Why is it important to Use a Realtor? http://tinyurl.com/5bvoxl
When a home buyer is looking to purchase Real Estate, it just seems logical to use the services of a Realtor. Why do so many take it into their own hands?
Answers (30)
I think it's a very smart move to use a Realtor whether you are buying or selling. There are many curves in the real estate process that only a good realtor is going to know. As for the question on why so many take the process into their own hands, many people have heard of bad experiences with the wrong realtor or had one themselves. I personally have had one bad, one so-so, and one good experience in the homes I have bought. There are many great realtors out there, trying to find them is the hard part.
Thanks for the softball Bruce. ;->
First of all it's important to make sure your real estate licensee is a Realtor; not all licensees are you know.
Only Realtors are pledged to adhere to a strict Code of Ethics with Standards of Practice that promote the fair, ethical and honest treatment of all parties in a transaction in addition to the Real Estate Laws of their state.
A real estate transaction has became much more complicated than it used to be. There are numerous documents that need to be properly executed and filed, disclosures to be examined, and huge amounts of due diligence to ensure the property you're buying is sound both physically and legally.
I recall reading recently that up to 65-70 people touch a piece of paper related to an average residential real estate transaction.
Since most people buy only a few houses in their lifetime doesn't it make sense to hire someone on your side that does it on a daily basis and is highly experienced and trained to make sure things go smoothly and correctly for you. And, just as importantly, to have someone on your side if things run off the track.
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I think many take it into their own hands because they don't see the value of using a Realtor and think the process is easy and can do it themselves.
I think you would also agree that many, after trying, realize it's not as easy as they thought and do hire a Realtor.
I also think it's important for us (Realtors), as an industry, to constantly explain the value we bring to the consumer and that's why blogging and social networking is such a great medium.
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Lack of education.
They don't know that it really doesn't cost them anything to use a buyer's agent.
I could write a thesis paper on the problems with the seller side of real estate, but when it comes to BUYING real estate, it makes sense to have a professional to negotiate, review contracts, etc.
The NAR does need to do a better job with continuing education - there are a lot of bad agents out there, and when you're negotiating the sale of something worth hundreds of thousands of dollars, you need to make sure you're using a trained, certified, experienced professional.
Michael F
Senior Asset Manager at Grubb & Ellis Realty Investors
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!) A personal residence real estate purchase and sales transaction has evolved over the last 20 years to being a fairly document intensive process. A full time practicing Realtor (someone who is a memeber of the National Association of Realtors) is usually quite experienced in managing the process and transaction. 2) Secondly, all though the internet is certainly a great marketing tool, using a Realtor allows for some efficiencies in showings and marketing that are much easier than doing it for oneself. 3) Most states (but not all) allow a realtor to prepare the purchase and sale agreement with out requiring the parties to use an attorney. The Realtor has the specific training to properly complete the agreement form. 4) A Realtor (I'm a licensed broker but not a Realtor) also has received a fair amount of ethics training.
William Speakman C
Independent Real Estate Professional, Consultant & Expert Witness
In the Dallas area, there's a famous investment advisor named W. Neil Gallagher, Ph.D.. He's known as the "Money Doctor." He has dinner seminars throughout the Metroplex -- at least 4 a month -- to explain why it's important to have a financial advisor on your side. And every Saturday from 10-11 AM on KAAM-AM 770 Radio, he moderates a question and answer program on that subject.
Last year he devoted a full hour, quizing me about why someone, anyone, should use the services of a Realtor. He asked every question imaginable...probably the ones most people would ask. A CD of that program, "A Realtor's Secret Weapons" is available for free to anyone in the U.S. You merely need to email me at cherrysells@aol.com or write me at 9938 Windlake Circle, Dallas, Texas 75238. It's complimentary, and as they used to say on the radio years ago, "No salesman will call."
Other real estate questions and subjects are approached by me on the national real estate blog, http://activerain.com/billcherry. It's a good source to read about real estate issues if for no other reason than I have been brokering in Texas for 43 years.
