WHY DO HOME BUYERS NEED A REAL ES UYERS NEED A REAL ESTATE AGENT? GENT?
Technology has changed the way homes are sought and bought today. In this “Information Era,” most buyers are first introduced to the home they eventually purchase via the internet sites like Zillow, Trulia, Yahoo, Homes.com, Realtor.com, Redfin or one of hundreds of other real estate websites. While shopping for your next home is literally at your fingertips, you may ask what’s the point of having a real estate agent. After all, the reason to use a real estate agent is to find and show a home that's available for sale, right? If a buyer can find and visit a home virtually on their own, why involve another party? Okay, I can see why one would ask those questions. However, the reasons to use a real estate agent are as valid today as it was years before hi-tech internet. The ease of online transactions and proliferation of services to assist buyers in handling their own real estate transactions came about throughout the last decade. This has caused buyers to wonder if using a real estate agent is no longer necessary or if it's an expense that can be avoided. Many buyers make an assumption that it would be more cost effective for them to take the DIY approach. Instead of hiring a selling/buyer's agent, they may buy a “For Sale by Owner (FBSO)” property, thinking the sellers may agree to reduce the price by what the commission would be for a listing agent (3%). Even if the seller agrees, the purchase could be pricier than a real estate agent’s commission in the long run. Unlike the professional real estate agent, if you do not know how to negotiate acceptable terms, know all the documents needed to make sure that you are completely informed and compliant, and know the proper channels and protocol, you can lose more than you think you will gain! Besides, as stated earlier, a buyer generally doesn’t directly pay commission to an agent on a house purchase.
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