The perception seems to be that being a real estate agent is an easy job...something that any one off the street can do. Reality television shows real estate agents driving fancy cars, showing a few houses, going to settlement and leaving with a big fat check. Of course nothing could be further from the truth, but there are some reasons why you shouldn't use a real estate agent.
Make Less Money
You will often hear home owners who brag about how they saved thousands of dollars in commission by selling their home themselves. They will tell you that it only took a few days. Sounds like a deal, right? What the home owner may not understand is the reason their house sold so quickly is because it was under priced. There is overwhelming research that shows that when a home is listed by a Realtor the seller nets more money. So the "thousands" saved in commission could easily translate into "tens of thousands" lost.
Limit Your Liability
The contracts in some jurisdictions can be over 50 pages. That's a lot for the average consumer to comprehend. If neither the buyer or seller is familiar with the real estate documents it's like the blind leading the blind. A real estate agent can make sure that the seller and the buyer adhere to the laws and statues required in their jurisdiction. Real estate agents also know what to look for in an offer to ensure the seller and the buyer are getting the best price, terms and conditions.
Know the Process
A real estate transaction has a lot of moving parts. The real estate agent is responsible for following up with the lender, the home inspector, the pest inspector, contractors and the settlement company,..just to name a few. They know the right questions to ask to each party. Without proper and thorough follow up, the buyer or the seller could cause settlement to be delayed or costing one of the parties a great deal of money. Real estate agents know the process, they know the standard fees and they work with reputable vendors.
Why Go It Alone?
Real estate agents are professionals. However, if you don't want to get the highest price possible for your property, review dozens of pages of legal documents or fumble through the entire process...then don't use a real estate agent. But if you want to work with someone who will look out after your best interests, knows the contract and the process inside and out, than your best bet is to hire a real estate professional. The choice is yours.
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