We know it can be fun to zip around the internet looking for your next home and dream about how you will spend your days there, or build a family in that home. But, when it comes time to actually purchase a home, working with a real estate agent will be an important part of the process. A buyers agent will spend a number of hours to help you find the right property and place you on the path of homeownership.
5.51 million homes were sold in the United States in 2017. Can you imagine the amount of paperwork that had to be processed in those transactions? With over two million active real estate agents across the country, you will have your pick at finding the right agent to complement your buying personality and who will help you get the home you really want.
We have identified a number of benefits as to why working with a real estate agent is in your best interest, so let’s get started.
1. Inner Professional Network
The real estate professional network is unlike any other business network that you might be familiar with. Real estate agents are consistently interacting with each other about properties and discovering hidden gems along the way. This is not an inner network of people that you are likely to travel in the same circles with, so having access to that network will prove to be incredibly valuable in your home buying pursuits. Don’t be afraid to ask your agent about some of the professional real estate associations they may be affiliated with within their industry.
2. Outer Professional Network
While the inner professional network is hugely helpful for you as a buyer, another benefit will come from an agent’s outer professional network. As a buyer, you are going to need a number of professionals working for you and your home purchase. Your real estate agent is connected to professionals in the home mortgage community, with real estate lawyers, home inspection professionals, interior decorators, contractors, and even quality moving companies. Obtaining all of these professionals on your own is a full-time job, but with an agent, they have already done the work for you.
3. Access to MLS
The Multiple Listing Service is one of the most effective communication tools in the home buying and selling marketplace. Unfortunately, you don’t always have access to it unless you’re working with a real estate agent. This isn’t to be confused with many of the online home search tools, as they don’t always contain all of the available listings which could hurt your search. The MLS is a powerful tool in the real estate industry that is designed to alert agents to things like open houses, new listing notifications and other useful tools to put you in the right place at the right time.
4. Property Leads
Real estate agents are good communicators in general and they spend most of their days talking to people who are both buying and selling property. Because of this, they regularly have property leads that may come from their colleagues in the field or even within the same real estate office. This can prove to be invaluable to match you with a property quickly before all the other buyers in your city. It’s not unheard of to have a property hit the market, and within a day, you having access to see the property before anyone else does. If your city is in a seller’s market (meaning there is less home inventory) having an agent working for you will be crucial.
If you have never been through a real estate transaction you may be unaware of how much paperwork has to be done in accordance with city/state laws, regulations, and financial legalities. The best part of having a real estate agent is having someone to handle this load of paperwork and to ensure it’s done properly. It only takes one small mistake to completely derail a real estate contract or purchase agreement. This benefit alone is worth hiring a real estate agent.
6. Get You Pre-Qualified
A buyers agent can help you get pre-approved/qualified to purchase a home. Your agent will meet with you in person first to learn more about your budget and walk you through the process of getting this verification. You might be wondering why this is important? When you are pre-qualified to purchase a home at a particular price-point, the seller’s agent (and their clients) will know you are a serious buyer and will work quickly and efficiently to make a home purchase a reality. Without this pre-approval, you may risk not having your offer taken seriously by a seller and potentially lose a home to someone who took the time to get verified.
7. The Negotiator
Many people dislike the art of negotiating. Your real estate agent will likely love this process, in fact, this should be one of their special talents. When you have someone who is negotiating on your behalf, not only does a transaction typically happen smoothly, it allows you the freedom to get exactly what you want without being the bad guy. As the buyer, you are in the hot seat right out of the gate to make a great offer. Your real estate agent is trained to build a quality offer and negotiate any details of that offer on your behalf. While you might experience stress waiting to see if that offer is accepted, you will not have to sit across from the seller and do this on your own.
8. Law and Regulation Liaison
When your real estate agent decided to get licensed to buy and sell homes, they underwent an incredibly complex understanding of laws and regulations surrounding real estate and property. This was no small task, as many agents will take their final real estate exams multiple times in order to pass this test. This benefits you as a buyer because a licensed real estate agent will fully understand the laws, regulations, ordinances, property tax structures and more, in order to buy property without any complications along the way. For instance, a real estate agent will be able to learn if a property has a lien, which is something that would make purchasing the property more difficult.
9. Professional Transaction
If you are a first-time home buyer, or even an experienced buyer, real estate is one transaction you want to be professional in. This is a major investment after all, right? The real estate industry is a highly regulated one that requires painstaking attention to detail and knowledge to work within. When you work with a professional you will get a professional real estate transaction, giving you peace of mind from a financial and legal standpoint. As you’ve already learned in the case with real estate paperwork, a real estate agent is there to treat your property purchase as a professional transaction bound by law.
10. Get a Better Purchase Price
When you use a real estate agent in the purchase process, they will help you get the most for your budget. They are there to know when a home is priced well, or too high, or maybe even too low for the neighborhood it’s in. Your agent wants your purchase price to be a great investment so you can reap the financial benefits of being a homeowner. A real estate agent is knowledgeable about what certain features are worth and how that will impact your finances for years to come. Best part, your agent is there to ensure you don’t pay too much for your home or the neighborhood it’s in.
We hope that you are motivated to find the right real estate agent to help you with your next real estate transaction. We suggest asking friends and family for real estate agent referrals and doing some online research to find the best agent that suits your personality or property. Some real estate professionals work within small niches that may prove to be helpful depending on the type of property you are in the market for.
Guest blog from Ian Atha of Keller Williams Colorado West Realty LLC