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Clarification added June 25, 2008:
There is a typo in my address. It is 9936 Windlake Circle, Dallas 75238
From my experience, there are three main reasons. Bad experiences with other Realtors and the thought that you can $ave money doing it yourself are the two that stand out.
Where we can have the greatest impact is with the third reason. They do not know what we do. The public has a distorted image of us. They assume we just drive around in our fancy cars, having coffee or lunch with friends, and only help in the search of homes.
They do not know what we can do for them. So, we need to educate them on our services. The only way they can Value what we do is if we explain to them how our actions can directly benefit them in this very important process.
So, whenever you have the chance to talk Real Estate with anyone, tell them everything you do that is connected with your business.
Why is it logical to use a Realtor? With the amount of research that can be done on the internet including real estate classes why is a Realtor the only logical choice? Personally, I see Realtors as becoming more consultative than sales related. The knowledge they posess is beyond par, but the tools are there for people to learn everything a Realtor knows, and they don't have to pay 6%.
Ramesh M
Founding Director at CERTES REALTY LIMITED
Best Answers in: Business Analytics (1), Personal Real Estate (1)
Hi. Being in India, the dynamics are very different. We currently dont have a strict policy wherein a realtor license has to be obtained.
In our conditions, the services of a realtor / real estate organization should be engaged for three basic purposes.
a) For the local in-depth knowledge.
b) To arrive at the best competitive valuations
c) For assistance on the negotations & closure.
Many a buyers / sellers try and go on their own but end up using much more time & other resources in completing the transaction. In today's era, time is money, and the cost that any realtor would charge being minimal, it makes much more sense to go through one, than not.(remember, one pays for the expert opinion, or else, all litigants can argue in court themselves, all aliments can be treated at home).
Rgds..Ramesh Menon
Real estate ain't all big hair and Cadillacs.
I believe the traditional "agent-centric" business model of how real estate is bought and sold is evolving exponentially - ie the rise of companies such as Zillow, Redfin etc. Consumers have more access to data that allows them to locate their ideal property and better tools to determine the value of properties.
While consumers have more data, they may not necessarily have the experience to best assimilate the information. You want a realtor with in-depth market knowledge and strong negotiation skills. From a buyer's perspective, there is generally no cost associated with using a realtor - cooperating commissions are generally how buyer's agents are compensated.
From a seller's perspective, you need to understand what your agent is providing for the fee charged, whether it be 4, 5 or 6%. Fees are negotiable. Not all agents charge the same fees and not all agents are created equal. A realtor who is tech-savvy and invests in the marketing of your home can be invaluable, particularly in a weak market.
In the current environment, almost 80% of consumers are using the internet to find their ideal property. Not all consumers have the knowledge and experience to negotiate the best price and terms to purchase their property.
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Trying to keep my answer short, the whole industry has been bastardized. Once upon a time being a REALTOR (notice the correct case with all-caps) used to mean something. I remember not so long ago when agents would proudly say they were a REALTOR, even making a point when it was displayed incorrectly like ‘realtor’. Now being a REALTOR is just a way to gain access to an MLS. Some agents I have dealt with don’t really know the difference between being a ‘real estate agent’ and being a REALTOR. With pre-bubble real estate everyone and their brother was a REALTOR leading to some sketchy agents. From personal example, I know some people who have dealt with the aforementioned sketchy agents, only to say to me "Next time, I'll do it my damn self". And with the current policies of MLS's to put more data freely online, who REALLY needs a REALTOR anymore?
Mel A
Orange Cnty, CA. Video on behalf of trainers & coaches. Corp. eLearning: Articulate, Captivate, video. I do that!
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You asked two compelling questions: Why is it important to use a Realtor? And, Why do so many take it into their own hands?
