When it comes to buying or selling a home, a lot of people struggle with the question of whether or not to use a Realtor. Finding houses for sale in West Roxbury by browsing through an online database is one thing, but when it comes down to the act of purchasing, it is always best to work with a licensed professional. The same is true of selling your house. Working with a real estate agent is simply the best way to go. Let’s take a look at why.
The Risks of For Sale By Owner
The first issue with selling your home on your own is the time investment involved. To properly list your home, it begins with pricing. Pricing is not as simple as slapping a number onto a listing and hoping for the best. To price your home properly, you need a comparative analysis of similar local properties and a professional appraisal. After selecting a price, you may need to stage, list, market and show the home to multiple potential buyers before it will even get an offer. The work doesn’t end there though. After receiving an offer, you will need to negotiate with the buyers or their real estate agent and complete the proper paperwork. It’s a long and arduous process.
Usually homes for sale by owner sell for less as well. So the money you may save by not hiring a realtor will be lost in the long run. You are just not trained in marketing and selling a home like a professional is, so your attempt at selling your own home may not go as smoothly.
Another issue with selling your home by yourself is the paperwork involved. Real estate contract paperwork has to be done just right and there is a lot of it to be completed. Plus, without a real estate agent involved you can become completely liable for anything that goes wrong with the purchase. Oftentimes, homeowners who do not use a realtor overlook laws they are unaware of, like failure to disclose some important pieces of information. The results of a mistake like this can be fairly nasty, and it’s definitely something you want to avoid.
Lastly, by selling your home on your own, you open yourself up for potential scams. There are an unlimited number of scams out there, many of which target the real estate market. You might get a fake appraisal or give someone the opportunity to steal your identity.
If you are considering selling your home on your own, it can definitely be done and there are many qualified individuals capable of doing so. However, keep in mind the risks involved and be diligent in your efforts if you choose to go this route.
The Risks of Purchasing Without an Agent
The risks of purchasing a home without a realtor are similar to those of selling your home but slightly different. You are on the other end of the deal and rather than liability, you face more uncertainty and scam potential.
To begin, without a realtor you risk overpaying for the home. You may not know how to properly check the value of a home with a comparative market analysis or just not have access to the data that a Realtor would have. Then on top of overpaying, other problems might arise such as inspection issues and disclosure issues. A realtor is there to protect you from any issues that might arise during the escrow process.
Another potential problem is that you may not know anything about the neighborhood. A seller might want out because the neighborhood is in a downward spiral, or the train is too close for comfort. You never know, and a local realtor might have inside knowledge, or point you in the right direction for you to do your proper homework. A great real estate agent will often ask you the questions you never thought to ask on your own. Many real estate questions you ask yourself may not be top of mind therefore you forget even the most basic of questions. Most of the time in life, it is best to work with an expert.
In addition to the laws, regulations, and paperwork, the risks involved with purchasing a home on your own are immense. Once again, there are plenty of people out there fully capable of a self-led purchase, but a professional agent is always recommended.
Benefits of Using a Pro
The basic argument for using a professional is that it protects you on all fronts. These agents are dedicated to selling your home or finding you a home for a living so you don’t have to waste your own time. They are also experts and all the legal jargon and regulations involved. This puts them in a position to help you out more than you could possibly help yourself in your home purchasing or selling endeavors.
An agent will field all the potential buyers and show them your home, list your home at its proper value, take care of any issues that arise and basically do everything needed to make sure your home gets sold. On the other end, if you are purchasing, an agent will diligently look for homes that suit your needs and look out for your best interests in the negotiating process.
Agents have better access and connections. Their networks make it easier to find homes for sale or to sell your property. After they have made the connection, they can also stay in touch more efficiently during negotiations. Negotiation is a delicate process and if you are too busy to maintain it, things may not go your way. Your real estate professional is a negotiation expert and will act as a mediator between you and the other party throughout the process.
Some people think they save money by not using a realtor to buy or sell a home, but by hiring a real estate professional you actually are able to get the most out of your sale or purchase on many fronts. You should also consider how much your time is worth. What if your primary job suffers because you are distracted? What if you are not performing at peak performance at work? How much money are you losing at work or are you costing you your job promotion because you spent 300 hours distracted trying to sell your home? Negotiations often take place during the day. How does that affect your ability to focus at work?
Why a Local?
Using just any professional real estate agent is not enough. A local realtor will know the neighborhood the best. Local realtors can also connect you with nearby professionals that you might need. Contractors, plumbers, lawn care, snow removal are all things homeowners will need at one time or another and you always want to make sure you work with someone you can trust. Time is money. Successful people understand that by being provided with a network of help and resources it cuts down on their guesswork. You can also ask a local realtor for other insight like where to eat or what to do in the area. They contain a plethora of knowledge.
When you choose to buy or sell a home, consider all the risks and rewards of going at it alone versus using a local real estate professional. If you would like to contact a professional in the Greater Boston Area, head over to our buyers and sellers pages to let us know your needs now.
