When buying a new home, legally you do not need a buyer agent. However, people still choose to get agents to help them out when buying a new home. Why should you get an agent? There are many important reasons, some of which you may not be aware of.
Conflict of Interest
If you talk to a seller’s agent, he is likely to tell you that you don’t need an agent. The problem is that the seller telling you that is probably going to get a percentage of the sale of the property. This is obviously susceptible to conflict of interest.
Real estate agents will be bound by fiduciary rules as required by the law. A seller’s agent is supposed to do everything to the advantage of the seller. A buyer’s agent is equally required to do all that is to the benefit of the buyer. Without an agent on your side, you are obviously disadvantaged.
It is true that real estate agents may not always be honest. Professional agents however have a lot to lose for lack of honesty. He can lose his license if it is found that the broker did not act to the best interest of his client. A loss of reputation alone is enough for him to lose his business.
Get the Right Home on Time
If you don’t have an agent getting access to homes is not easy. Most homeowners are not comfortable having people who are not licensed agents, walking in and out of their homes whenever they want. So as a buyer you have to wait for open homes.
The problem with open homes is that you will be walking into these houses with many other buyers. You’ll be constantly faced with a lot of competition. Real estate agents have access to homes earlier than most buyers. You can get to see a home before it is heavily promoted in the market. With a broker you are never too late to miss a good opportunity.
A buyer agent is required to work for you and ensure that the deal works in your favor. When it comes to handling contracts, your local agent has expertise. He has worked with similar contracts and can anticipate pitfalls. Buyers can sometimes lose money when they fail to meet certain terms and conditions. A professional broker will walk you through the process of signing a contract and point out problems that you may face as a buyer.
Direct negotiations between the buyer and the seller, or the buyer and the seller’s broker can be susceptible to emotional obstacles. Often, a buyer may rub the seller’s feelings the wrong way and the seller may opt not to sell by virtue of that fact. A broker will help insulate you from emotional influences. He can communicate your concerns in a professional manner that will not be taken personally by the seller.
When it comes to knowledge of the properties in your local area, no one knows better than a professional agent. Their career is dependent on how well they know the market and viable real estate solutions they can find for their clients. Their business is also driven by a good reputation. An agent’s job is to keep their nose on the ground for lucrative properties.
If you choose to buy the property directly, you’ll still find you need to hire professionals. You may need a legal representation or a breakdown of financing options. Because agents network, they can give you good recommendations based on your requirements. You don’t have to run up and down trying to put all these things together. An agent can help at no cost on your part.
Written by the experts at Columbia Real Estate, the most knowledgeable agents for real estate in Columbia, MO.