To say buying or selling a house is a huge financial undertaking is a bit of an understatement. With so much money and potential for loss on the line, why would you consider going it alone? Yet, so many people do.
When you consider that buyers and sellers generally are at odds with each other, one wanting to get the most money they can, while the other is looking for the best deal they can get, it only makes sense to get realtors involved in the process. But what exactly are realtor responsibilities and why is it a good idea for both sides to have their own?
Here are seven reasons to hire a real estate agent before selling or buying a house.
- Getting You The Best Price
Sure, if you are selling your house it may be appealing to do it yourself. You are probably thinking you will get more and not have to pay a commission. However, did you know that FSBO (for sale by owner) houses tend to sell for 30% less than if they listed with a realtor?
Plus, if it really is the commission you are trying to save on if your buyer has an agent, their commission is factored into your end of the deal. That means you still have to pay one. So, why not hire someone to make sure you get your asking price, or as close to it as possible.
And if you are the buyer, why not use one, especially since you aren’t paying? They will know the ins and outs of how to negotiate a better deal for you while making sure you get the stuff you want. Speaking of which…
- They Know What To Look For
Sure, you may have a long list of things you want ranging from bedrooms to backyard space. But, your realtor knows to look for things you may never have even considered, such as faulty foundations or leaky roofs.
Not only that, but they will also know how to approach these problems when it comes to buying or selling a house. This knowledge can end up saving both the seller and buy thousands of dollars in the long run.
- They Know the Market
You know how much you want to sell your house for. However, this may not be reasonable. The best real estate agent will know if you have aimed too high or too low.
They can do a comparison analysis in their sleep, helping you arrive at an appropriate price for your house. This will save you hours of time researching all sorts of factors from crime rates to the school system to demographic breakdowns, all of which are things you might not have thought of looking into while setting the price.
And if you are the buyer, it makes sense to have someone who knows the ins and outs of neighborhoods you are interested in. They will also be able to suggest areas you might not have considered based on how much you are willing to spend.
- Privacy, Confidentiality, and Other Duties
Buy or seller, it doesn’t matter. One of the most important realtor responsibilities is that y law they are required to put your interests, at least when it comes to buying/selling a house, first. However, this is especially important when it comes to buying a house.
Think about it. If you are a buyer, do you really want to hand over all sorts of private details about your financial situation to an FSBO seller or an estate agent for the seller, who isn’t legally required to put your needs first? Your agent will be able to tell you if the information they are requesting is reasonable and needed for the deal to go through.
While there are actions you can take if the seller’s agent lied to you or mislead you in some way, like reporting them to their licensing agency, if it is an FSBO there are few options if any at all. So, do yourself a favor and hire an agent to protect you, your information, and money.
- Attention To Details
It is no secret real estate contracts can be long and full of all sorts of little details that are easy to miss if you don’t know what you are looking for. Plus, considering the purchase agreement alone can top ten pages, not to mention the local, state, and federal documents required, you need someone who knows what needs to be in each before you sign.
They will also make sure there all the clauses you need are in each of the documents. After all, mistakes and omissions can be really costly.
If you forget to put in a clause about needing a mortgage before purchasing the property, you could be sued or forced to go through with the purchase if you for that contingency in the paperwork.
- Negotiating Skills
Few people outside of lawyers and real estate agents have the level of negotiating skills required when it comes to buying/selling a house. They will be able to make magic happen when it comes to getting a lower or higher price when need be.
So, unless you are either of these two things, let the professional work their magic and get $10k knocked off for the foundation work or to help repair a leaky roof.
- Their Network
This one is especially useful for first-time buyers. Realtors tend to have also sorts of useful contacts buyers are going to need. From mortgage brokers to lawyers to movers, they tend to have several of each in their vast network of people.
So, if the need arises, they can introduce you to the person you need to help make the purchase that much easier.
Knowing Realtor Responsibilities Can Help
It is helpful to know what realtor responsibilities are going into the process of buying a house. This will help to protect you and make it as smooth as possible.
For more helpful hints on how to house hunt, why not take a look at our blog? It is packed full of useful information to make it a bit easier. Happy hunting.