Any person who is licensed to represent buyers and/or sellers in a real estate transaction is a real estate agent. This title of real estate agents and realtors are often used interchangeably, but, there is a noted difference. Locally, it is wise to ensure that the agents are from a reputable agency and has extensive experience in the area.
For overseas readers in North America, a Realtor takes the step further to commit to the National Association of Realtors and follows a strict code of conduct and ethics. Depending on the state you are purchasing a property in, each title requires different qualifications and training hours. Other titles you may come across include principal broker, managing broker, associate broker, or listing agent.
How Many of You Are Planning On Selling Your Home?
There are a lot of resources to guide you through a for sale by owner process. Though, there are several benefits to working with an experienced agent. There is so much involved in the purchasing process, even with previous selling or buying experience, you can not prepare for everything that could happen, whereas a real estate agent can whiz right through. Let’s take a look.
Do you know how much your home is worth?
Many homeowners think their home is worth top dollar. What you may not realize are the particulars which buyers are looking for. Unless you devote time and sometimes money to figuring out the best price to list your home, chances are you’ll get it wrong.
On the other hand, some for sale by owner sellers can shortchange themselves by not understanding the current market.
A real estate agent will have a better understanding of the price per square foot and what similar homes are selling for. Homes listed at the right price won’t sit on the market for too long. Therefore, it’s in your best interest to work with someone who is experienced to make sure you get what you deserve in an appropriate amount of time.
Financing can be complicated. With so many options and different financing tools deciding what is right for you can quickly become overwhelming. Agents can help advise you on local financing. They will also be knowledgeable of your financial situation and can make recommendations based on your individual needs.
World of knowledge
Real estate agents have access to a wide network of different professionals. When it comes to recommending someone to complete remodelling projects, small repairs, getting a home inspection, or any other kind of professional you may need, a real estate agent will know who to call.
Agents also know which repairs will help increase the value of your home and can save you money by helping you avoid making improvements that aren’t worth making. Many homeowners assume any improvements will add value, but this isn’t always the case.
Marketing your property
When selling without an agent, you may not have access to the right marketing. Simply putting a for-sale sign in the yard or in a Facebook ad isn’t enough to attract buyers.
A real estate agent will work with a professional to photograph your home. High-quality photos taken with a professional eye is the first step in gaining interest in potential buyers. Most people look at photos before deciding if your home is worth scheduling a walkthrough.
Agents have broader access when it comes to marketing platforms like websites, flyers, open houses, and mailers. When marketing your home, it’s crucial to reach the widest range of buyers possible. This is one of the benefits a real estate agent has to offer.
Selling your home
Selling can be an emotional experience. A real estate agent will look at the sale of your home as a business transaction, which is what sellers need. Emotional attachment can get in the way of accepting offers that will benefit you the most.
An agent will know when an offer is a good deal for you. They know how much your property is worth and are experienced when it comes to negotiating a final deal and talking numbers. Your agent will give you objective advice to help keep emotions in check.
When it comes to showing your home, it can be difficult to step out of the homeowner role. You may have shown your home to guests, but this is very different from showing it to buyers. Even though you know every nook and cranny of your home, this doesn’t mean you know how to show a house to prospective buyers.
It’s important to know how to read buyers, some may want to just take a look around and ask questions later. Buyers may feel uncomfortable having the homeowner watching over them as they try to imagine themselves living in the home.
Agents are well-equipped to share information about the surrounding areas that buyers are interested in. Additionally, agents have access to hundreds of buyers, and may already know of prospective buyers who would be interested in viewing your property.
Are you well versed in the rules of buying and selling a property?
The average homeowner isn’t, which is why it’s advisable to work with an agent.
For example, there are certain requirements as to what is expected to be included in the sale of a home. Fixtures or immovable elements of a home such as built-in furniture, fences, or, a storage shed may be required to stay with the home, however, if they are removed after negotiations you may be looking at a legal battle.
It happens more often than you think. A real estate agent can help avoid issues like these by advising you on current rules and regulations in your area.
If you’re on the other side of the deal, a real estate agent can also be useful when purchasing a home.
As a buyer, you probably have a list of wants, number of bedrooms, bathrooms, yard size, etc. A real estate agent can help save you time during your search by pointing you in the right direction.
There are several other benefits to working with a real estate agent when buying a home.
Knowing the value of a home you are interested in purchasing is very important. While this is also the case for sellers, it is extremely important for the buyer as well. Agents helping buyers will know if a property is overpriced or not.
Knowing if there is room for negotiation is a major benefit. An agent will know what is compared in the area and how much they sell for. An agent will always help you get the best deal.
When you’ve found the house that checks off all the boxes, there may be repairs you want to be done as part of the transaction.
It’s important to hire the right home inspector who will point out concerns that may be overlooked.
Minor repairs can be easily fixed, but there can be major issues needing immediate attention. As a buyer, you don’t want to be stuck with additional expenses moving into a new home. An agent can help you find the right home inspector and guide you through negotiating repairs as part of your purchase deal.
Buying a home isn’t as simple as purchasing furniture. Laws change year to year in every state. A lot can change from the time a home is originally purchased. Homeowners may not be up to date on changes, which is why it’s important to work with an experienced agent when buying a home.
Agents are required to stay current with all the updates in regulations, laws, contracts, and practices. These things can easily be missed by buyers, and potentially lead to expensive fixes.
Searching for and finding the right home can be fun. However, when it comes time to make an offer, negotiations can be tricky.
After all, contracts can be 50 pages long with additional contingencies, addendums, and riders!
An agent will guide you through the legalese and act as an advocate for your best interests. While most real estate agents are known for helping those in the market to buy or sell, some can also be excellent resources for assisting renters in finding their dream apartments, condos, or rental homes. After all, it is our privilege to help people find homes where they can create new memories!