When comes to home buying, many sellers and home buyers prefer to go ahead with their real estate transactions individually, rather than depending on real estate agents, as it saves the commission being paid to them. But, for many, flying solo without intervention of a realtor may find it more costly and may end up in distinct issues. As buying or selling a home includes major financial transactions, the realtor’s service will become necessity for the below reasons.
More Convenience/ Better Access
A full time real estate agent act as a liaison between a buyer and seller, in the sense they have access to almost all the properties in a specific region listed by other agents. So, when you contact a real estate agent for buying a home, he or she will be able to track down home understanding your criteria. Also, they will contact the seller’s agent and help in viewing the home by fixing appointments with them. This becomes difficult task to perform if you are individually trying to contact the seller.
Similarly, if you are a seller, you are expected to keep on answering regarding the questions about your home and may also miss a potential buyer if you tend to unanswered the calls during your busy schedule.
Negotiation is a Tricky Business Process
Most of the buyers and sellers avoid the intervention of real estate agents to enjoy transparency of the transaction and they believe it facilitate to better understand each other’s best interests. This may be probably true if both the buyer and seller seem to be a reasonable person, unfortunately, which may not be possible in all scenarios.
As a buyer, looking at a home that may incur too much cost to upgrade its lurid kitchen, shag carpet, wood-panelled walls, you may feel like expressing your contempt against such things. At the same time, you should convey the same without insulting the owner, which is a tricky task. If you have a real estate agent, they will talk on behalf of you to the seller regarding your concerns. In short, they act as your messenger and will be in a better position to negotiate on the price.
At some times, the seller may be little hard to handle, and in such scenario, your real estate agent will talk to your seller. There are chances that the seller may reject a potential buyer’s just because they hate the buyer’s guts. If you are so, then your real estate agent will smooth the transaction and put you in a better position to get your dream house. Similarly, it is applicable for the seller, that they can get help from a real estate agent who are strong enough to convey their interests to a potential buyer who wishes to cut down the selling price.
Contracts can be complex
An experienced real estate agent can help you with contracts as he or she deals with the same set of contracts and conditions on a regular basis. They know well about which conditions can be used, how the contract can safeguard you, how you can safely withdraw from a contract, while you are in a buying or selling contract.
Real estate agents can’t lie
If you are working with a licensed real estate agent, they are bound to the common law and they must act on behalf of the client’s best interest and not on their own. Also, in order to survive in their business, they rely on repeat business and referrals and to achieve the same they will do best for their clients.
Still, if you find your agent is lying to you, you can recourse yourself by sorting help from professional associations, agent’s broker or can see a case in court provided if they have the necessary proof against the agent.
Everyone cannot save money
Many people avoid using a real estate agent to save money, but it’s doubtful that both the buyer and seller can reap benefits without paying commission. Even though, as a buyer prefers individual dealing, the seller will add up agent’s commission in the selling price which he or she willing to sell by getting help from an agent. Unless both the seller and buyer mutually agrees upon splitting their savings, they can’t save commission cost.
The Bottom line
Having a quick look at the FAQ’s asked by the buyer, there are potential sellers who sell their home on their own. Still, websites suggest that process is not as simple and easy and may lead you to get into difficult situations.