If you are thinking about buying a new home, a common thought among buyers is “why do I need a real estate agent when I could do this on my own?” And the answer is that you could do it on your own, but there are many reasons why you should rethink that strategy. The negotiations, home showings and of course, the search itself, could technically all be done on your own, but there will be very important aspects that will be missed due to inexperience in the field.
One common misconception with home buyers is that you have to pay a huge broker’s fee to a real estate agent. That is simply not true. It’s not the buyer who pays the broker fee, but rather, the seller.
A Real Estate Agent Gives You More Options
You need to understand that your options will be much more limited by choosing to do it on your own. For instance, only homes that are “for sale by owner” are available for you to buy without assistance from a real estate agent. Those homes are usually a very small piece of the overall housing market. These homes are for sale by owner because the owner either didn’t want to pay an agent commission by listing it, or the agent chose not to take it on due to unreasonable pricing set by the owner.
Other things to consider is that research has found most “for sale by owner” homes to be valued the same, if not higher, than the agent. Having a real estate agent is critical because they will do all the homework for you, such as getting an accurate appraisal for the house, finding out what other homes in the area are worth, etc. The agent will be able to find out what the home is worth and if the asking price is fair or reasonable. Without an agent’s assistance, you would need to know how to get your house appraised, as well as understand how to set a reasonable asking price. Is it really worth the time, effort and money to try and do all this just to save a relatively small amount of money?
Another great benefit to having a real estate agent on your side is their ability to e-mail you a list of available homes that meet your criteria, their system will automatically send you updates as they happen, keeping you abreast of all your options as they become open. If you don’t want an agent calling you with updates frequently, then you can choose to just receive emails and still be kept in the loop that way. Then you just call your agent and request more information if you see something you like. This approach makes certain that you know immediately when something comes open.
The commission that an agent receives from the seller is not generally a fixed percentage by law and can be negotiated. Once a property goes on the MLS (Multiple Listing Service) by an agent, it then makes it available for many other agents to have access to it. The listing agent can then give incentive for another agent to try and sell it as well by offering ½ of his negotiated commission to that agent. It’s a win-win for everyone because it’s all about getting the house sold as quickly as possible.
The bottom line here is that it is truly in your best interest to have a buyer’s real estate agent. It doesn’t cost you anything and takes all the liability off your hands. It is far better to trust the professionals when it comes to such an important decision!
Jerry Pinkas Real Estate Experts
604 N. 27th Ave Myrtle Beach, SC 29577
Your Myrtle Beach Real Estate Agent When Buying a Home