Buying and selling a home can be a challenging process. There are many forms, disclosures, legal issues and whatnot to completing a transaction. Do you need a real estate agent to complete your home buying experience? To achieve the best possible outcome, it is in your interests to use a Realtor.
What Should I Look For In A Buyer’s Agent?
Let’s talk about some of the elements a good agent possesses on the buy side of the transaction.
- How does the agent communicate? Millennial home buyers prefer text while Baby Boomers want to talk on the phone. Ask agents how they will stay in touch while looking and then once you are in the contract phase.
- A good buyer’s agent is going to be able to explain the current market conditions. Very important in this Seller’s Market. You need a real estate agent that understands how quickly inventory is selling in your price range. And what concessions to make in the offer phase to have the best possible outcome.
- References don’t hurt either. Of course, we live in the age of Google. Many home buying clients are doing a Google interview before they ever contact a real estate agent.
- Accessibility. This one is key. A decent agent is going to be available on a flexible basis, especially in the current market. Hours can make a difference in this marketplace.
It’s A Seller’s Market. Do I Really Need A Real Estate Agent?
Humbly, I would state that in a Seller’s market, you need a real estate agent more than ever before. Sure, you could probably put your place up for sale on your own and get it sold FSBO.
But, the best listing agents are getting their clients over full price offers, with appraisal gap coverage and contingencies waived. There is a difference between merely selling and hassle free, top of the market outcomes.
I hear some folks talk about saving a commission. What usually happens though is unrepresented home sellers agree to pay the buyer’s agent. Then the seller winds up being the only unrepresented party in the transaction.
There are so many little nuances and details with every transaction. Missing one can cost Boulder home sellers tens of thousands of dollars.
A great listing agent is going to facilitate both the highest and best offer as well as the fewest out of pocket expenses for a home seller.
Most importantly, a good real estate agent can help you navigate the sales and inspection process. Keep a transaction on target when the waters get rough. If selling homes was easy, there wouldn’t be a thriving real estate industry.
Realtors Do 3 Critical Things When Helping You Buy Or Sell A Home
- 1. Seek your price and terms. Sounds simple enough, but you need a real estate agent because that Realtor is always keeping the focus on getting your terms.
- 2. Representing your sole best interests. It’s my legal commitment to place your best interests ahead of mine when representing you. ‘Nuff said.
- 3. Notify you of any material defects to a property or contract actually known by the agent.
Here’s an example of that third critical aspect. T-Lock roofs are nearly indestructible. The shingles are rated for fifty years. However, the company went bust and while the shingles don’t break, they do fly off roofs in high winds. As a result, insurance companies will not insure T-Lock roofs. That’s a material defect you want to know before making an offer on a house!
Why I Would Hire A Realtor Myself In Buying In Another Market
Real estate agents have a vested interest in getting you successfully to the closing table. Many agents – myself included – rely upon referrals for future business. Happy clients refer a lot more clients than disgruntled ones.
Good agents also bring a deep knowledge of the market to the table. Silly as it sounds, at just about any price range, all homes look alike. Each has bedrooms, a kitchen, a family room, the garage. Location can play a big role in the difference between one home and another. So can the community. Good agents know more than just the house.
Finally, your Realtor is going to handle scheduling, negotiations, be available to recommend strategies to overcome issues that arise in real estate transactions. You want, you need a real estate agent to help you navigate the sales process from beginning to end.