I'll take the second question first: I think folks think they can save themselves from having to pay huge commissions, and secondly, there's the "car salesman syndrome." That is, consumers generally perceive real estate agents as beneath used car salesmen in terms of occupational prestige. (Keep in mind, I'm not saying that's the truth, I'm saying that's the perception per Harris Poll results.) So, as the reasoning goes: "WHY would I need someone like THAT representing ME when I consider myself to have greater skills than a used car salesman? I might as well save the commission and do it myself. It can't be that tough, especially with all the automation and information that's available these days..."
I think there's some validity to that.
Having said that, my response to the FIRST question is: ... because perception isn't reality. And, while it's true that there ARE an increasing number of tools available to the average Joe, they are generally of the sort that provides automation- or aggregated-information. Both offering some measure of value to the user. But...
...The challenge for consumers is to get past the biases and consider the possibility that real estate transactions are governed just as much by LOCAL customs and LOCAL market dynamics than they are by aggregated information and compliance checklists. In that context is at least one important reason to use a real estate professional. The second challenge, of course, is "which real estate professional?"
Meanwhile, the challenge for agents is to be professional enough to guard against laziness or complacency that prevents them from confronting those biases. (I included a link to a blog post below regarding "Lazy Agents...")
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Jeff G
Owner, Bredian Homes, Inc. and Construction Consultant
Best Answers in: Personal Real Estate (1)
I am both a buyer and seller of real estate and most recently reactivated my RE license so I could dig in and get more information about the market.
As a seller, you need access to serious buyers, and they are mostly brought in by other RE agents. The phone calls, email hits, etc. directly from "buyers" are lower quality, unqualified, often not real. If you FSBO (for sale by owner) that potential buyer will immediately discount your home the 6% you aren't paying, so the savings is false.
As a buyer, over 90% of the properties are listed with commissions, so you're going to pay anyway.
If you're going to pay a commission, I always pick the top agents, since the rate is the same.
Unregulated web sources of real estate knowledge are interesting and disruptive, there's no data point for "nearest crack house" or proximity to the beach. Drill into the "comps" given in one of the well known sites, and you'll see large tract homes valued by custom golf course view mansions 2 counties away. Even national lenders used their version of computer valuation models to verify loans, but one of those providers told me he was "stunned" they were used for 100% loans as they weren't meant to be that accurate.
As a seller, I'm spending a large hunk of my % as marketing and advertising dollars.
Like any other business, when the market was hot, those who dabble can make a living, and the best make it look easy.
Having my license helps me appreciate the amount of work it is.
Jim B
Independent Public Relations and Communications Professional
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Bruce-
I'll bet you are not going to like this answer. I sold my first house by owner. The biggest pain? The constant calls and knocks on the door from realtors telling me that WHEN I didn't sell my house, to call them and they would sell it for me.
We had a young couple interested in the house. It just so happened, the mother of the young lady interested in buying our house had a friend who was a real estate agent. The couple asked us if it was OK if they used the agent to help negotiate. We said fine, but as sellers, we were not going to pay the agent a dime. If the agent was to be paid, the buyers would have to do so. They agreed. They made an offer, we countered, they agreed and said they would be over the next morning to sign the contract. The next morning, the phone rings ten minutes before the couple was supposed to sign the contract. It was the realtor reminding us she was supposed to get 3% of the sales price as part of the contract. I regret to say, I blew my stack and told her forget it, the deal was off and I hung up the phone. Just as I was opening to the front door to replant my "For Sale" sign. The young couple was getting out of their car. The agent was getting out of her car frantically. The young couple had no idea what the agent was doing and that she nearly blew the deal by trying to grab her 3%. The contract got signed, everything else in the sale went off without a hitch thanks to the efficient and professional work by the attorneys for both sides.
Now, all that being said, I think the bigger the home (and smaller pool of potential buyers) the more the seller needs an agent. I also think it is wise for buyer who is relocating to use an agent. I also think in this down market it is wise for sellers to have an agent because the pool of buyers is down because most buyers also have a house to sell. It is also a risk to let people you don't know into your house, but that's no different than if an agent has a open house, visitors can still case the place.
