You’re ready to buy a home, and you’re considering using a real estate agent, but you’re not too sure whether you need one or not. After all, you don’t relish the idea of paying 3 to 6 percent commission on a home. There would have to be a really good reason to hire one – and there is. In fact, there are five good reasons to hire one.
When you go with the best realtors, you’re getting ethical advice on your home purchase. Who are the best realtors? They’re the ones that are members of the National Association of Realtors (NAR). Not every real estate agent is a member of this organization. So, specifically ask if your agent is.
Agents that are part of the NAR must abide by a specific code of ethics. That code requires that all realtors deal with all parties to a transaction honestly and with integrity.
The code of ethics requires that realtors put the interests of clients ahead of their own. They must also make full disclosure about the problems with a property and be truthful and honest when advertising homes.
Unlike many self-governing boards, this one has teeth. Code violations can include $5,000 penalties per violation, a one-year suspension from the association, and three-year expulsion from the NAR entirely.
You’re Working With An Expert
When you work with a professional, you’re working with an expert. That has serious advantages. You can’t be a real estate expert unless you’re a professional real estate agent yourself or an investor. It’s like any other job. It requires practice, knowledge, and experience to be good.
Real estate agents that have years of experience in the industry can often uncover trouble homes long before you notice anything is out of place. They can steer you towards homes that are a good fit for you now and into the future. They are also pretty well-versed when it comes to understanding the intricacies of local ordinances and regulations that may prevent you from making certain modifications to you home – modifications that you may want to make.
You also get an expert negotiator in your corner when you hire a professional. Because real estate agents spend all day writing up deals, they’re familiar with what will likely be accepted and what has no chance of making it to the closing table.
There’s also an element of emotionality that’s stripped from the negotiations when you go with a real estate agent. They’re somewhat disconnected from the house in the sense that it’s not their home. They’re not emotionally attached like you might be. This can actually help to temper your own enthusiasm about a home that may not be good for you over the long-term.
Many home buyers, especially first-time buyers, get rose-colored glasses when shopping. They fall in love with the first thing they see. Often, this isn’t the best home. Real estate agents can help you look past the “puppy love” to find the best home for you.
You’ll Find Better Homes
Do you need a swimming pool? What about the back yard? You want kids someday right? You’ll need space. But, do you know how to guestimate your future needs? A real estate professional does.
Real Estate Agents Speak The Language
There’s lots of industry lingo in those contracts you sign. A real estate agent in your corner can demystify all that, break it down into plain English, and make sure you’re getting a good deal.
Annette Goree is a real estate researcher. She tracks market trends and enjoys blogging about how to navigate the buying and selling of real estate.