Whether you’re a buyer or a seller in the real estate game, you have one ultimate goal- to get a sale. While buyers are looking to get a low price on properties and sellers are hoping for a high selling price, they are both working towards the same goal in the end. There is no doubt, both sides can majorly benefit from hiring a professional agent to help them reach their goal in the most effective and easiest way possible.
Odds are that you won’t save any money by not using an agent. As discovered by a study back in 2017, homes that are classified as FSBO or “for sale by owner” end up getting about 30% less on their sales than the agent-listed homes. Many people think selling their home on their own is the best choice because they won’t have to give up any of the sales to agent commission. However, they don’t often realize that if their buyer is represented by an agent, they’ll end up having to pay a commission to them anyway. On the buyer’s side, there is no commission fee involved in having an agent- the seller always pays that. For buyers, there is no reason to not have an agent!
Besides that, why put yourself through the trouble of attempting to understand the lengthy documents and agreements that come along with buying or listing a home? If you don’t have prior experience in this kind of work, there’s always the possibility that you overlook something. If you don’t know exactly what you’re getting into, it can be easy to fall into a bad spot. Any possible mistakes in these documents have the potential to cost you much, much more than a commission fee. Luckily, agents are extremely knowledgable in this field and have an extensive understanding of the paperwork involved in both buying and selling. If you don’t unsure about something, they’ll communicate with you to ensure you understand everything in the agreements and feel good about the deal. They work to protect you and what you want.
Agents have a fiduciary responsibility to their customers, meaning it’s their legal responsibility to put their client’s needs and desires first. One aspect of this is confidentiality. When you have an agent as your representative- whether you’re a buyer or a seller, you have no reason to worry about the safety of your personal information and financial details being leaked. Now, imagine being a buyer and giving your financial information to an FSBO seller who has no legal obligation to keep the details private. Agents have a duty to their clients to protect their information, and they will know whether someone is asking you for unreasonable information- so as to protect you from untrustworthy situations.
Lastly, real estate agents have impeccable negotiation skills. As someone who works in the housing market on a daily basis, they know the ropes. Again, agents have a fiduciary responsibility to get you the best price- whether it be buying or selling. They’ll ensure you get the best possible price for your home, or the best deal possible when purchasing a property. If you were on your own, you may end up spending up to tens of thousands more on a home, or settling for a lower price because you’re unsure about what’s fair. After all, you’re not a professional in this area! Hiring an agent can save you a lot of money on this front.
Many people seem to think that buying and selling homes is a simple process when in reality, real estate is a complicated industry with a lot of legal implications- and it can get confusing. By letting a professional handle the difficult parts for you, you have the potential to save money, time, and a whole lot of stress.