Based on my experience, I will never sell a house again without at least trying to sell it on my own first.
I had a "market analysis" done by a "top-seller" when I went to sell my first house. Houses similar to ours were being listed at $149,000 and selling for just below that. He told us there was "no way" he could justify listing our house for anything above $144,900 and. I did the math. Let's say I was going to sell at $147,000 and he was going to sell for $142,000. To me, that's a difference of $5,000 ($4850 if you take out the agent's 3%). At 3%, to him it's a difference of $150. That's nothing to him, all he cares about is moving volume to stay listed as a "top seller" while nearly 5 grand is a big deal to me.
I am sure 99% of the agents out there are honest. It seemed all I ran into was the 1% that aren't. From a marketing and PR standpoint, real estate agents have a problem. The internet is changing the way all products get sold. There are also those who believe MLS represents a restraint of trade. Consumers are getting smarter because they are getting more informed.
I hope my experiences help you enhance your business and realize some of the perceptions that agents have to work against.
Jim Blaney
Katja M
Independent Real Estate Professional
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Bruce,
I read your question and was all excited! I love questions like this!
But...then I saw that you are actually a REALTOR.
Are you one of those "crypto-Realtors", which are doing customer surveys on Linked n? Is this just a poll which enable you, with no cost, to find out why people "use" or not "use" us? Brrr, I don't want to be used!
In this case I would like to tell you that if you, as Realtor, do not know why we ARE so important, then maybe you should sell something else.
Although... whatever sale you facilitate, you should know why are you doing it.
Otherwise maybe sales are not for you at all.
Nothing personal and Good Luck!
Actually most buyers do use the services of a Realtor when they purchase a home. The number of buyers who take it into their own hands in our market is very small. If they are a first time home buyer they more than likely know little if anything about the buying process. If they have done this more than once they know all of the work a Realtor does to bring an offer to a successful close. First time home buyers want someone to hold their hand throughout the whole process and experienced buyers just want to know that everything is being taken care of. If you have an experienced professional Realtor working on your behalf - hold onto them. They know how to negotiate and bring the deal to a successful close. If you don't have an experienced professional Realtor working in your best interest - keep looking until you find one. Hope this helps.
Jan S
President, Simpson Management Group
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I wouldn't use one - unless I know them personally - then they might do a good job for you - they are on 100% commission and doesn't matter how successful you think they are - they are still commissioned - and they are looking for their next nickel - and that is the advice from one of my very good friends who is a very successful realtor -
debby B
Broker-Associate
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Home buyers who don't use the services of a Realtor(r) are rolling the dice in my opinion. Realtors(r) make it their business to know the marketplace: what's listed, what's sold, what's expired, what's cancelled. They've very often seen the properties in question and can tell you the downsides as well as the upsides for a particular property. Without the benefit of that experience and knowledge, where is the agent-less buyer going to get that information? One can't necessarily rely on the Seller for those details. Furthermore, does the buyer know how to read and interpret the TDS-11 (Seller's Disclosure)? Besides the contract, that's the most important document in the transaction.
Does the buyer know how to press his/her lender for a written loan commitment? Does he or she know how to negotiate for himself? I truly believe the old adage that the person who represents himself has a fool for a client.
George H
#1 Rated Mortgage Loan Officer, LION, TopLinked.com, Connect at GHart@MetLifeHomeLoans.com
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R - Responsible
E - Ethical
A- Active
L - Licensed
T- Trusted
O- Organized
R- Respected
'nuff said.... George George.Hart@IMB.com
Brad P
Consumer Lending Officer
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One afternoon off work watching "Judge Judy" will answer this question :)
It's the contract that's the key here. One wrong pen stroke and you don't recieve what you thought you agreed to... It also controls the financing protion of the transaction... bottom line "Don't bet the farm that it will all work out in the end without one".
