Things To Consider When Buying a Home Without a Real Estate Agent
October 5, 2021
Buying a home without a real estate agent is like entering a boxing match without a coach. You can do it but it probably won’t end well for you. After all, nothing can replace the expertise and technical knowledge that coaches can impart.
Real estate agents are like coaches for buying or selling a house. Having one will make the process 10x easier.
So, what exactly does a real estate agent do? What are the benefits of hiring a real estate agent? Continue reading to get the answers to both of these questions and a whole lot more.
Why You Need a Real Estate Agent To Buy a House
If you are thinking about buying a home without a real estate agent to save money, here are 6 reasons you may want to reconsider.
1. Understanding The Market
The real estate market is difficult to understand, especially if you are a first-time homebuyer. Even if you aren’t buying a home for the first time, chances are a lot could have changed in the market since you bought your first home.
A good real estate agent is a subject matter expert who brings unparalleled industry knowledge to help you navigate through the search process with ease. By understanding your requirements, a real estate agent will be able to provide you with the best property matches, which might not be as easy as it seems on your own.
2. Access To A Variety Of Listings
One of the major benefits of hiring a real estate agent for your home search is their access to ‘off-market’ listings. While you can find homes listed in an area using online sources, there are certain properties that are not listed on them, these are called off market properties.
Being professionals in the field, real estate agents have access to an MLS (Multiple Listing Services – a database established by real estate agents and brokers, which contains information about properties for sale) and other industry-specific tools. They can use these tools to create a comprehensive list of properties for sale in a particular area, even if they are off market.
3. Their Expertise On The Home Buying Process
Buying a home is not as simple as buying a car. There are several regulations and processes involved, which if not considered can be costly. It can take you several years to learn everything about the home buying process.
For instance, pre-approvals, purchase contracts, contingencies, home inspections, seller disclosure, and closing are all parts of the home buying process. All of these might seem like an alien language to you, but all of these are integral to real estate.
Hiring a real estate agent will give you their expertise so that they can explain the process to you along with the best practices to keep it simple and as inexpensive as possible.
4. The Time and Energy Spent
Surfing through property listings, contacting the seller, arranging open houses, figuring out contingencies, managing home inspections, these are only some of the responsibilities that real estate agents are in charge of.
A real estate agent spends a significant amount of time and energy throughout the home buying process to make sure every part is done correctly. Doing all of this on your own while also teaching yourself about the real estate industry will take up all of your free time. On top of that, you will still most likely make mistakes in the home buying process.
5. Legal risks
Real estate requires a lot of legal paperwork. Home buyers and sellers have rights that need to be affirmed all-throughout the process. Unless you are a real estate attorney you probably have little to no knowledge of what the legal risks are in buying a home. Not knowing what to be aware of can cost you thousands and could even have you sued.
A real estate agent will be able to assist you through everything that has legal risks, such as:
- Exposing the things missing in the seller’s disclosure
- Drafting a competent draft with your offer
- Helping you with the closing process
A real estate agent will do whatever it takes to assure that you don’t get stuck in a bad deal or get sued due to any negligence.
Real estate agents are trained to negotiate. While you might be willing to pay a few thousand more to buy that to-die for home, real estate agents can throw their bargaining chips to save you from taking an unnecessary financial plunge.
They know the pulse of the market, and possess tried and true techniques to identify value in a deal, wherever it may lie. You may not be familiar with the local market customs and conditions. For instance, whether it’s the seller or the buyer that pays the transfer taxes.
Besides the monetary components, a real estate agent will bring their expertise in bidding wars, contract contingencies and several other aspects to get you the best deal possible.
Real Estate Agents Do More Than People Think
Buying a home without a real estate agent is possible, but it’s definitely not preferable. The process can turn out to be complicated and then you might find yourself stuck in a rut.
As you can see from all of the information mentioned above, a real estate agent does a lot more than just help you find available properties for sale in a neighborhood of your preference. Considering all of the efforts they put into getting the best deal, the benefits of hiring a real estate agent seem a lot more than the commission fee involved.
If you are thinking about starting the search for a house, start the process by finding an experienced real estate agent to have by your side. After all, you don’t want to mess up one of the most expensive purchases of your life.
If you want an in-depth understanding of what it’s like to be a real estate agent, then check out our brand new TV series titled, The Negotiators. This real estate series reveals how the best agents go above and beyond for their clients. You will get to see the daily crises that real estate agents have to handle to keep their clients satisfied and what they do behind closed doors to get their clients the best deal possible. The Negotiators premieres on Friday, October 22nd and will be available to watch for free on Reveel. Watch the trailer for the upcoming series here.