Buying a property without an agent can be risky, especially if you are a new Investor.
We’ve highlighted a few reasons why you shouldn’t proceed with Real Estate Investment without the help of an agent.
A Realtor provides a second opinion:
After looking into all of your finance and real estate choices, your next step is to consider speaking with your Real Estate agent. Though you may have plans, reality can often stand in the way. Once you’ve decided what you want to do, discuss your plans with your Real Estate agent to determine how feasible they are. They might not be able to provide you with information on fees and expenses but they can provide you with information on the market and whether or not the inventory you have planned exists. Your plan can only benefit from a second opinion.
Sometimes properties are available but not actively advertised:
A Realtor can help you find those hidden gems. Realtors have access to even more listings. A good local Realtor is going to know the search area way better than you ever could.
Educate you on the Neighborhood:
Have your eye on a particular neighborhood, but it’s just out of your price range. Real Estate agents have more important connections. Your Realtor is equipped to know the ins and outs of every neighborhood, so she can direct you toward a home in your price range that you may have overlooked.
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A legally binding contract:
There are a number of terms that need to be included in the contract to ensure your safety, and the Real Estate agent for the buyer will be the one that prepares the contract and presents it to the listing agent/seller. A buyer’s agent is there to keep you safe and make sure all the necessary terms and warrants are in your contract so that the process from a firm deal to completion is smooth sailing.
Perform due diligence:
When you’re buying a home, especially if you’re a first-time home buyer, you don’t know exactly what you want – and that’s normal! The buyer’s agent is there to ask all of the right questions that you may not even think of.
Having an agent you trust can help you spot the difference between:
Overpaying vs. paying market value. Moving into a neighborhood with like-minded professionals vs. moving into a sketchy area. Knowing the condition of the property beforehand and being able to make the decision to walk away from the home without putting any money down. Losing money on your investment vs. making money & being cash positive
Negotiate an offer’s price:
When negotiating an offer, the buyer’s Real Estate agent communicates with the listing seller on your behalf in order to negotiate the best price and terms. They will provide you with a comparative market analysis for the property that you are interested in as part of the offer preparation process so that you can understand what market value and a reasonable price to agree upon would be. Your agent will be able to pull recently sold properties, active comparable, and expired listings in the subarea and city, as well as advise you on how differences in properties affect value (for example, lot size, view, bathrooms, and renovations), so you can be confident that you are not overpaying.
I hope this was insightful and a great read for you.
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