You’ve got it under control. You’ve done your research, met with a lender to discuss your financing options and secure a pre-approval, drawn up a list of must-haves, and thought about which schools and neighborhoods hold the most appeal. So why use a Realtor or real estate agent when buying a home? While you can accomplish a lot independently, there are several excellent reasons to have a real estate professional on your team.
Why Use a Realtor or Real Estate Agent When You’re Buying Property?
Most people use the terms Realtor and real estate agent interchangeably when talking about professionals licensed to sell real estate. Technically, only active members of the National Association of Realtors (who have agreed to abide by the organization’s code of ethics) can accurately claim the trademarked title Realtor. If you want a professional who has volunteered to be held to a higher standard, a Realtor is an excellent choice. However, in most states, anyone licensed to sell real estate has a legal responsibility to act in their client’s best interests. When it comes to choosing between a Realtor and a real estate agent, the average person is unlikely to detect any significant difference.
According to the National Association of Realtors, 87 percent of homebuyers and 91 percent of sellers use a real estate agent when completing their transaction. Why use a Realtor or real estate agent when buying a home? Working with either of these professionals can offer some significant advantages.
The world of real estate has its own jargon, specific rules and regulations that vary by location, tons of red tape, and a plethora of detailed paperwork. As Contractor Quotes indicates, a Realtor or real estate agent is familiar with this world. They know what’s involved and can help you manage your expectations and prepare for buying a home. They’re familiar with the neighborhoods that you’re interested in, and they know how to get the inside scoop on them. They also have a good sense of what a fair price should be. In addition, they can spot potential problems before they become major headaches, reducing costly delays and your stress level.
With so much information online, you may think that you can find your perfect home without any help. However, you won’t find the latest real estate listings on any of the publicly available websites or apps. Real estate pros have exclusive access to the newest properties, including many that haven’t been advertised or aren’t yet officially on the market (source). As an added bonus, they know how to quickly sort through the possibilities and identify the homes that match your wish list.
When it comes to the complex negotiations involved in a real estate transaction, can you outdo a seasoned professional who has lots of practice hammering out the best deal for their clients? As HomeLight points out, the seller’s agent is working for the seller. No matter how nice they may seem, your best interests are not their priority. To get the best deal, you need to fight fire with fire and have an experienced real estate professional on your side of the negotiating table.
Do you know who to call for inspections and other vital tasks? Do you have the connections needed to wrangle help in a hurry if a problem arises before closing? A Realtor or real estate agent does. According to The Balance, real estate pros maintain extensive contact networks that include a wide array of professionals who might need to be called in during a home sale. Using a Realtor or real estate agent gives you access to their network.
Service at the Seller’s Expense
If you think that foregoing an agent’s services will save you money when you’re buying a house, think again. As U.S. News & World Report explains, Realtors and real estate agents are traditionally paid a commission equal to a percentage of the sale price, and it’s normally the seller who pays the commission. Since the buyer isn’t the one footing the bill for their agent’s services, not using a Realtor or real estate agent is unlikely to save you money. In fact, it may cost you since you’ll be hard-pressed to get the best deal without a knowledgeable professional guarding your interests.
At PrimeLending of Springfield, Missouri, we believe that buying or refinancing a home should be a positive experience. We accomplish this by delivering expert insights, clear communication, and rapid results. Whether you’re a novice homebuyer or a veteran of real estate transactions, our friendly loan experts are ready to help you find the financing you need to achieve your home goals. Contact us today to schedule an appointment.