There was a time when having a real estate agent was virtually a necessity when buying and/or selling a home. Although these days it is not strictly necessary to have an agent, there are lots of good reasons why you should hire a real estate agents. Although it may seem as though not using an agent may save you money, compare real estate agents’ fees with the long-term cost of brokering your own deal and you’ll see why using an agent can actually save you money in the long run. Read on to find out why you should hire a real estate agent if you are in the market for a new home.
Market Knowledge / Pricing Expertise
Real estate agents live and breathe the real estate market. They know the market well and can help you price your home to position it favorably in the market. They will be able to determine whether a home is overpriced or under-priced based on their knowledge and experience. This is much more accurate than going online and doing one’s own research.
Geographical Familiarity
In addition to being able to price your home accordingly and find a home that is a good value for your money, an experienced real estate agent will be familiar with the local neighborhood in which he works. They can find information on comparable sales in the neighborhood for you, as well as information about the demographics in the area, local schools, and crime rates. This information may be much harder to track down on one’s own.
Negotiation Skills
Real estate agents are expert negotiators. They serve as an intermediary between buyer and seller, working to meet at a point of agreement that serves both parties well. When the transaction happens directly between buyer and seller, without an agent to run interference, often things get heated and contentious, which may jeopardize the deal. Bear in mind that a seller has a legal right to refuse a buyer’s offer simply because they do not like the buyer. Your agent can relay any concerns you might have to the seller’s agent, thereby taking the personal element out of the transaction. On the flipside, if you are the seller, your agent can protect your interest without pushing away any potential buyers who may be seeking to buy the house for a lower price than you would like to receive.
An agent can also speak on your behalf when it comes to requesting any pre-sale repairs you would like to see completed. They can also spot things you may not have noticed when you looked at the house, and recommend a trustworthy home inspector who can turn an expert eye toward the house before you buy it.
Paperwork
Buying and/or selling a home is, without a doubt, a transaction that is full of complicated paperwork. A real estate agent can help you to navigate the complex process and lengthy paperwork full of legalese. This can help you to protect yourself and to allow you to back out of the transaction if, for example, certain conditions aren’t met. This could help you to avoid being sued if you aren’t able to fulfill your end of the contract.
As you can see, there are lots of good reasons why hiring an agent to help you buy and sell a home is still a good idea.