Do You Even Need To Hire A Realtor?
Are you thinking of buying or selling a home and wondering if you need to hire a realtor? In this video, I’m going to walk you through the top 3 frequently asked questions people have to see if you actually need to hire a realtor or not. By understanding the role a real estate agent plays, you can make the best decision for your situation.
Do You Need To Work With An Agent?
The first question I get is an educational one: do I even need to hire a real estate agent? The answer from a legal perspective is no. You could buy a property or sell a property completely on your own, and you don’t need a realtor for that. It's your choice whether or not you use one.
A realtor has a fiduciary responsibility to make sure that they're working in your best interest and that you're not making any costly mistakes. The only reason you're truly using a realtor is to help guide you throughout the process, ensuring that you don't put yourself in a position where you could potentially lose money or be at risk for some sort of liability.
Making the choice depends on exactly where you are right now, what you know about the process, and what your education is within the real estate field. Hiring a realtor or not hiring a realtor might be a decision that is extremely important to you. Hiring a great realtor, though, could be very advantageous.
When Is The Best Time To Buy Or Sell?
The second question that I get asked all the time is: when is the best time to buy or sell? That's a little bit more complicated than you may think. While there is seasonality to the market and things will change based on supply/demand, there are other factors to consider. What's also important is what your objectives and goals are. What are you looking to get out of buying or selling your home?
For instance, if you're looking to sell your home to buy another home and you want to get maximum value, you might want to wait a few months. However, the home that you're going to buy is likely going to go up relatively. That may not be worthwhile. You might want to look at things like interest rates.
There are other questions you’ll also need to ask yourself. Are you looking to get your kids into a school in a different school zone? Are you relocating for a job? All of those things are nuances that you have to keep in mind. The key is to be ready and know when the best opportunity arises for you to take advantage of it. This is also part of your realtor's job to maximize your buying and selling decisions.
Is It Worth The Cost?
The third question that I get asked quite often is if hiring a realtor is worth the cost. The real question you should be asking is if the realtor that you're working with is worth the cost. Does the realtor you're hiring pay for themselves? A great realtor should be able to justify all of their costs with what they've been able to save you or make you, depending on if you're buying or selling.
If you're buying, the seller usually pays for the agent's commission. In this case, there’s little to no cost out of pocket for the buyer and it’s easily worth hiring a realtor. Some people may think that they could get a reduction in the sales price if they represent themselves. Oftentimes, that is not the case, as the listing agent can represent both sides and keep that money for themselves—especially since they’ll have to do a lot more work.
When it comes to the selling side, a great agent will be able to market your property, get more eyeballs on your home, create more interest and buzz, and offset any of the costs that they're providing. It’s critical to remember that these are things a great realtor does. That's why you have to be sure to hire the right agent.
Is Hiring A Realtor Right For You?
These are the most frequently asked questions that I get regularly when it comes to working with a real estate agent. The first thing to do is understand the role of the real estate agent and what that involves—and then hold them to the fire. Remember that hiring a great agent can be a wonderful financial decision, but hiring the wrong agent could be a disaster.
I help people just like you buy and sell real estate every day, and I’d be happy to assist you with any of your needs. If you're looking for additional answers or something specific, please feel free to message me, call me, or send me an email. If you like this information, make sure to subscribe to my channel so you never miss an episode.