federal, State, and local document requirements.
With an agent, this process can become much easier and more convenient. The agent will be familiar with the paperwork and will save you time and money. Mistakes in these documents could cost you as much as the commission you were planning to avoid paying. If you hire a broker for a one-time fee to just review your contracts before you sign them, it will make a huge difference to the result. The broker has complete knowledge and understanding of getting a pre-approval, mortgage, and reverse mortgage, and he can help you make the right decisions.
They know where to look
You may have a fair idea of what you want from a property, including the neighborhood or the number of bedrooms, and you will be happy to look at homes that meet your criteria. However, the agent will remain alert for the issues that may not cross your mind, like roofing problems or mold and leaks. They can recognize the signs of these problems and know how to handle them. It can help save thousands of dollars in the long run. As a seller, you know the amount you want for the home, but only an agent can tell you if it is a reasonable amount. When you compare sales in the neighborhood, you will get an idea if you are in the right range or not, and only an agent can help you with the same. They hand over research and data about the demographics of the neighborhood, proximity to schools as well as other important factors. If you do not know where to start or how to get the data, you will spend a lot of time and effort in the wrong direction.
Negotiate for you
Only a real estate agent can handle the negotiation for you. They have a fiduciary responsibility to you, and it is the agent’s job to get you the right price for your home and to get you the best deal for the property you want to own. Agents can negotiate well from their experience, and they know what works and what doesn’t. They also have tried and tested techniques that have earned them experience in the industry.
There are times when you could be willing to pay more for a home, not realizing that it is not really necessary since the right agent can negotiate well for you. It will save you money, time, and a lot of effort. With a real estate agent, it proves that you are smarter than others, and you are working with smart people that help you with your goals. The trick is to be ready to ask for help and find the right person to make the home buying process quicker and more convenient.