I'd say that using one is a good idea, but finding one who is truly keeping your fiduciary interests in mind is nearly impossible. The term 'Realtor' os overused, and perhaps, one day, will be obsolete. One day, real estate purchases will be guaranteed like purchases on eBay. For a person whose job is to perform in a limited legal role they have rarely lived up to that interest in recent years. This may not be fair, but I believe more true than not.
I agree borrower / buyer should use realtors. Let me know if you need one.
warmest regards!!!
Julia
I always recommend using a professional whenever possible.
Homebuying is not merely a business deal. It can also be an emotional experience for a buyer or for a seller. Walking into a house that you love and envisioning your kids playing in the yard and where you will put your furniture can make it difficult to walk away form the deal that is overpriced, has structural problems, or has a seller who is unwilling to negotiate. Realtors have training and experience in balancing the emotional aspects of homebuying with the reality of the business side. I have found that many buyers are not able to do this for themselves even if they think that they can.
Realtors are experts on the local community, what to look for, what houses are currently for sale and often what houses will be for sale next week or next month, contracts, negotiation, and many other aspects of business. I have also found that good realtors do an unbelievable amount when it comes to orchistrating the mortgage broker, the lawyer, the buyers and sellers agent and the closer to all come together, do their parts, and get deals done. It would be very difficult to do this during your lunchbreak or on your way home after work.
Having worked with many realtors and been to many residential property purchase closings, I can attest to the fact that a good realtor is well worth the time and money that it takes to have one.
Alison R
author, "Diary of A Real Estate Rookie"
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Because they think it will be cheaper.
Why? They think the buyers' half of seller-based commissions is available for recapture, and they each think they're smart enough to do it.
Our data-crazed industry is only feeding in to this consumer preference. ("Look, I ran the comps on Zillow, so I can do it myself.")
Can a good realtor save these people money? Of course.
Is it worth the time and effort to convince these people of that? Probably not.
I am successful as a buyer's realtor with clients who are:
1) very busy and
2) professional negotiators themselves so they understand the virtue of agency.
Everybody else, IMHO, is a lost cause.
Ali
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Alison Rogers
Inman columnist and author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z
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I copied and pasted this from my website.
It might come on a little to strong, but ...
FSBO verses Realtor
Why work with a Realtor?
I get this question all the time when I run into a FSBO.
(and FSBO might not be happy with what I have to say)
There was a time, two or three years ago when a
FSBO had a good chance to sell their property here in Tampabay St. Petersburg.
Well this time is gone.
The market has changed, it is a buyers market not a sellers market anymore.
You need the help and expertise of a professional to sell your house or condo.
This is more important than ever. I can not speak for all of Florida, but the St. Petersburg, Tampabay market has become extremely competitive and you need the best possible agent on your site.
Someone that does a great job in marketing and negotiating, someone that knows all the ins and out of a contract.
Don´t fall for the agent that tells you exactly what you want to hear, go for the one that is straight forward and honest with you.
A Realtor who knows the market and the neighborhood in St Pete.
A Realtor that has the drive and energy to make things happen.
Let´s say you (the FSBO) are a fire fighter, you know what you are doing, you had the best training, and years of experience, you take your job seriously etc
Well, there is a fire in the neighborhood and I (the realtor) tell you that I do not need you because I think I can do it myself.
What would you think?
Something like
"Well, go ahead if you want the whole neighborhood to burn down"
or
"What is this guy thinking; he doesn´t even have the equipment to put out that fire"
or
What is wrong with people, don´t they know that it takes an expert to do this?
or
"Good luck, hope you have a great insurance policy"
Just imagine
We would all trade jobs for a day, only a day
Doctors sell Real Estate, Realtors do heart surgery on you.
Pilots sell homes and condos, Realtors fly the planes you take.
Gourmet chefs sell properties; Realtors try to cook your meal in a restaurant.
Race car drivers sell houses, Realtor drive the Indy car race you watch.
