Real estate agents are professionals with licenses who can assist in buying or selling homes. Before selecting an agent, always check their record with your state licensing board to make sure that they are legit.
As experts in mortgage prequalification and the process of reviewing seller disclosures, these professionals can assist in getting you preapproved for a loan and understanding the associated paperwork.
1. They know the market
Home buying and selling are complex processes with long-term financial ramifications. To reduce the stress involved with these transactions, many buyers and sellers decide to work with a real estate agent; 86% of buyers use one when making their property purchase decision. Real estate agents know the market they work in as well as having access to data that can assist their decision making. They are also familiar with all the jargon and paperwork associated with transactions like these and can interpret communications between lenders and title companies in a way that makes sense to you.
A good real estate agent knows how to market your property effectively, creating compelling listings that spark potential buyer interest while spreading word through local publications, websites and events like open houses. Furthermore, they can assist with mortgage pre-approval and negotiating offers; plus they will likely have knowledge of local zoning laws and rules which could impact upon either future plans for your property or its current state of being on the market.
Experienced agents can be invaluable resources when it comes to selling a home, providing guidance and advice such as whether certain upgrades or renovations should be completed before listing it for sale. Furthermore, they can advise on the optimal way to price your property so it achieves maximum success on the market. Furthermore, license law mandates them to act in your best interests without personal preferences that might cloud their judgement.
Real estate agents can be invaluable resources when it comes to answering buyer queries about local utilities, schools, zoning issues and more. In particular, when purchasing new construction condos they can assist the builder by answering any unexpected concerns and keeping everything on schedule; additionally they can guide buyers through the long and confusing approval process for co-ops; they may even recommend reliable attorneys that can assist during closing and beyond.
2. They can save you time
Working with a real estate agent isn’t strictly necessary, but hiring one could save time, stress and possibly money in the long run. DIY solutions may work, but inevitability you may make costly homebuying errors that could cost you later.
Real estate agents are experts when it comes to finding and purchasing homes. Their market knowledge allows them to advise buyers whether starting at an upper or lower price point is best, how much of a down payment to put down, which features are most important, etc.
Real estate agents frequently have access to a network of attorneys, mortgage lenders, and contractors they can refer their clients to – saving them both time and effort from having to go search for these resources independently.
Real estate agents offer sellers many services that will assist in staging their home more effectively and increasing your chances of selling quickly, such as hiring professional photographers to stage it or organizing cleaning services. Furthermore, your agent can suggest strategies which may help speed up and increase the price of selling quickly.
Though you can search properties by yourself, real estate agents can make finding those perfect homes easier by scheduling showings or searching the MLS continuously for you. They work closely with listing agents to ensure sellers have preapproved mortgages or been properly vetted.
As buyers are often short on time, having their real estate agent preapprove them for a mortgage can save time. Agents know the market well and have access to information not available publicly like recent sales, neighborhood prices and property histories – plus can spot issues during the homebuying process such as making poor offers or overpaying.
3. They can negotiate on your behalf
Many people avoid working with real estate agents because they fear incurring commission fees. This may not always be the case; for instance, when purchasing new-construction properties your agent might be able to negotiate builder’s fees in your favor and be knowledgeable on how renovations impact value over time.
A good real estate agent will also assist in price negotiations and other contingencies such as home inspections, appraisals and financing – providing valuable guidance without jeopardizing your position in any way.
Negotiate the rate of your agent as well. For example, if you help an agent close on multiple properties (even one), they might reduce their commission rate; especially if they know you as a repeat customer.
If you’re searching for a new home, your agent can be invaluable in helping you navigate the Multiple Listing Service (MLS), finding properties that suit your requirements as well as managing offers and counteroffers. They may also advise whether it would be wiser to undertake home improvement projects before selling your current residence; and can advise as to which projects might pay off in terms of both time and cost savings.
If you’re purchasing a newly constructed home, an agent can also help negotiate the builder’s fee on your behalf.
Your lawyer will act in your best interests throughout the transaction and protect your interests during every stage. They can also guide you through the complex process of co-op board approval and other challenges related to new construction projects.
Home purchasing without professional representation may seem appealing at first, but you could end up regretting your decision later. A quality real estate agent provides invaluable professional service and saves both time and money during this process, so ultimately it is well worth investing in one.
4. They can be your advocate
Navigating New York City real estate market requires skill. Hiring an agent that understands local trends, neighborhood amenities and recent sales is invaluable in making informed decisions that save both time and money.
These experts also understand the complexities involved with real estate transactions, so they’ll be able to interpret communications from your mortgage lender or loan officer so you can feel assured your transaction is running smoothly and answer any queries about the process or clarify any unclear points.
As well as their expertise, a great real estate agent should have access to a network of resources on your behalf. They could have access to properties not listed on the Multiple Listing Service and arrange private viewings; or connect you with trusted service providers like home inspectors and mortgage brokers.
Real estate agents owe a duty of loyalty to their clients and will always put your interests first. However, if your desires clash with those of their agent (e.g. if you intend on purchasing with cash and they have invested in rehabbing similar properties) then they should advise you to find another agent to represent you during this transaction.
Selecting an experienced real estate agent should not be taken lightly; selecting the appropriate representative can ensure a seamless transaction and help you purchase or sell property at the optimal price.