Be it a small or large residential property, you’ll always find home sellers and buyers sitting on opposite sides of the fence when negotiations are underway. While one party wants to achieve an end the other would obviously want the exact opposite to take place. In other words, while the buyer would want to get his hand on the property at the lowest possible price, the seller would wish for maximum profits. The underlying truth is that they both have a common goal in the form of a successful sale. Real estate agents can play a very crucial role in getting the two parties at the table to assist their decision. The role played by agents would depend on whose side they take, the buyer or the seller. In either case, it is seen that both sides end up benefiting with the sale going through without any hassles.
Real Estate Agents – Performance and Monetary Interests
Let’s take a look at this hypothetical scenario wherein you are pondering over the idea of going “FSBO”, which refers to sale by owner when you are in the process of listing your property. You would not want to part with additional commissions as they would cut into the sales proceeds. According to a recent study, FSBOs are known to bring in approximately 30% less for homeowners in comparison to agent-listed properties. In this scenario, you would probably be agreeable to pay a pre-decided amount as commission in case the prospective buyer has hired a broker to represent his case. The commission charged by the agent of the buyer would be woven into the deal to facilitate it further. The good news is that you would still be saving upon the commission amount payable to your real estate agent in case you had one.
On the other hand, if you are the buyer then what’s the harm in having an experienced real estate agent to draw support from? In any case, the seller would have to pay the commission amount and you will not have to bear the extra financial burden. As per real estate experts at https://www.stewartrealtyllc.com/ there always remains a possibility of the homeowner choosing not to foot the commission bill. The solution lies in moving on and scouring other properties where the sellers may be more adjusting to the cause. This said the commissioning of a real estate brokerage company would depend on whether you are a part of the seller’s or buyer’s market. The person having the upper hand would obviously emerge the winner.
Documentation and Real Estate Details
There is plenty of complicated and hard-to-decipher documentation involved in real estate deals. You may find yourself out of sync with the detailing when it comes to freezing the deal on the basis of these documents and related paperwork. A skilled real estate agent has the right techniques in place for reviewing and drawing conclusions from these documents. They check and understand these multiple documents and give you a clearer picture of what you’re planning to put your foot into. This is true in both scenarios – whether you are buying or selling a property.
As real estate agents are familiar with such paperwork and documentation, it’s easy for them to find omissions or mistakes that can be troublesome later on. If you consider the monetary cost of these omissions or errors, you will find that they far outweigh the benefits of having a real estate broker to guide you. You may end up paying more than what you would have otherwise doled out as a commission. Given this, consider hiring an agent to review the documents and contracts before freezing the deal or signing on the bottom line.
Compliance and Regulations
Be it in terms of confidentiality of the deal or fiduciary duties, you may rely on your agent to provide full support as you move forward. Whether you are selling or buying a property, real estate agents offer “fiduciary” responsibilities to all clients. It is their legal obligation to take heed of the interests of their clients and place them before theirs. They are dutiful and impart the highest standards for confidentiality. As a buyer, you would not want to share highly confidential financial details with someone who is not legally obligated to keep them under wraps, would you? Here’s where the legal responsibilities of experienced and credible real estate agents come into play. The same is true in terms of providing critical information to the real estate agent on the seller’s side who is legally obligated only to the seller. Your agent would confer with his counterpart to understand how much to divulge and when to share critical information.
As a buyer, in case you have been lied to by the agent of the seller, or if you have been misled in any way or given wrong information, then you can take legal recourse and file a claim for damages. You can also go the full way if the agent has disclosed confidential information as he becomes chargeable in the court of law.
Real Estate Agents are Aware of the Market
When you are looking for your dream home, you already know what you want in terms of spaciousness, the number of bedrooms or bathrooms, open areas, and so forth. You keep your checklist ready as you explore one option after another. However, your agent goes the extra mile and draws your attention to the points that are generally missed by home buyers. These include the condition of the HVAC system and furnaces, plumbing, roofing problems, leakages, Insect and mold issues, etc. Agents identify these issues at the very onset and know how to deal with them. Their expertise and knowledge come in handy at all times and help you save good money.
It’s believed that hiring people with more experience can take you places. This relates to the hiring of real estate agents who ensure good buys at feasible costs for both parties. The challenge lies in figuring out the right person for the job and hiring his expertise when you need it the most. Get in touch with experienced real estate brokers in Idaho to understand the market better and get the best returns on your investments.