Buying a home is a complicated process for many homebuyers so seeking the professional assistance of a real estate agent is wise. Homebuyers who believe they don’t need an agent should consider these six reasons to work with a real estate agent when buying a home.
1. A Real Estate Agent Handles Paperwork
This is one of the most important reasons to have a real estate agent when buying a home. While most homebuyers aren’t familiar with the legal documents associated with a home purchase, a real estate agent handles this paperwork regularly. A buyer’s agent is responsible for seeing that the purchase contract protects the buyer’s interests. A real estate agent’s diligence with paperwork can save the buyer money and prevent legal headaches.
2. An Agent Has Convenient Access to Properties
Many real estate agents can get the lockbox code to show properties to their clients at their convenience. A buyer who doesn’t have an agent may have trouble scheduling appointments to view properties and may have to wait for an open house instead. In a hot real estate market, you will be at a disadvantage compared to other buyers. Buyers with real estate agents get earlier access to homes, which means they can put a bid on a property before the independent buyer even has a chance to see it.
3. A Real Estate Agent Has More Knowledge About the Area Than a Typical Buyer
Another reason to work with a real estate agent when buying a home is that the agent has more knowledge about the local real estate market than a typical buyer. A real estate agent knows the community and aspects of different neighborhoods, so he or she can focus on areas and houses that best meet the buyer’s criteria.
Also, in a market with many homebuyers, you might need guidance in making an offer on the right home before someone else does. For example, an agent should be able to tell clients if they can expect multiple bids and advise clients on how to be the successful bidder.
4. An Agent Negotiates on the Buyer’s Behalf
One of the benefits of working with a real estate agent when buying a home is that the buyer’s agent handles negotiations. Many homebuyers are in the market for a home due to a major life transition such as an addition to the family or job relocation.
Because of this, a buyer may be dealing with high levels of stress and emotion during the home buying process. Since a real estate agent is not emotionally involved in the transaction, the agent can calmly negotiate in their client’s best interest.
5. Work with a Real Estate Agent When Buying A Home at No Cost to You
Real estate agents earn a commission for each transaction. The commission is a percentage of the home’s sale price. However, the seller pays the commission, which is split between the seller’s agent and the buyer’s agent. The buyer does not pay for the services of the buyer’s agent.
6. A Real Estate Agent Has a Professional Network
Most people buy a home only a few times in their lives, so finding the other professionals necessary to complete the real estate transaction can be a challenge. An experienced real estate agent should have a referral list of reputable companies that homebuyers need such as home inspectors, real estate lawyers, and contractors.