4 Reasons Why You Still Need An Estate Agent
Category Buying & Selling Tips
The sudden sprouting of services to assist home buyers and sellers to complete their own real estate transactions is relatively recent, and it may have you wondering whether using an estate agent is obsolete. Homes of Distinction CEO Jonathan Broekman says that while doing the work yourself may appear to save you the commission rates estate agents command, flying solo may not be the way to go – and could end up being more costly than a realtor's commission in the long run. Buying or selling a home is a major financial, and emotional, undertaking. Find out why you shouldn't discard the notion of hiring an agent just yet.
1. Better Access & More Convenience
An estate agent's full-time job is to act as a liaison between buyers and sellers. This means that he / she will have easy access to all other properties listed by other agents. Both the buyer's and seller's agent work full time as estate agents so they know what needs to be done to get a deal together. For example, Jonathan says, if you are looking to buy a home, an estate agent will track down homes that meet your criteria, get in touch with sellers' agents, and make appointments for you to view the homes. If you are buying on your own, you will have to play this telephone tag yourself. This may be especially difficult if you're shopping for homes that are for sale by owner. Similarly, if you are looking to sell your home yourself, you will have to solicit calls from interested parties, answer questions, and make appointments - often with time wasters and people “just looking”. Keep in mind that potential buyers are likely to move on if you tend to be busy or don't respond quickly enough. Alternatively, you may find yourself making an appointment and rushing home, only to find that no one shows up.
2. Negotiating Is Tricky Business
Many people don't like the idea of doing a real estate deal through an agent and feel that direct negotiation between buyers and sellers is more transparent and allows the parties to better look after their own best interests. Unfortunately, this isn't always an easy relationship. Perhaps you, as a buyer, like a home but despise the flooring and decor, which the owner has obviously spent huge time and money on? If you are working with an agent, you can express your contempt for the current owner's decorating skills and explain how much it'll cost you to upgrade the home without insulting the owner. Your estate agent can convey your concerns to the sellers' agent, who can tactfully negotiate a discount without ruffling the homeowner's feathers. An estate agent can also play the "bad guy" in a transaction, preventing the bad blood between a buyer and seller that can kill a deal. Keep in mind that a seller can reject a potential buyer's offer for any reason – including just because they don’t like them. An agent can help by speaking for you in tough transactions and smoothing things over to keep them from getting too personal - this can put you in a better position to get the house you want. The same is true for the seller, explains Jonathan, who can benefit from a hard-nosed real estate agent who will represent their interests without turning off potential buyers who want to niggle about the price.
3. Contracts Are Hard To Handle
If you decide to buy or sell a home, the offer-to-purchase contract is there to protect you and ensure that you are able to back out of the deal if certain conditions aren't met. For example, if you plan to buy a home with a bond but you fail to make financing one of the conditions of the sale - and you then aren't approved by the bank - you can lose your deposit on the home and could even be sued by the seller for failing to fulfill your end of the contract. An experienced real estate agent deals with the same contracts and conditions on a regular basis, and is familiar with which conditions should be used, when they can safely be removed and how to use the contract to protect you, whether you're buying or selling your home.
4. Not Everyone Can Save Money
Many people doubt that using an estate agent can actually save money, but keep in mind that it is unlikely that both the buyer and seller will reap the benefits of not having to pay commission: for example, if you are selling your home on your own, you will price it based on the sale prices of other comparable properties in your area. Many of these properties will be sold with the help of an agent. This means that the seller gets the keep the percentage of the home's sale price that might otherwise be paid to the real estate agent. However, buyers who are looking to purchase a home sold by owners may also believe they can save some money on the home by not having an agent involved. They might even expect it and make an offer accordingly. However, unless buyer and seller agree to split the savings, they can't both save the commission.
While there are certain people who are qualified to sell their own homes, taking a quick look at the long list of frequently asked questions on most property websites suggests that the process isn't as simple as many people assume. “And when you get into a difficult situation,” reminds Jonathan, “it really does pay to have a professional on your side!
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Author: Georgina Roberts
