Benefits of Hiring Realtor When Buying or Selling a Home
In this article, we will cover the benefits of hiring realtor when buying or selling a home. Many buyers and sellers are under the impression that whatever a real estate agent does that they can do it themselves. This holds especially true for home sellers. It is the home sellers that need to pay the hefty 6% real estate brokerage commission.
Services And Benefits Of Using Realtor
Real estate agents will know the comparable sales in the area and whether a home is priced too high.
- A professional experienced real estate agent will act on their client’s best interest and is an expert negotiator
A professional experienced realtor will know about the following:
- community a home buyer is looking at
- homes that previously sold and at what price
- type of neighborhood
- any issues with the neighborhood and any talk of development
A professional realtor will also recommend at what price the home buyer should place the initial purchase offer:
- Will make sure that they include sellers concessions so the home buyer has their closing costs on their home purchase covered
- Illinois Realtor Julie Hayward is one such realtor
- Julie Hayward is a veteran real estate agent based in Naperville, Illinois and represents home buyers and home sellers in the Chicagoland Area
How Much Commission Do Most Realtors Make?
However, the 6% is well worth its money for the work real estate agents do for their clients. The listing agent is the quarterback in the overall home buying, selling, and mortgage loan process.
In the following sections, we will cover and discuss the importance and benefits of hiring realtor for home sellers and buyers in any real estate transactions.
What Is BPO in Real Estate?
The residential housing and mortgage industry is one of the most regulated industries in the nation. As a seller, you need to make sure you price the home accordingly. As a buyer, you need to buy a home that is priced accordingly otherwise the value of the home will not appraise. If the home of the home does not appraise, both the seller and buyer do not have a deal and the real estate transaction is considered dead.
What Is The Purpose of a Broker’s Price Opinion?
Home sellers count on the listing agent in pricing their home just right. Cannot under-list or over-list the home. Therefore, the listing agent will do a comprehensive Broker Price Opinion on the subject property.
The value of a broker price opinion is calculated by comparing data from previously recently sold similarly and like homes and the current inventory of homes that are nearby the subject property.
Why Hiring Realtor Benefit Home Sellers
In this section, we will cover some of the bullet points of the importance and benefits for homebuyers and sellers of hiring a real estate agent. The listing agent will do a full comparative market value analysis of the subject property. Listing agents will get data on recent sales, and the current listing of similar and like properties.
What Are The Responsibilities of Listing Agents?
They help sellers price the home at a fair market value. One of the most important and crucial factors for home sellers importance of pricing homes. The role of a real estate agent when listing a home besides pricing the home includes marketing, vetting out potential buyers, and assisting with the final negotiation.
What Are The Responsibilities of a Homebuyer’s Real Estate Agent?
Listing agents generally help the homebuyers side in their homebuying and mortgage process. It is the listing agents who let the home inspector and appraiser in the home and answer any questions they have. Real estate agents will negotiate the price of the home and go back and forth until a final number is agreed upon.
Seller concession is negotiated for the buyers as part of the contract. Contingencies such as home inspection, home appraisal, and mortgage contingencies are negotiated and stated in the contract.
Can I Buy or List a Home Without Hiring Realtor?
Buying or selling a home without a real estate agent can be done. It is not a law you need to use a real estate agent on a home purchase or sales transaction. There are many home sellers who feel the 6% listing real estate commission is too high and try selling by owner. Homebuyers and sellers today have access to an array of real estate search tools from computers, iPads, and even mobile phones.
On the flip side, homebuyers are not responsible for any commissions on a real estate transaction. However, homebuyers feel if they deal directly with the home seller without a realtor, they can get a better deal. Whatever the case, homebuyers and sellers may or may not get a better price without hiring realtor. However, in general, data show and prove that hiring realtor in a home buying and sales transaction is well worth the money and ensures a smoother homebuying and mortgage process.
The Importance of Pricing Homes
One of the keys to getting top dollar and selling a home quickly is pricing. Pricing homes is one of the most important tasks in selling prices. A professional veteran experienced realtor can help with pricing. Listing it at higher than market prices can kill the sale unless the homebuyer is buying it in cash. What good is it having a buyer but the home does not appraise? During a booming housing market, pricing a home is key. If you price a home way above the market, the deal will fall through if it does not appraise.
Comparable Sales
Quick access to market data has truly benefited the initial property search. But to ensure a smooth home purchase or sale you’ll need the help of a real estate professional. You need to choose a realtor with who you feel comfortable. A realtor should be a full-time realtor and be available 7 days a week.
Hiring Realtor When Listing Home
The goal is to get the greatest amount of money in the shortest amount of time and with the least amount of inconvenience. However, according to the National Association of REALTORS® (NAR), a typical For-Sale-By-Owner (FSBO) home sold for $40,000 less than an agent-sold home. It all comes down to expertise.
The Negotiation Process When Buying and Selling Home
In addition to staging a home, pricing it well, negotiating with the buyers, and scheduling showings, real estate agents are experts in marketing property. Staging and professional photography are key to attracting potential buyers. REALTORS will also manage contract creation and ensure the entire process moves smoothly. A survey of FSBO sellers reported that understanding and performing the high volume of paperwork was the most difficult task, followed by correct pricing and home staging.
Buying a Home Without a Realtor
Buying a Home without a real estate agent can lead to major regrets. Unless you know the comparables, neighborhood, and amenities of the neighborhood, it is not recommended you buy a home without a realtor representing you.
Most homebuyers search for properties online – 90 percent, according to NAR. However, the actual process of buying a home is much more involved and complicated than scheduling showings. You ever hear, LOCATION, LOCATION, LOCATION. You do not want to buy a home in a highly crime-ridden neighborhood.
Negotiating Home Purchase Price
Hiring realtor for a home purchase is due to the knowledge and experience the real estate agent has. When purchasing a property, home buyers will need a professional who looks at their best interests. Homebuyers go about hiring realtor to look for someone who knows the area, can narrow the search of homes in their price range, and ultimately can negotiate the price.
What Does a Real Estate Agent Do For The Homebuyer
Borrowers go about hiring realtor so the real estate agent can write up the real estate purchase contract with the contingencies. By hiring realtor, the homebuyer will have a representative to deal with the seller and/or the seller agent.
Both the listing and buyer’s agent work together to coordinate to push the transaction through, recommend the right home inspectors and vendors, interpret crucial mortgage data, and generally manage the whole process. In a NAR survey, 40 percent of buyers reported the mortgage application and approval process to be more difficult than they expected.
Homes As Investments
A home is the most precious financial asset. Put it in the hands of a real estate expert. Home Buyers need to select a licensed realtor who knows the business and can help them with all of their home-buying or selling needs. Feel free to click on our Directory and check out the list of our Premier Real Estate Pros at www.gustancho.com.
Hiring Realtor Who Has Knowledge of the Current Real Estate Market
Tools to help buyers and sellers understand local markets are constantly changing. Knowing how your neighborhood performs will keep realtors on top of their game. Realtors will have special websites which allow buyers to see all of the real estate activity in a specified area. Select the area that buyers are interested in learning more about, and can choose to receive emails that provide buyers with all of the real estate transactions and details specific to that selection. This interactive report charts such data as sold homes, properties for sale, inventory counts, and even days on market.
