The home-buying process can be stressful enough on its own, but if you’re looking to buy your first home, it can sometimes seem almost impossible.
Fortunately, abundant resources are available to assist you, including enlisting a real estate agent’s services to guide you through the intricacies of the buying process and secure the most favourable transaction. There are five compelling reasons why enlisting the services of a real estate agent is beneficial when purchasing your next home.
What are the services I get from an agent?
There are five primary services you’ll get from an agent. The first is negotiation: An agent negotiates on your behalf, fighting to get you as low of a price as possible for buyers. On selling your home, agents can deal with multiple potential buyers to find one who’s willing to pay above market value for your home.
Because real estate is such a competitive field, hiring an agent helps put you in touch with more people and potential buyers than you could contact.
A second service you’ll receive is guidance: Agents know all of the ins and outs of buying or selling homes—they make sure that everything runs so that homeowners don’t have to worry about minor things (and there are plenty of them).
They also help owners determine how much their property is worth to set their asking price appropriately. A third service they provide is follow-through.
How much do real estate agents charge?
Real estate agent fees can vary nationwide, typically ranging from 5% to 10% of your home’s sale price as the broker fee.
And that’s just for starters: There are also listing fees, transaction fees, and other charges that can add up. That’s why it pays to know precisely what you should expect from your agent.
How do I hire a real estate agent?
If you are uncertain about employing a real estate agent but require their services, adhere to these steps.
- Examine your finances and engage in a truthful discussion regarding the amount you can allocate.
- Pick a neighborhood and price range. Once you have your budget in mind, determine which neighborhood or neighborhoods fit it best and which price ranges make sense for that neighborhood.
- Contact an agency or two that fits what you’re looking for.
Do I have to pay a commission if my house doesn’t sell?
If you hire a real estate agent and do not end up selling your home, it’s standard for them to collect between 2 and 6 per cent of your house’s sale price. To clarify, if you were to make a direct-contract sale without an agent involved for $300,000, your revenue would amount to $8,000.
What about signing my offer on the dotted line. Can I do that myself?
Not necessarily. By hiring a real estate agent, you can receive comprehensive assistance throughout buying and selling your home. The cost for their services is about 10 per cent of your property’s final value, but in return, you’ll enjoy a stress-free experience (at least compared to doing it all yourself).
A Realtor is there to give advice when necessary, and they know all of the intricacies involved with putting together an offer that works.
Even if you plan on signing your contract, most agents will help by formatting it correctly and walking you through each step—and good agents may even catch something in your favor, too.
Although employing an agent is more expensive initially, in the long run, you may save time and money. Even so, if you feel confident enough in what you’re doing to sign on your own—go for it!