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Deciding whether or not to use a real estate agent when buying or selling your next home is a question you may have asked yourself in the past. If you are not sure if it would be beneficial to use a real estate agent, perhaps this article can help you.
The 2011 profile of home buyers and sellers created and distributed by the National Association of Realtors shows that For Sale By Owners (FSBO) accounted for just 10% of home sales. Additionally, the average FSBO listing sold for $150,000, while the average realtor-assisted home sold for $215,000. While many people think they can save time and money by selling their home on their own, this is often not the case. They also typically don’t always understand the tests that come along with the sale of your FSBO home. The profile of home buyers and sellers shows that the most difficult tasks for a FSBO are:
• Understand the housing market and list your home at the correct price.
• Understand the paperwork involved and complete everything correctly.
• Have enough time to dedicate to all aspects of the sale. This would be promoting the house, showing the house, answering phone calls and emails about the house, etc.
• Determine whether or not they should spend extra money to prepare or fix up the house.
• Sell the home within a specified period.
Buying or selling a home is often the largest investment most people will make in their lives. Whether you’re buying a new home or selling your existing home, a real estate agent can help protect your interests and potentially save you a substantial amount of money. We have compiled a list of benefits for both the buyer and the seller.
Reasons to use a real estate agent when buying a house
1. A home buyer is generally not required to pay the real estate agent. When a real estate agent represents a home buyer in the purchase of a home, the commission earned by that agent is paid by the seller of the home. The commission is deducted from the sale price.
2. Realtors have access to the Multiple Listing Service (MLS). The MLS is a service provider for real estate agents, providing them with the most up-to-date information on homes for sale in their area.
This service is not available to the general public. With the MLS, an agent can find information about the house, taxes, how long it has been listed, price changes, special features of the house, etc.
3. The agents have knowledge about the area. A real estate agent should be able to tell you about the neighborhood, schools, activities, recreational areas, etc. that are available in the areas you want to buy.
4. Agents know how to negotiate with the seller on your behalf. Negotiating the price of a house can often be very difficult. In today’s market, it’s not uncommon to ask for closing costs, repairs to be completed, home warranties or inspections. Real estate agents can often trade in household items like washers/dryers, refrigerators, or furniture in the sale of the property. Your real estate agent’s job is to make sure you get the best deal.
5. Agents keep the deal. Once your offer has been accepted, you will have many tasks that need to be completed in a short amount of time. Your agent can help you track and orchestrate all the tasks required in the buying process.
Reasons to use a real estate agent when selling a house
1. A real estate agent is worth the commission. Once you really consider all the things your agent will do for you from the time you list the home to the time it sells, the commission paid to that agent is often money well spent. Often times, an agent will be able to help you sell your home much faster and for more money than you could have on your own.
2. Agents understand the current real estate market. Choose an agent who lives in your area. This agent will understand the neighborhood, home values, area benefits, and local competition.
3. Agents know how to sell your house. This is their job, and like any other job, if they don’t do it right, they get fired. A real estate agent is a professional and must know what he is doing. It is often a good idea to get a background check on agents before allowing them to sell your home. Selling any house requires experience, dedication and knowledge in this market. Your job is to attract buyers and sell the house.
4. Agents know what will make houses sell. Your agent will be able to advise you on what could be done with the house to sell it faster. Anything from organizing the house to making minor repairs or improvements.
5. Agents will list your home on the MLS. A real estate agent has access to the Multiple Listing Service (MLS). This tool is only available to real estate agents and allows them to show your home in front of thousands of other agents and buyers.
6. Agents know how to market your home. Your agent will know what to do to market your home for sale, whether it’s an open house, internet exposure, flyers, trailers, etc.
7. Agents represent you to the end. Your agent will represent you from the time the home is listed to the time escrow closes. The job of an agent is to make sure that his interests are protected in the sale of the house and that everything negotiated in the contract is fulfilled. If a problem arises during or after the closing, your agent is there to help resolve any issues.