A fairly common question that we get from consumers is, why should I hire a realtor? Why can’t I just do it myself? Well, there’s a lot of different answers to that question, first, there are the financial and legal risks that come with buying or selling a home on your own. Then there’s the filling out of the contracts, which can be really tricky, and that’s just the starting point. Only a realtor is going to be able to help you with those type of things, and a lot more. Let’s take a deeper look into exactly why you should hire a realtor and what they’ll help prevent you from doing.
Prevent Legal and Financial Risks from Arising
When asking yourself why should I hire a realtor, it is important to understand that there is a lot of liabilities that may arise in regards to the legal and financial risks you take when buying or selling a home on your own. The perfect way to prevent those situations from coming up is by simply hiring a realtor. This is likely the biggest financial decision of your life, so why wouldn’t you want a trained professional helping you through the process? You wouldn’t give yourself open heart surgery, no you’d have a doctor that’s a trained professional do it for you. You wouldn’t fix your hot water tank yourself, no you’d get a plumber to come by and fix it because you’d want a trained professional to do it since they’ll actually know what they’re doing.
If you’re looking at it from that aspect you start to understand why it’s probably best to not put yourself in those risky situations right from the start. The last thing you want is somebody taking you to court because let’s say they feel you lied to them about there not being asbestos in the walls of the house you just sold to them. As long as you have a knowledgeable and competent agent that really understands what he’s going, you’ll never have any issues like that arise whether you’re selling your house or looking to buy a new one.
Provide Knowledge and Negotiating Skills
There’s a lot of things that a realtor has to do that a large part of home buyers and sellers just don’t understand. Unless you’re a realtor, you can’t get access to the MLS, stats centre, etc. Those things allow the agents to know everything that’s going on in the market, from knowing what the average price of a house is, to knowing what price point might be best suited to buy or sell a house for. This type of information isn’t public domain, a realtor is the only one that’s going to be able to provide you that type of access. Without those type of software, it’s hard to know exactly what you’re doing in regards to buying or selling.
When you’re going to buy a house and your putting in an offer, you’re going to want to know if your offer is too high or too low. The last thing you want to do is find a perfect house, but you overpaid for it by a sizeable sum because you didn’t know anything about that market, you just saw what the price was and bought it because you didn’t have the knowledge and negotiating skills to understand exactly what to do.
Or maybe you want to sell your home and an agent comes by to put in an offer for his clients, but knowing your selling the house on your own, he gives you a low ball of an offer but you take it, not knowing that similar houses in the area are selling for $50,000 – $100,000 more than the price you just sold it for. You could have made that profit, but again since most consumers like yourselves are not educated about the market – and not for a lack of trying – you weren’t able to see what the buyer’s agents were doing. With an agent by your side, they would have been able to tell you right from the get-go whether the offer was too low, keeping you out of the situation right from the start.
Complete Contracts and Paperwork
If your not familiar with real estate paperwork and contracts, and your reading over it for the first time, it can almost feel like your learning algebra again in the 4th grade. Now I don’t know about you, but I didn’t know anything about algebra in grade 4 so you can only imagine how that would look, filling out a contract when you have no idea what you’re looking at and or reading.
This is when it’s great to have a realtor because it’s his or her job to ensure all of the contracts and paperwork are done thoroughly and promptly. From making sure all of the subjects and clauses are filled out accordingly, to making sure the disclosures contract is completed as well. All of this paperwork can be very stressful and risky to fill out if you haven’t done them before; let’s say you forgot to add into the Contract of Purchase and Sale a subject to an inspection. Your offer goes through, you buy the house, move in, but you didn’t get an inspection done because you thought since the selling agent and sellers said nothing was wrong with the place everything was fine.
Little did you know that the ceiling was going to start leaking just two weeks into moving in, but when you asked the sellers agent he told you the ceiling was fixed 6 months back and it was in fine, there was no more water leaking. Now you’re stuck with the house that you just bought because you thought the roof was fine, not knowing that the sellers and his agent are not experts.
In that situation, you’d be stuck with that house and now you’d have to pay a lot of money in order to get the roof fixed yourself. If you had a realtor right from the start none of that would have would have occurred.
Reasons like the three above of great reminders as to why it’s always good to have an agent working with you. I understand that some individuals really understand what they’re doing in regards to buying or selling properties, however, if your not a total expert in the field of real estate, it’s probably best to have an agent to help you through the whole process.
We are an emerging team of real estate professionals with insightful information in the industry. In order to get a strategic evaluation on your home, contact Prestige Property Group today for a free consultation.