Do I Need a Realtor to Buy a House?
Do I Need a Realtor to Buy a House?
Buying a home without a Realtor is like defending yourself in the courtroom without a lawyer.
It’s not advisable.
But it is possible.
There’s no rule that says you have to hire a Realtor to represent you in a home purchase, but if you’re not going to hire a Realtor, than I suggest you at least hire a lawyer to look over your contracts and make sure your best interests are represented.
When it comes to buying a home, there are a lot of moving parts. And that’s especially true when you’re trying to navigate low inventory, higher home prices and high interest rates. You want someone on your side who know what to look for and what to lookout for.
What Does the Buyer's Agent Actually Do?
Why do I need a Realtor to Buy a House?
The National Association of Realtors surveys home buyers across the nation each year. And each year, homebuyers agree that the “#1 most useful source of information they had in the home buying process was their real estate agent.”
When you think about a real estate agent, you may think of someone taking you on home showings and putting together paperwork, but a great agent does so much more than that. It’s not just being the facilitator for your purchase, it’s being your guide through every step of the way.
Here’s a breakdown of the survey results.⬇️
6 More Reasons Why You Need A Realtor to Buy a House...
Helped Buyer's Understand the Process:
Are you aware of the difference between pre-qualification and pre-approval and why it’s important. Do you know the 10 commandments of buying a home? A good agent knows all the best practices for a seamless transaction and can help you avoid costly mistakes while keeping you on track to make it to the closing table.
Pointed Out Unnoticed Features or Faults:
A good agent also has a lot of experience evaluating homes. They’ve truly seen it all. They’ll be able to pinpoint some things you may not have noticed about the home that could help inform your decision or at least what repairs you ask for.
Provided a Better List of Service Providers:
In a real estate transaction there are a lot of people involved. An agent has experience working with various professionals in your area, like home inspectors, and can help connect you with the pros you need for a successful experience.
Negotiated Better Contract Terms and Price:
Realtors are experienced negotiators, particularly if they have taken extra course work to become a Certified Negotiations Expert. A strong negotiator will help you negotiate the best terms and price possible for you, so you feel confident with your big purchase.
Improved Buyer's Knowledge of the Search Area:
Moving to a new town and you’re not familiar with the area, or you’re staying nearby, but don’t know which neighborhoods offer the amenities and features you are most interested in. A good local agent will know the area like the back of their hand. They’ll be able to listen to what your ideal location looks and feels like, and point out which neighborhoods will offer you a similiar look and feel.
Expanded Buyer's Knowledge of the Search Area:
And if you’re not finding anything you’re interested in within your initial search radius, a good agent will know other neighborhoods nearby you should consider.
So Why Would Anyone Choose to Buy Without an Agent
Do I Really Need a Realtor To Buy A House?
Some people believe if they choose to buy a home without an agent to represent them they will somehow save money on the deal.
How is this even possible?
They believe the seller’s agent will lower the total commission, thus saving the seller money. And therefore the seller will pick your offer over someone else’s.
This is rarely true. Do I need a Realtor to buy a house?
The seller and their agent already have a contract in place that lays out how they will be paid. You don’t get to be part of this conversation. The seller is unlikely to see any real savings, and their agent ends up making more.
Working with an unrepresented buyer is no picnic. In fact the whole transaction is more likely to fall apart, due to the buyer’s lack of understanding and inability to negotiate for themselves.
Being an unrepresented buyer means the seller’s agent really will have twice as much work to do which is why they are unlikely to give up much if any of the commission that was already agreed upon between them and the seller.
The agent doesn’t pick which offer gets chosen, the seller does. And if you think their agent will try to present your offer as the best one when it’s not, think again. Real Estate Agents must present ALL offers. They will be in big trouble if they don’t.
The Seller decides which offer to take based on which is offering the best terms and the best price. And like I said above, just because the deal makes the agent more money doesn’t necessarily incentivize the agent to want your offer to be accepted over another if it means more work and more headaches.
If you’re looking to buy a home, the chances of saving money or securing the deal by going straight to the listing agent are slim.
An agent you hire to work for your best interests is more likely to save you more money through the negotiation process than any amount you might save going it alone.
If you’ve been thinking about buying a home, get in touch with a Realtor now to set yourself up for success when it’s time to pull the trigger.
