So do I need a RealEstate Agent in order to buy a property?
Decisions, decisions? Buying a house can be a complicated process and if you haven't done it before, a professional real estate agent can be an invaluable resource to help navigate the process. But a common question asked is whether you have to have an agent?
The legal answer to this question is, no you do not need to have a real estate agent to purchase a property, but it’s wise to consider all of the pros and cons before deciding. Regardless of your choice, thoroughly educating yourself about the buying process and the necessary professionals is essential for a successful transaction.
What If It Is My First Time?
If you are a first time home buyer it is recommended highly that you at least talk with a couple of real estate agents to see if you feel that they can provide value to your search and the ultimate goal of securing a property.
What are the benefits?
Below is a list of pro's and con's of working with a real estate agent. 1-800RealEstate.com has lots of resources and information to help you find a great agent or guide you through the process alone if you feel you can do better yourself
Pros of working with a buyers agent
Buyer agent fees are usually reasonable!
Oftentimes the seller will pay a portion or all of the buyer agent's commission, so it usually won't cost you much if anything to hire a buyer's agent. A good buyer's agent can be an invaluable resource and if they are good should be worth their fee.
Set up appointments
Buyers agents will set up all of the appointments to view homes and will have valuable insights about the neighbourhoods, schools, and what locations have better resale.
Negotiations
A good buyers agent is a good negotiator and having someone on your side who is truly looking out for your best interest and understands the nuances of a real estate negotiation can save you thousands.
Home Inspection process
A buyers agent will typically attend the home inspection and will council a buyer on how to negotiate the results of the home inspection report.
Understand the contract
Every state is different with regards to who writes the purchase and sales agreement for a home but any good buyers agent will be able to explain all of the legal terms and can help you better understand exactly what you are signing.
Make sure timelines are met
Buyers agents monitor the entire sales cycle and make sure that all of the deadlines are met and will communicate with the sellers side to ensure a smooth closing.
Set up a smooth closing
A buyers agent will often coordinate the closing, with title companies, lawyers, and the sellers team. They will also set up a walk through prior to the closing to ensure you get exactly what was agreed upon.
Pros of not working with a real estate agent
Save money
Although sellers often pay a portion or all of a buyer agent's commission, you may be able to negotiate a lower price it the seller doesn't have to pay a buyer's agent. This is especially the case if you are negotiating directly with the owner of a property.
Binding contract
Most buyer agents will ask you to sign a contract with them before they will assist you. If you eventually find that your personalities clash or that you no longer want to work with them you will need to get out of this contract.
You are a pro
There are many real estate investors, builders and professionals who work in the real estate business who don't need the advice of a buyer's agent and in many cases save themselves thousands of dollars buy navigating the waters of purchasing property all by themselves.
Up to you
We would never advise anyone against working with a highly qualified, skilled real estate agent. The biggest mistake people make when selecting a real estate agent is not picking a good one.
Do your research and watch the videos and find someone who you feel is going to represent you the way you deserve. Ultimately if you feel comfortable with the process and feel that you can get a do as good of a job without an agent than we think you have the choice to decide the best path for your real estate journey. GoodLuck!