Why Do I Need a Real Estate Agent?
Whether you are buying your first home, or downsizing to a condo for retirement, there are many specialists involved in the process of buying and selling a home. There are lawyers, appraisers, inspectors and – of course – real estate agents. The real estate agents’ job in this process is to make buying and selling a home as easy as possible for you.
You have likely seen ads or signs in front of houses where people are selling their homes on their own. You may have asked yourself: “Why do I need a real estate agent”. There are many factors and skills involved with buying and selling a home that people may not be aware of. Here are a few of the many reasons why hiring a real estate agent is a very good idea.
Real Estate Is a Full-Time Job
Can you rush home from work every time someone wants to see your home? Can you leave a meeting every time your phone rings with a potential buyer? At the end of a long day, do you have the energy to take advantage of every possible opportunity to market your home? Would you even know what to do to market your home? You probably answered “no” to all these questions. Answering “yes” to all these questions is what the real estate agent is there for. Not only can they be there when you are not able, they know what is involved in getting your listing on the MLS, strategies for selling, marketing and all the paperwork that comes with buying and selling a home. This is their full-time job. Whether buying or selling a home, you can trust that your Real Estate Agent will ensure the transaction is completed competently and professionally.
Agents Are Able to Put Aside Emotions
Selling your home is a very emotional process. Whether it’s deciding on a sale price, prepping your home to sell, having strangers walking through your home or going back and forth with negotiations, many emotions come into play. Real Estate Agents are impartial and important third parties when the process itself becomes too stressful and emotional. Having an agent keeps you one step removed and makes you less likely to make emotional mistakes, such as overpricing your home, refusing to counter a low offer because you’re offended, or giving in too easily when you have a deadline for selling. A realtor can follow up, using their “poker face” and not give away of the eagerness or anxiety that you may be feeling.
If you don’t use an agent, you’ll also have to deal directly with rejection every time a buyer’s agent tells you that the client isn’t interested. You will also have to deal with the lowball offers and difficult buyers. An agent can take the sting out of the rejection and put a positive spin on any negative feedback.
Agents Have Large Networks
Yes, you can list your home yourself on Zillow, Redfin, Kijiji, and even the Multiple Listing Service (MLS) that agents use. But will that be enough? Even if you have a large social or professional network, those people will likely have little interest in spreading the word that your house is for sale. You don’t have relationships with clients, other agents, or a real estate agency to bring the largest pool of potential buyers to your home. A smaller pool of potential buyers means less demand for your property, which can translate into waiting longer to sell your home and possibly not getting as much money as your house is worth.
Weeding Out Unqualified Buyers
An agent can find out whether someone who wants to view your house is really a qualified buyer or just a curious neighbour or someone doing it for fun. It’s a lot of work and a major interruption every time you have to put your life on hold, make your house look perfect, and show your home. You want to limit those hassles to the showings most likely to result in a sale.
It’s awkward for buyers to have the seller present when they’re touring the home. Having an agent means not only will the potential buyers come with their agent, but your agent can also be there, making sure everything goes well with the showing.
Negotiating the Best Price
Even if you have sales experience, you don’t have specialized experience negotiating a home sale. The buyer’s agent does, so they are more likely to succeed in the negotiation, meaning you get less money for your home. Not only are you potentially inexperienced, you are also likely to be emotional about the process, and - without your own agent to point out when you’re being irrational - you’re more likely to make poor decisions.
You May Not Notice Your Home’s Flaws
Agents are experts in what makes homes sell. They can walk through your home with you and point out changes you need to make to attract buyers and get the best price. They can see flaws you may not notice any more because you see them every day—or because you simply don’t view them as flaws. They can also help you determine which feedback from potential buyers you should act on after you put your home on the market to improve its chances of selling.
Exposure to Legal Risks
A lot of legal paperwork is involved in a home sale, and it needs to be completed correctly by an expert. A seller can be held liable for fraud, negligence, or breach of contract if they do not fill in the paperwork properly. Unless you’re a real estate lawyer, your agent knows more about real estate laws than you do. If you fail to disclose a hazard, danger or defect - and the buyer comes back to you after having moved in and found a problem - the buyer could sue you.
It’s a very big job to learn how to sell your house without a realtor and selling your home will likely be one of the biggest transactions of your life. You can try to do it alone to save money, but hiring an agent has many advantages. Agents can get broader exposure for your property, help you negotiate a better deal, dedicate more time to your sale, and prevent your emotions from sabotaging it. An agent brings expertise to a complicated transaction that has many potential financial and legal pitfalls.
If you want to be taken seriously by sellers’ agents, get the best price, and make sure you don’t miss any key steps in the process—or risk a lawsuit—it’s better to use a real estate agent than to try to sell your home yourself.
