When people think about real estate agents, many immediately think about the commissions. The agent makes thousands of dollars from a single transaction, often for doing what may appear to be very little. In reality, he or she is usually providing a valuable service that is worth much more than the commissions they receive. We’ll explain how below.

In the discussion that follows, we’ll make the case for hiring a real estate agent (REA) to help you find a suitable home for you and your family. If you’re tempted to walk this path alone, the details below may prompt you to reconsider.

Knowledge Of The Market

A lot of homebuyers believe they are well-informed about the real estate market. Given that, they have faith in their own knowledge and think they can do without an agent’s insight. The problem is, most people have little more than a vague impression of the market. This increases the likelihood they’ll make costly mistakes, including paying more than necessary.

An REA can provide useful details, such as the average number of days that properties have been listed. He or she can also offer insight into the community in which the house is located. You’ll learn about the schools in the area, development projects scheduled for the near future, and the prices for which similar homes in the area have sold. These and many other details will help you make a better decision.

Advice Regarding Your Purchase Offer

The information you include in your purchase offer plays a significant role in determining whether it is considered by the seller or quickly rejected. Your decisions regarding an earnest money deposit, purchase price, and contingencies should be carefully considered. If your offer is rejected, you’re unlikely to have an opportunity to submit another.

Here, an REA can offer advice based on past experience. He or she has likely helmed many successful real estate transactions, and can provide suggestions that have proved to be effective.

Help In Negotiating With The Seller

Part of your agent’s job is to work with the seller’s agent to reach an agreed upon price. This involves negotiation. Consider that the offer you submit will likely be lower than the home’s listed price. The seller may present a counter-offer. In response, you might raise your offer slightly in the hopes the seller will do likewise on his end (in the opposite direction). During this process, your agent is negotiating on your behalf, trying to convince the seller’s agent to accept your price.

Most people are unable to fill this role effectively. The reason is because their emotions are often tied to the home they are intent on buying.
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Guidance With Documentation

The documents involved with buying a house today are far different than those used a generation ago. Back then, they were short and simple. Today, the opposite is true. It’s not uncommon for the documentation to fill multiple folders.

Your signature is required on them prior to their submission. If you misread a detail, or fail to recognize an error, you could end up paying for the mistake for several years.

Your real estate agent will be able to direct your attention to key parts of the documents. In doing so, he or she will help you avoid costly blunders or omissions.

How To Find A Real Estate Agent

The best place to start is with those you trust. Ask your friends, family members, and coworkers about the REAs they used when purchasing their homes. If they were pleased with the experience, ask them to refer you.

It’s also a good idea to visit open houses. This gives you a chance to interact with the seller’s agent, and observe his performance. If he is representing his client well, he is likely to do the same for you (on the buyer’s side).

Lastly, consider asking another agent to refer you to an associate. If the first REA is too busy to represent you, or focuses on an unrelated area (e.g. short sales), she can direct you to someone she trusts.

Real estate agents are an important part of the homebuying experience. Their insight adds enormous value that is likely to save you time, money, and frustration.

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