You may be thinking to yourself that rather than hiring an agent, you could use that commission money for something else. In most cases, buyers' real estate agents will ask for five to eight percent of the property's purchase price, which is certainly not cheap.
After all, can’t you just post your ideal house on a Facebook forum or a couple of Whatsapp groups and find a suitable seller? If you have been through the arduous process of buying a home a few times, you may feel you've learned the ropes and know how to cut a good deal on your own.
However, on the flip side, how would you know that the house you’re being offered is the best available deal? Unless you’re in the real estate business, it would be difficult to tell. Especially if you’re a first-time home buyer. Here are a few more salient points to think through:
The right price
It would be difficult to accurately tell the going price for the kind of house you’re looking for if you don’t have a finger on the real estate market’s pulse. Real estate agents are in the market on a daily basis and have a wealth of information on current pricing as well as pricing trends. This knowledge will help them find you a listing within your budget. Better still, they will be able to negotiate with the seller and save you a few extra bucks. This ability is because they have a fiduciary responsibility to work in your best interests.
Disclosure
An experienced local real estate agent will help you get value for your money by exposing any hidden defects in the house. Your untrained eye may overlook some shortcomings in the state of a residence, clouded as it may be by the excitement of owning a new home. Your realtor will also make sure you get all the documents that you should have to prove your ownership of the property.
When you do decide to hire an agent, don't dial up the one on the property listing as they are representing the seller, and are not bound to work in your best interest. Getting an exclusive buyer's agent will ensure that you get better value.