As the quantity of publicly-available information continues to skyrocket on the internet, more and more people are questioning whether or not it makes sense to hire a real estate agent when buying or selling their home.
- Can’t I just search properties on the national websites without an agent?
- Do real estate agents really have my best interests in mind?
- Who could possibly know more about the market than I do after living in this neighborhood for 20 years?
In most cases, real estate commissions equal 6% of the selling price (split between the listing agent and the buyer’s agent). At first, this sounds like a huge savings. After all, 6% of $250K equates to $15K in commissions assuming both buyer and seller have agents. However, what people fail to see are the challenges that lurk beneath the surface when buying/selling a home and the intangible benefits of partnering with an experienced agent.
Here are a few examples:
No matter if you’re searching for new homes or preparing to sell, real estate agents have access to far more property listings than the average person.
Take the Multiple Listings Service (MLS), for example. Over 80% of homes sold are still listed through the MLS, a service you can only access as a licensed realtor. In addition, realtors have access to pending, expired, temporarily off market, and hidden properties consumers often can’t find.
Don’t you want to cast the widest net possible?
The Importance of a Buffer
From interfacing with appraisers and inspectors to negotiating terms and keeping emotions in check, real estate agents serve as a crucial filter in real estate transactions. They have the power to keep builder’s agents at bay and fight for your interests without impacting personal relationships between buyers and sellers.
Presentation & Appearance
Just because you have a camera on your smartphone and some experience with social media doesn’t necessarily mean you can compete in the world of real estate marketing. When selling a home, appearance is everything.
Brokerage firms like Spectrum have entire teams dedicated to navigating the complexities of online advertising, photography, and graphic design. Not to mention they have access to the latest technology including drone videography and 360 virtual reality tours to best showcase your property.
Unfortunately, the real estate world is full of people eager to waste your time, or even worse, cheat you out of money. In a city like Miami with so many out-of-state and foreign owners, vetting potential buyers and sellers if more important than ever. Real estate agents have years of experience in this environment so they not only know what to look out for but also have access to the latest tools to examine buyer financials, credit history, past transactions, etc.
Instead of answering worthless inquiries on your personal cell phone all day long, count on real estate agents hand deliver qualified buyers/sellers.
Still Not Convinced?
If for some reason the points above haven’t compelled you to change your strategy, let’s take a look at the data…
According to the National Association of Realtors, For-Sale-by-Owner (FSBO) transactions are down for the third year in a row constituting only 8% of all real estate transactions. This is the lowest level since the NAR began compiling FSBO data in 1981. In addition, the NAR reports “FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $190,000 last year, and significantly lower than the median of agent-assisted homes at $250,000.”1
In order to best maximize your time and the return on your real estate purchase, partnering with an trusted, well-versed real estate agent is crucial. The cost of trying to navigate the process yourself and making a costly mistake and/or turning around and hiring a professional months down the line far outweighs the up-front investment of joining forces with an agent.
To learn how Spectrum approaches the real estate process and how you can partner with one of our experienced agents, drop us a note at firstname.lastname@example.org or call +1 (305) 921-0972.