If you are in the market for a house, one of the first decisions you have to take will be whether or not to hire a real estate agent. While flying solo may save you a significant amount of commission fee, in most cases the real estate agent benefits fairly compensate the cost involved.
Here’s A Quick Look At A Few Real Estate Agent Benefits
- Faster Access To The Latest Market Listings: Real estate agents can give you access to properties as and when they are put up on the market. Agents normally have access to other agents’ listings. This facilitates faster and wider access to the market.
- Higher Negotiation Success Rates: Real estate agents have a better chance at negotiating a favorable deal. Being neutral gives them the freedom to be the bad guy in a transaction, without causing bad blood between a buyer and seller.
- Save Valuable Time: You do not have to scour the local real estate listings on the internet, or drive around a neighborhood looking for “for sale” signs. All you need to do is tell the agent about the kind of home you are looking for, and the area you prefer to live in. The agent then finds the most suitable properties.
- Better Knowledge About Localities And Markets: An agent can be extremely valuable if you have just moved to a new city or town. The agent’s knowledge of the market can help you choose the most appropriate neighborhoods based on access to schools, hospitals, and shopping centers.
- Experience Counts: A good agent will help you avoid costly mistakes by informing you about a property’s potential problems such as water seeping through the walls or a ceiling that may soon need replacing. Another of the real estate agent benefits is that an experienced agent will be able to refer you to trusted contacts such as a legal counsel, renovation expert, and an interior designer.
Here Are A Few Downsides Of Hiring A Real Estate Agent
- Finding A Good Agent Can Be Very Difficult: Most agents make very few transactions per year, and this information is usually not made public knowledge. You might have to rely on a friend or a company’s recommendation when looking for a good agent.
- An Agent’s Incentive May Clash With That Of The Buyer’s: Real estate agents get paid a commission only when a transaction occurs. This means that the agent would want to sell the house as quickly as possible for as high a price as you can afford.
- The Buyer Pays For Both The Agents: While it might look like the seller pays the agent’s commission, it is actually the buyer who has to shell out the extra amount. Sellers normally factor in the cost of commissions for the seller’s as well as buyer’s agents when they price their homes.
If you carefully weigh all the real estate agent benefits against the disadvantages, hiring a real estate agent would prove to be a better choice in most cases. The key to successful deal however lies in picking the right real estate agent, depending on whether you plan to buy or sell a property.
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