- September 8, 2020
- Posted by: Editor
- Category: Advice
During transactions in real estate, some buyers and sellers look to save money by not employing the services of a real estate agent. However, going through this process alone, buyers and sellers will not save as much money as they think.
A real estate agent use his/her knowledge of the local market, as well as negotiation skills, to help a client meet up to his objective at the most desirable cost.
Below are some of the reasons why a real estate agent is very important during real estate transactions,
- Knowledge of the Market.
Knowledge of the real estate market you’re buying is invaluable in the home buying or selling process. A real estate agent knowledge of the local market and an access to a directory of property listings and sales data helps him suggest realistic prices to the buyer or seller. An agent can give a buyer informed opinions about the home’s future value, the neighborhood amenities and schools and whether the investment is solid. Although the decision about how much to offer or how much to accept ultimately lies with the consumer, your real estate agent’s advice helps in ensuring a fair deal.
- Negotiation Skills
There are various steps involved in real estate transactions: from making and accepting an offer to completing inspections and repairs. Buyers and sellers both negotiate the price of the property. The buyer is looking to get the house at the lowest price, while the seller wants the highest price possible. Real estate agents apply their experience to the price negotiations without actively interfering by providing advice to their party. Your agent can help you evaluate the pros and cons of each offer or counteroffer you receive. An agent helps with the legal paperwork required for offers so your interests remain protected during the negotiations. A buyer’s agent will help come up with an offer that’s reflective of the market and sensitive to the client’s budget, while a seller’s agent will set a listing price that not only attracts multiple buyers but also recognizes the worth of the property. A seller’s agent also advise his client as to what repairs will earn the most value of one’s money, while a buyer’s agent can look for problems in a home that could end up costing his client thousands of naira down the road.
Real estate agents have connections in the market that benefit buyer and seller. Agents work with a variety of other real estate professionals, such as mortgage consultants, home inspectors, attorneys and title companies, all of which you might request their services. In an event of complications during the buying and selling process, your agent can recommend the best professional to help you with your specific situation and serve as your intermediary. In addition, such tools as the multiple listing service puts a wealth of market data at your agent’s fingertips, information which is not readily available from consumer real estate websites.
- Legalities/Expertise in Managing Transactions
Buying or selling a home involves a lot of paperwork and is a complex process with different deadlines. A sale or deal that seems streamlined without any hitch could fall apart if the buyer or seller fail to honour deadlines and stay ahead of potential or likely problems that could be encountered. A buyer or seller who goes it alone risks making errors that otherwise would have been prevented by an experienced professional. A real estate agent can correct issues with the purchase agreement, make sure inspections and repairs are completed in a timely manner, and keep both parties on schedule to make the closing.