5 Reasons Why You Should Work with Your Own Realtor When Buying a Home

Buying a home is one of the biggest investments one can make in their lifetime, and it is a complex process that requires careful planning, research, and negotiations. According to the National Association of REALTORS®, in 2022, 87% of buyers used a buyer’s agent when purchasing their home. While a majority of buyers hire a realtor there are some buyers that may think they can save money by going solo and contacting the seller’s realtor directly. However it is always a smart move to work with your own professional realtor that will be looking out for your best interests not the seller’s best interest. A realtor is a licensed real estate agent who has the expertise, training and experience to guide homebuyers through the buying process and ensure that they get the best deal possible. Working solo when making one of the biggest purchases in your lifetime can pose many risks as you will be without the added protection a licensed realtor will provide to you. Fiduciary duty in real estate requires realtors to act in the best interests of their clients when you sign an Exclusive Agency Agreement with a realtor. There is normally no fee or a minimal fee for the buyer when they hire their own realtor (sellers normally pay all or most of the broker fee) and there are many benefits and advantages to having a realtor represent you as listed below.

Knowledge and Expertise

Realtors are professionals who have the knowledge and expertise to help buyers navigate the complex process of buying a home. They are well-versed in the local real estate market, which means that they can provide buyers with valuable information about neighborhoods, schools, comparable sales and other important factors that may influence their buying decision. Realtors also have access to a wide range of resources and tools that are not available to the general public, including real estate databases and industry contacts. Realtors also are required to complete continuing education coursework every two years to stay well versed in real estate laws, trends, procedures and proper protocol.

Assistance with Paperwork and Legal Matters

Buying a home involves a lot of paperwork, including contracts, disclosures, and other legal documents. Realtors are trained to handle these documents and can help buyers understand the legal jargon and complex terms that are often included. They can also work with lawyers and other professionals to ensure that all legal matters are handled correctly and that the buyer is protected throughout the buying process.

Negotiation Skills, Bidding War Guidance, Money Savings

One of the biggest advantages of working with a realtor is their negotiation skills and knowledge. They can negotiate on behalf of the buyer and help them get the best possible price for the home or help with winning a bidding war. They can also negotiate other important factors such as the closing date, repairs, and other contingencies that may be included in the contract. They will also ensure you are not grossly overpaying for the property as they will have insight into real estate trends in the area and what the current market value is on a home.

Market Insight and Access to ALL Available Listings (and pertinent information related to the listings)

Realtors have access to up-to-date information on the real estate market and can provide buyers with reports on current market trends, such as which areas are in high demand and which homes are likely to increase in value. This information can help buyers make informed savvy decisions and ensure that they get the best possible deal on their new home. Realtors also have access to a multiple listing service which is regulated by the local board of realtors and posts ALL listings that are currently on the market. Real estate portals receive a feed from the multiple listing services and often due to technical glitches not all listings are posted or data can be missing or inaccurate. Realtors have access to data than one would not find on the real estate websites such as seller’s disclosures, surveys, tax records and much more.

Time and Stress Savings

Buying a home can be a stressful and time-consuming process, especially for first-time buyers. By working with a realtor, buyers can save time and reduce stress by delegating the research, paperwork, and negotiation to a professional who has the experience and expertise to handle it all. The realtor will provide a list of reputable lawyers, inspectors and contractors which can make the process less complicated. Moreover realtors can make the home buying experience so much easier by arranging private showing for their buyers at a convenient time so they don’t have to worry about rearranging their schedule to attend a crowded open house which is normally just 2 or 3 hours.

In conclusion, working with a realtor when buying a home is a smart decision that can save buyers time, reduce stress, and ensure that they get the best possible deal on their new home. Realtors have the knowledge, expertise, and resources to guide buyers through the complex buying process and can provide valuable insights and assistance along the way. If you don’t have extensive experience in real estate and understand all the nuances any mistake you make can be very costly. If you are in the market for a new home, partnering with a realtor to help you find the perfect home for your needs and budget may be one of the best money-saving decisions you make.