When buying or selling a home in Hampton Roads, why would you bother hiring a REALTOR® and paying commission?
Many home sellers and buyers ponder this question. However, when you are exchanging such a large sum of money, a better question is, “How will I protect myself from legal problems, and how will I protect my money?” The answer is, “With the help of an expert whose passion and career is dedicated to representing people.” Below are some crucial reasons for choosing a REALTOR®.
Why Hire a REALTOR®
To Get the Lowest Price. A good agent will prepare a strong offer that presents the buyer in the best light based on market demands and info obtained by networking with other agents. To determine a fair offer price, a real estate agent performs a comparative market analysis. This analysis is based on current market trends and recent sales in a given area. It is the basis for the agent’s recommended offer price. Without an agent, it can be difficult for a buyer to determine whether a home is listed at fair market value, if it’s over-priced, or if it’s a superb deal.
To Protect Your Interests. An agent is bound by law to work in his/her client’s best interest. Traditionally, these common-law obligations are to: put the client’s interests above anyone else’s, keep the client’s information confidential, obey the client’s lawful instructions, report to the client anything that would be useful, and be accountable to the client for any money involved.
Exclusive Access. Only agents have complete access to the Multiple Listing Service (MLS), including search tools not available to the public. This access allows an agent to alert you of new listings as soon as they are placed on the market.
Exclusive Relationships. A good real estate agent will have invaluable relationships with other agents, which may help provide access to information you couldn’t get on your own. A study by the National Association of REALTORS® revealed that 82% of homes are sold through an agent’s contacts. Additionally, a good agent has connections with other trustworthy parties you’ll need, such as home inspectors, a financing team and a real estate lawyer for closing.
Knowledge of Contracts. A good real estate agent will fully understand the lengthy, complicated contracts involved in home-buying. As an expert who buys and sells homes every day, your agent can predict things that a buyer without a professional agent would not foresee. Your agent will review documents for loopholes and obtain disclosures. He/she will know what information must be included and can protect you by ensuring everything in the contract is correct before you sign. They can also advise on what stipulations you should make in the contract – for example, repairs that must be made or items that should remain in the house at closing.
To Help Minimize Risk. A real estate agent can provide an unemotional view of a potential home and identify what should be included or changed in an offer to get a better deal. Buyers who choose to enlist an agent benefit from the agent’s responsibility to disclose potential drawbacks and flaws of a home. Sellers have little incentive to disclose this information if you are not represented by an agent.
To Make the Process Easy. Truthfully, the process of buying a house can be a pain. A good agent will make a buyer feel like the process is easy because the agent will be doing all the work. A good agent can do many things that would be time consuming for you to do alone. By understanding exactly what you want, an agent can search through countless listings so you only spend time visiting homes that truly meet your needs. An agent saves you time by contacting other agents to set up viewings. Your agent acts as a liaison between you and the seller’s agent, eliminating the need for you to deal directly with him/her. Additionally, an agent saves you time by connecting you with reliable parties you’ll need, such as a home inspector and a lawyer for closing.
For more information on hiring a REALTOR® and identifying a good REALTOR®, download your free Hampton Roads Home Buyer’s Guide.
