What may be thought of as the benefits of hiring a real estate agent is that, statistically*, an agent can help assure you more out of your home than you could on your own. An agent is trained to be a skilled negotiator. And you’ll find that this trait, along with their thorough knowledge of the industry, going rates and trends, could help you profit more than you thought you could.
Real estate agent pros and cons
The question still looms though: Should I use a realtor to buy a house? Weight out these pros and cons to help give a better idea of what may be best for you.
- Commitment of them putting in the time and effort in your best interest
- Can help negotiate a better price for you
- Is licensed to help you either buy or sell a home
- Has access to tools and platforms for daily updates of homes on the market
- Depending on the scenario, you may have to pay agent fees (though as a buyer, there’s a large possibility you won’t)
- Their time may be split with other clients
- Could experience friction of having a middleman to work with
- May be limited to just their database of listings
One could argue that the pros may outweigh the cons here. However, you’ll have to decide what suits your situation best.
Buyer’s agent duties
So what exactly is a buyer’s agent then? This is the real estate agent who represents the homebuyer. This person is there exclusively to represent you, the homebuyer. They can help negotiate offers, recommend other professionals, like home inspectors, and act as a buffer between you and the sellers. One of the most fun benefits? You may not have to worry about paying them, because buyer’s agents are generally paid by the seller.
Benefits of using a realtor to sell your home
Doing anything on your own will always prove to be challenging. It’s not any different in trying to sell your own home. Seller’s agents exist to be the representative for the seller of the home. And to assist the seller in getting the best offer possible, quickly.
Zillow research has stated that while 36% of sellers attempted to sell their own homes, only 11% of those managed to sell them successfully, before moving on to letting an agent take over. FSBO (For Sale By Owner) homes have also shown to sell significantly less than agent-sold homes*. According to the NAR, in 2018, FSBO homes sold an average of about $65,000 less than those agent-sold. Sounds like a good selling point for a seller’s agent to me.
Did you know that another amazing advantage of using a seller’s agent is the exponential amount of visibility they can provide for your home being on the market? Not only do they make sure to advertise open houses on your behalf, they ensure that it is listed appropriately to be marketed for maximum exposure. This is what could arguably be the “secret sauce” to the stats of a seller’s agent selling homes successfully, and for the best dollar amount. If you’ve been having trouble getting traffic for your listing, a seller’s agent could be what you’re missing.
The process of buying a home is a big task to take on. Especially if you’re considering doing it on your own. If you’re already feeling the pressure of trying to coordinate all the tasks of entering homeownership, build a team you can delegate to. Consider the benefits of a real estate agent and see if you can get to owning a home faster.
*According to the National Association of Realtors
(to see what your homebuying budget could be.)