Buying a house on your own has its charm, but if you want to increase your chances of success, you may want to work with a real estate agent. Generally speaking, we advise our buyers to work with a real estate agent before they start looking for a house for the following reasons.
Buyer Representation
To protect their client's interests, real estate brokers have a fiduciary duty to negotiate in their client's best interests. In dealings with the sellers and their listed agents, your buyer's agent will act as your representative. For most people, buying a home represents their single largest financial commitment. That being said, having an expert on your side who can offer guidance is crucial if you want to achieve the greatest possible outcome.
Competence In Negotiation
The real estate transaction process is complex. You need a reliable third party to act as your champion during negotiations. If you're good at negotiating, you might still benefit from knowing the current market standards so you know what to ask the seller for. Questions such as, "how much do sellers typically pay in closing costs?" might be answered by a real estate agent. Your agent will use their skills to negotiate the most favourable terms for you in the event of lowball offers, bidding wars, or contract issues.
Expertise In The Market
Knowing home prices and how to compare properties is essential while house hunting. A knowledgeable broker can investigate the market and provide you with extensive information on its current condition. You can also get advice on whether or not the price of a house you're considering is fair.
In-Depth Knowledge Of Local Resources
A real estate agent is a great resource for obtaining up-to-date information on a neighbourhood's amenities, such as its utilities, schools, zoning, and traffic patterns. Finding a great house is only half the battle; a local expert may assist in narrowing your search to locate a neighbourhood that will enhance your quality of life.
Help With House Hunting
Hiring a buyer's agent is a great way to jumpstart your house hunt. Your realtor will first meet with you for a consultation to learn more about your ideal home's specifications and amenities, and then use that information to create a wish list. After those details are ironed out, the realtor will go through the inventory to locate the homes that are desirable enough to warrant setting up a showing appointment for the buyer. This may seem like something you could handle on your own, but it takes a lot of time and effort. And if you don't have a real estate agent's insider knowledge, you can waste your time with an out-of-date listing. A buyer's agent is like having an additional set of hands to help you with the research, double-check the results, and schedule the showings.
Get Advice From Pros
Mortgage brokers, home inspectors, title agencies, and many more all play important roles in the house-buying process. Your agent may have some solid recommendations for partners who can help ensure that you receive the highest quality service throughout the entire process.
Paperwork Management
It's not as simple as choosing a house you like and signing a contract. Hiring a real estate agent is a good idea if the thought of reading and understanding a contract that is 16 pages long, not including addendums and disclosures, fills you with fear. The paperwork involved in purchasing a property might be daunting, but your agent will be there to help you collect, prepare, and make sense of it all.
No Out-Of-Pocket Expenses
The buyer does not typically foot the bill for a real estate agent's commission. The commission is usually divided equally between the seller's agent and the buyer's agent, based on the home's ultimate selling price. Thus, the purchaser incurs zero out-of-pocket expenses.
Choosing a Real Estate Agent: What to Look for
If you decide to work with an agent, pick someone you feel completely at ease with and who you trust implicitly. Keep in mind that they want to be recruited by you and are working for you. To make the most informed choice, it is OK to raise difficult questions. Several measures can be used during the search for a buyer's agent to ensure that all bases are covered.
1. Consult with local realtors face-to-face at upcoming open houses.
2. Check out more online testimonials.
3. Start talking to people (having about three to four options is ideal).
4. Obtain references from previous customers.
5. Tell the seller what you're looking for and how they can help you achieve your objectives.
The Bottom Line
Choosing to buy or sell a house is a pretty big deal. You need a real estate agent who is on your side and will work to ensure that you come out ahead financially and personally. You can always count on us at Winford to be available to support you through this process and answer any questions you may have. Call us today!