on Tuesday, January 27th, 2015 at 8:21am.
New technology and internet companies are quickly taking the place of everyday services. Hotels, taxis, and car dealers have to compete with sites such as Airbnb and Uber. Can real estate agents also be replaced by the latest app or website? Does the internet make it easy enough to sell and buy a home without representation? Not necessarily. In fact, trying to go it alone can cost you a lot of money and add unnecessary work and stress to your real estate transaction. Here are reasons why you should still work with a real estate agent.
Knowledge of the Area
A quick Google search may make you feel like you know all the real estate options in St. George, but this is never the case. New homes are going onsale all the time, and people who try to look themselves may miss something. Also, you may think you found the perfect house online, but your real estate agent could let you know if the house is already sold or if there is an unknown problem with the home or neighborhood. It is the real estate agent’s job to know everything they can about the area, so you can rely on them for expertise.
The main reason to forego a real estate agent would be to save money. A recent article in Utah’s Daily Herald argues this doesn't actually work.
“[National Association of Realtors] studies consistently show that most often represented sellers walk away with more money in their pockets than private sellers. The latest survey completed in July showed that sellers who hired agents pocketed 13 percent more than private sellers.”
The article cites the NAR that reported that homes sold by owners usually have a lower median selling price of $208,700 compared to a represented median of $235,000
Even if you are selling your home and need to pay a real estate agent their commission, you will still probably make more money with representation. Going alone won’t necessarily save you money and it means a lot more work.
Reduce Your Paperwork
Home sales require a mountain of paperwork to complete. Legal documents, contracts, and bank agreements add up quickly and are almost all difficult to understand. It is important that you understand them, though, since a mistake can cost you hundreds to thousands of dollars. A real estate agent reads these papers all the time. It is a huge part of their job to make sure you understand what you are buying, selling, or agreeing to.
Even if you do understand the paperwork, do you know how to negotiate out of something you don’t like? Do you know all the policies, procedures and laws that go into a real estate transaction? You probably don’t, but your real estate agent will. They know how to talk to the other party about concerns. Real estate agents know the difference between a good deal and a bad one, and can make sure you don’t make any mistakes or get taken advantage of.
While you may feel like you’re able to find, buy, or sell your own home, the little details of real estate can be a burden. Combined with the stress of moving and the fact that going it alone can actually cost you money, and all of the sudden your simple home sale has become a nightmare. A real estate agent can help you find the right home, and take care of all the details once you have. They will make sure you get the best deal and save the most money in the process. Don’t skimp out on your St. George real estate agent!