Hire a Real Estate Agent

Susan Kelly Updated on Oct 16, 2022

When it comes to purchasing and selling homes, buyers and sellers are on opposite sides of the fence. The goal of one party is sometimes opposed to the other party's goal; for example, the first party's goal is often to steal the property, while the second party's goal is to get the highest possible price for it. And despite this, they are both working toward the same objective. They are seeking a sale, and although the motivations for each party employing a real estate agent to help them might vary, doing so can benefit all parties involved.

The Financial Aspects Take Priority

Consider the following if you are considering selling your house "for sale by owner," sometimes known as "FSBO." You want to acquire the most money possible for your client's house, and you may believe this implies avoiding paying further commissions. However, research conducted in 2017 revealed that houses offered for sale by their owners without the assistance of an agent brought in around thirty percent less money.

If an agent in the transaction represents your buyer, you will almost certainly be required to pay a commission regardless. The fee paid to the buyer's agent is often included in the purchase price; nevertheless, you will still come out ahead on the commission you would have otherwise had to pay to your agent.

There is no reason not to utilize an agent if you are the buyer. After all, the buyer pays the commission, not you as the seller. There is, of course, always the remote possibility that the seller will refuse to do so; however, if it appears that this will be the case, you can probably move on and look at other properties, although this can depend on whether you are shopping in a buyers' market or a sellers' market and who has the upper hand.

Care and Focus on Specifics

Regardless of whether you are buying or selling, you should comprehensively understand what you are getting into. Purchase agreements on their own may be as long as ten pages, not to add the requirements for federal, state, and municipal documents.

To your good fortune, your agent will be far more knowledgeable than you are about this paperwork. If you are still thinking about ways to save money, consider the following: This paperwork may include errors or omissions that might end up costing you as much, or perhaps much more, than the commission you were attempting to avoid paying.

Personal Discretion, Complete Anonymity, and Complete Trustworthiness

Whether a buyer or a seller, your real estate agent always has your best interests in mind. Regarding their customers, agents have what is often referred to as a "fiduciary obligation." They have a moral and ethical responsibility to always act in their customers' best interests.

Because of this obligation, very high quality of secrecy is expected. Do you want to hand up the most private information about your finances to an FSBO seller who is not required by law to keep the information confidential? If you are a buyer, ask yourself this question before making any decisions. The same holds for disclosing any information to the seller's agent, who is only obligated to act in your best interests while representing the seller and not you. Your agent would be the best person to determine whether or not the other agent's request for any information from you is appropriate.

Agents are Trained to Know What to Search For

Buyers often have a very solid concept in mind of what they want in a house, including the number of bedrooms, an attached garage, and any other home must-have and must-not-have aspects. If you keep that list securely tucked away in the back of your mind as you look at houses, you'll probably feel very comfortable looking at them.

However, your real estate agent will be on the lookout for concerns that may not have crossed your minds, such as troubles with the furnace, leaks, roofing problems, and issues with mildew and insects. An agent can spot the telltale symptoms of these difficulties and be aware of how to tackle them most effectively. Again, the experiences you've had and the information you've gained might be worth thousands of dollars to you down the line.

Agents Have Exceptional Skills in the Art of Negotiation

If you're not a lawyer, a mediator, a union representative...or a real estate agent, you probably aren't as skilled at negotiating as you think. It is important not to forget the fiduciary obligation that your agent has to you. Your real estate agent's goal is to obtain the best possible price for your house or to make sure you get the best possible bargain on the property you want to purchase, whichever one of those two things you want to do more.