HGTV, real estate reality shows and the news media portray an oversimplified version of the real estate market and transaction process, which can make it difficult to know if a professional is worth the commission they charge. Here are three reasons why it’s a no-brainer hiring a full-time real estate agent to help you buy or sell a home, in any market.
Agents Specialize in the Real Estate Market
Agents go to real estate school to understand how to navigate the real estate market, which means you can trust them to know and understand the nuances of the industry. As experts in selling and buying homes, real estate agents know how to maneuver negotiations to get their clients to the closing finish line. One wrong decision could mean hundreds or thousands of dollars lost or gained when it comes to a real estate transaction.
If you’ve never been through the process before, an expert can help explain what goes on throughout the entire transaction. Questions will no doubt arise, such as: What does escrow mean? When will it be time to close escrow? What information do I have to legally provide to buyers? What is an option period? And the most asked question, “What should I do?” Or, “What do you think, Robyn?” As a seasoned agent and +25-year industry professional, I understand these nuances and your goals for the sale or purchase, and won’t let anything slip past during negotiations.
Real Estate Agents Have a Fiduciary Duty
Fiduciary duties are the highest duties under the law, and when you have an agent on your side (meaning you have a signed work agreement), you can rest assured knowing we are bound by law to put your best interests first.
There are six specific fiduciary duties that an agent must uphold.
Loyalty: The agent is at all times to act solely in the best interest of the principal, which are you, the client.
Confidentiality: They’re obligated to safeguard and keep your secrets.
Disclosure: They must inform you of all relevant material when it comes to the transaction. No secrets may be kept.
Obedience: Real estate agents are obligated to obey all lawful instructions that you provide them, which means that even if they think you shouldn’t put an offer on a house, if you want the contract written, they must obey.
Reasonable Care and Diligence: An agent must be dependable and willing to always pursue the best options for their client. Under this duty, agents are to use their superior skill and knowledge of the real estate industry while pursuing their principal’s affairs.
Accounting: This duty compels an agent to safeguard any money, deed, or other document entrusted to them that relates to their client’s transactions or affairs.
Real estate agents work on commission. We do not get paid unless you successfully close on a sale. This alone makes an agent work even harder for you.
As a seller, hiring an agent will get you an expert who understands what buyers are looking for in your neighborhood, a professional who knows how to stage your home based on its surroundings and potential buyers’ tastes, and someone who will know how to price your home to stand out from the others.
There’s no need to be stressed out by all the paperwork and legalities that come with selling a home because you’ll have someone who can explain every part of the contract and offers that you’re receiving. Plus, agents know how to negotiate the best price for your property, which could help sell your home for more.
As a buyer, hiring an agent will get you an expert who understands how competitive the market is and how to write a winning offer, an experienced professional who can identify fatal flaws in a property, and someone who can communicate the risks and rewards of each decision with which a buyer might be faced.
Hire a Professional
Before you decide to take on the challenge of buying or selling a home by yourself, I would love the opportunity to sit down and discuss your needs. Give me a call today to schedule your free, no-obligation consultation!