I created this blog to have a place to share information, ideas, thoughts, and experiences, not necessarily just about real estate, but also life in general.

November 14, 2012

Why Do I Need an Agent? Step #2

Why Do I Need An Agent Step #2
Why An Agent?
Now that you’ve made the decision to Buy Your Home Step #1, its time to find a real estate agent who will work diligently and effectively to accomplish your goal of having your dream home. The question on most of the potential buyer’s mind is still: Why Do I Need an Agent?

Internet has become easy, convenient and it’s probably the first place a consumer will turn to for accessing information and searching for properties. Most statistics show over 90% of buyers search online and the other 10% still rely on the newspaper and magazine ads, before they think of contacting a real estate agent.

Yes, the industry trend has shifted to a different way of marketing and how information is accessed, but the tradition of consulting a real estate agent lives on when obtaining more details, seeking advice on current market activity, and negotiating the purchase or sale of a property.

Why buyers need a real estate agent; Understanding their role:
  • It’s FREE. There is no charge to the buyer
  • Realtors understand the buyer’s needs and wants to find the homes that fit their criteria
  • Realtors have access to a large inventory as properties come on the market and MLS data for pending and sold listings important for comparison
  • Realtors know the local area such as school ratings, community activity, local building ordinances and codes, and so on.
  • Realtors are acquainted with current financing sources and reliable loan professionals.
  • Realtors can be of assistance in avoiding legal entanglements and compliance issues.
  • Realtors have the professional training and skills to negotiate on your behalf when dealing with the seller and the other real estate agent. 
  • Realtors can expertly coordinate the work of other service professionals to successfully close your transaction,  such as appraisers, home and other inspectors, title and escrow officers, lenders, seller’s agents, just to name a few.
  • Realtors are experienced to handle the details of the paperwork and deadlines.
  • Realtors have the ability to solve problems and issues that may arise during the escrow process.

I can't stress enough the importance of hiring your OWN real estate agent as a buyer. REMEMBER: the listing agent, by his or her fiduciary obligation, is representing the best interest of the seller, NOT YOURS. Some may even offer a cut in price, assist in your closing costs, or some crazy concessions on the side "the seller need not know". Do you really want to have someone who is unethical and unscrupulous represent you? 

A competent, skilled and knowledgeable real estate professional is best to have on YOUR SIDE, to ensure everything goes smoothly and to look out for your best interest throughout.

Next: Get Pre-Approved By A Lender. Step #3

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