Getting a realtor is usually recommended for individuals purchasing a home for the first time. The choice to go with a real estate firm or a realtor in private practice is best left to the individual. Going with a reputable agency is recommended in most instances. But, despite the common wisdom and benefits of getting a realtor, there are several disadvantages to using a realtor to buy a house. The same applies to selling one. Recent technological developments have allowed real estate to grow in many unexpected ways. Thus, it is possible to find a list of available homes in Spring Lake, NJ and other regions in the world on the internet without leaving the comfort of your current residence. Below is a list of benefits and risks of using a realtor or real estate agency.
Pros of Using a Realtor
- Helps save on resources such as time and energy
Using a real estate agent to identify and subsequently purchase a property helps one save on the resources that would have been spent touring houses and negotiating with the property owners. With real estate agencies, houses available for sale in a particular region are listed and advertised to potential buyers. Looking at the available options and picking which ones to tour is the only thing that requires effort on your part.
- Not having to negotiate
Realtors list properties with accompanying prices. When one uses a real estate agency the first and last price of an establishment are provided cutting down on the amount of haggling that would otherwise take a lot of time. Knowing the price ranges expected for a given region helps an individual intending to buy a home plan adequately beforehand. To cut out negotiations, realtors advise clients on properties that they can get depending on the amount of money that they have. This way the stressful negotiation bit is cut out making home buying a more relaxed experience. You can search on the realtor email list that may help you find the skilled person who has vast experience.
- Reduced paperwork
It is the responsibility of a real estate agent to handle the paperwork involved in the process of buying a house. Finding a qualified and experienced agent is important to ensure that the necessary paperwork is filed accurately and on time with the relevant authorities. If any errors or omissions are noted, the realtor is liable to take the fall, which minimizes the risks that an individual encounters when buying a home.
- Having an expert on your side
Buying with the help of an agent allows one access to information about the market and prevailing market prices that may not be readily available for the general public. Working with a real estate agency allows you to get insight on what you are getting into and make an informed choice when deciding on which property to go with.
This is their job so they’ll always have more information than if you’d be doing it all by yourself. That’s why it’s recommended to have a real estate agent during the buying process, especially if you’re a first time home buyer or you’re just getting into a real estate investing. If you are looking to buy and manage a rental property, you may consider working with a property manager.
Cons of Using a Realtor
There are various disadvantages to using a realtor that have been noted over time. They include;
- Extra cost
Most realtors are paid a percentage of what the house is worth. The cost is sometimes cushioned by both parties involved, while in others, the buyer has to pay the realtor. Apart from the commission, a home buyer may incur other costs such as finding fees, among other services offered by the realtor. This extra cost may cost one more than they had intended to spend when buying a house.
- Having to work with the agent’s timeline
Most reputable and reliable agents have a lot on their plate. When hiring an agent one has to consider the times that they are available and fit it in their schedule. This may not work well especially if one has a tight schedule. Getting a home may take longer than anticipated if the contracted agent is swamped. Going for an available agent may be the solution, but the property you are interested in may be tied to the other agent, making it pointless.
- More than one middle man
It is possible to find yourself working with more than one middle man. That is, if the homeowner has an agent then it increases the number of the people on the deal and it may end up pricier that anticipated. The time taken for the property to be sold may also take longer if more parties are involved due to the various legal procedures that have to be undertaken for deals to be sealed on both ends.
Depending on time available, knowledge in real estate, and locality, one can weigh their options to see if getting a realtor is necessary for them when buying a house.
