Many services are available to assist both home buyers and sellers hoping to handle their real estate transactions. Although you can save a bit on commissions, doing it yourself can cost you more in the long run. Whether buying or selling your home, the decision can be major, and the process can be overwhelming and emotional. You shouldn’t rule out hiring a real estate agent or brokerage firm to help you just yet. Here are a few reasons why hiring them and having them on your side is good.
Easy Access to Properties & More Potential Buyers
Since your real estate agent will act as your liaison during the home sale or buying process, you won’t have to go through too much trouble to gain access to properties. Real estate agents and brokers are highly experienced, and they understand what is required to sell your home while purchasing a new one. They can work with you to get your asking price, or in some cases above your asking price, and also get a great deal on a new property.
If you have certain criteria for the new home you want to purchase, your real estate broker will gather up all of the potential properties that meet them. They’ll also contact other real estate selling agents to schedule your home viewing appointments. However, if you decide to fly solo when buying, your work will be cut out for you. Not only will you have to find all of the properties on your own, but you will also have to play phone tag with selling agents.
Even if you’re a seller, you’ll be on the receiving end of the phone dealing with potential buyers, scheduling your appointments and conducting your viewings. If you’re too busy to answer calls or respond to them, your home will likely be on the market long since buyers will move on to other interests.
No Need to Negotiate on Your Own
Negotiations between buyers and sellers can be a bit tricky. Although handling your negotiations can provide more transparency and ensure your best interests are met, it’s not guaranteed that the other person you’re negotiating with will be very reasonable.
If you’re a buyer and you don’t like something about a home, you won’t be able to express this to the current homeowner; they may get insulted. When working with a broker, you can be open and honest. If you plan on fixing up the home after you purchase it, your buying broker can convey your feedback to the seller’s broker to help you better negotiate a discount.
Your broker will also play hardball during tough buying transactions, so you don’t have to. This will improve your position for buying the home you want, eliminating any bad blood or animosity between you and the seller.
For sellers, the same is true. A hard-nosed real estate broker will be your greatest home sale benefit. They’ll protect your best interest and get you the best offer/selling price.
Avoid The Complex Offer to Purchase Contract
Whether you’re buying or selling, the offer-to-purchase contract protects you should the deal go south. For instance, you can back out if your conditions aren’t met, such as failure to include financing in the needs of the sale, and your mortgage approval falls through. If you paid a deposit, you could lose it entirely. Legally, the seller can also sue you for breach of contract.
Real estate brokers are extremely experienced in dealing with these contracts and their day-in and day-out conditions. They can advise you on using the contract to protect your interests and inform you and the seller’s agent which states should be included and which can be safely omitted.
Money Savings Aren’t Guaranteed If You Go It Alone
If you’re deciding not to hire a broker mainly to save money, you may want to consider your decision more carefully. In most cases, both parties involved in the transaction won’t see benefits from eliminating the commissions paid to brokers.
If you’re the seller and you’ve decided to attempt to handle it on your own, you’ll likely price your home based on an area comparison analysis of sales prices of other neighbourhood properties. Remember that the properties were most like sold with the help of a real estate broker, resulting in a better deal.
For a buyer to reap the benefits of a private sale, the seller would have to agree to split any potential savings of not having to pay broker commissions. The buying and selling processes aren’t as simple as most would assume. Difficulties can arise, and having a professional, licensed real estate broker on your side is always a better idea.