The real estate business is full of legal commitments, paperwork and pitfalls. Unless you are experienced in navigating through this tricky landscape, a realtor’s guidance is a vital link between frustration and the keys to your front door. It doesn’t matter if you’re buying or selling, professionals like Eagle Mountain Realtors understand the common problems encountered in real estate.
Problem #1: Insufficient Knowledge
Inexperienced house hunters often believe they can go about their real estate business after a couple of hours of research online. The internet may be a wealth of knowledge, but simple facts need to be seen in the context of contract law, local regulations and real estate markets before the magic of property ownership is realized. Without help from a realtor, homeowners are vulnerable to committing mistakes that lose their hard-earned cash.
For example, selling a home requires more than putting up a listing online. The right price tag has to be decided upon first. Homeowners are a little biased in this regard, which automatically makes them the wrong person for the job. This can be remedied by market studies and trends, though, which aren’t always accessible online.
Realtors, however, have access to these data. They know the best time to sell a house and the many factors that affect its price tag.
They’re trained professionals, and have the credentials and license to prove their knowledge. The license is a government requirement; individuals in real estate pass an exam to become a certified professional. This added step to becoming a realtor lessens the chances of clients working with frauds who don’t have their best interests in mind.
Problem #2: Lack of Resources
Accompanying a realtor’s knowledge and expertise is their connections. The real estate industry is comprised of several experts, including surveyors, lawyers, property valuers and mortgage lenders, each with their own job descriptions. These professionals are often working alongside each other to provide the best service to their clients.
Depending on their experience, realtors amass a slew of contacts that they can call upon should their clients need it. Like with selling a home, which needs an appraisal to ensure that the selling party is offering the best price for their property.
Homeowners who choose to work alone may rely on websites like Zillow for their appraisal. While these sites can get the job done, a human touch will work better in this case. Professional appraisers can provide the client with a base number based on their experience valuing properties in the locality, rather than a snapshot of prices given by an online app.
Problem #3: Negotiation Issues
Like other business dealings, real estate requires negotiation so that both parties reach an agreement on price and any other conditions of purchase.
Negotiating without a realtor is a gamble, especially if the buyer doesn’t have experience. They may end up paying more than they should for a property riddled with flaws, or selling their property undervalue.
With access to online information and tools to make purchasing easier, newcomers to real estate may be tempted to try completing the contract alone. Although possible, the opportunity for missteps and being taken advantage of can increase time wasted and money lost. Realtors have the knowledge, connections, and the skills that make financial sense.