Let´s be honest
We can not switch jobs !!!
It would be a total disaster, people would get hurt, houses would burn down, planes would crash . . . .and your home doesn´t sell ? not in this kind of market.
Imagine you would see a show on TV about St Petersburg
where Realtors switched jobs with everybody.
Just use your imagination; it would probably be the best comedy or the worst drama.
But one thing is crystal clear, on this day the whole world would shake their heads and think we are crazy !!!
Let´s face it; I can not do your job
and you can not do my job.
If I cut myself, I go to a doctor.
If I have a fire in my house, I call the fire department
If I my car breaks down, I call a mechanic
If I am serious about selling my house, I call a Realtor.
Why do owners still try to sell their house themselves?
Beats me !!!
Most common reason is "Save commission"
Well, first of all, commission is negotiable (you get what you pay for)
but wouldn´t you rather pay a commission than not sell you home?
I mean, think about this, you get paid for the job that you do and
most likely you get paid by the hour.
A Realtor works on commission, only gets paid if they sell the home
If they don´t sell, they have invested a lot of time and money and worked for NOTHING
Nobody wants to work for NOTHING
please click on this link to read the rest (post was too long)
Please give me a call or send me an e mail
(wether you agree or disagree with me)
I would like your input and hear about your experience.
Sincerely
Anne Hensel
727 410 7777
Anne@SouthBeaches.info
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Hugo V
Licensed Real Estate Salesperson at Nest Seekers International
Best Answers in: Using LinkedIn (3), Personal Real Estate (2), Personal Investing (1)
Because some people also think they can take care of Legal matters on their own. When you need legal advice or help, you hire a lawyer.
When you need Real Estate advice or help (for most people this is the largest purchase they will make in their lives) you hire a Realtor!
Unfortunately, with the internet, people can read up and will think they can do it on their own, without expert advice or help. Until they run into a roadblock or a huge problem, that could have been avoided if they had the Realtor on their side from the beginning.
Hugo van Dijk,
Realtor(R)
Mary L
Moving Coordinator/Relocation Director at Moving Links 4 You
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You know what is really interesting here is that the buyer does not pay the commission, the seller does. So where is the logic in that? How will you really know the value of a property unless you are working with a professional/qualified Realtor who works the market everyday and makes their living at it (vs. those who dabble in it)?
As far as those who want to go the FSBO (for sale by owner) route as a seller, I see a lot of people do this and they can not adequately market their home. The job of the listing agent is to market and bring the buyers. The homeowner stands to lose precious time trying to sell the home him/herself. The 1st few weeks on the market are critical in drawing the attention of potential buyers.
Have these FSBO folks factored in the fact that strangers will drive up to their home, unrepresented, and want to take a look at their home. They have no idea what these people’s motivation is. It may not be about buying a home but rather scoping it out and then waiting for a moment to return when the homeowner is not home.
My advice it to find a Realtor who is successful in today’s market – one is is skilled at negotiating for you and will see that the escrow closes in the 12th hour which is when so many escrows just fall apart. And then you are back to square one. I’ve seen it over and over and over.
Isn’t your time worth more than that?
Cheers,
Mary
Links:
Paul B
WAN Network Engineer // Real Estate Agent, Consultant, & Investor
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One should use a Realtor so the Realtor can get paid... DUH :-)
Seriously, there are alot of pitfalls someone can fall into when buying or selling a house that a qualified agent/broker can help you avoid.
Many feel that unless you have been involved in several transactions, know what to look out for, and what to insist upon without professional help your risking a lot.
Personally I feel that no matter how much experience one has, that when you buy or sell you need a good team (attorney, inspector, title company, contractor, and agent/broker) on your side to represent your interests.
Good professionals save you many times their fees by adding additional value into the deal as well as offering protection.
-Paul
Bruce, I see there are already a lot of great answers here, but let me just answer briefly in my own words.
You said "looking", which is perception. In other words, a realtor has little or no perceived value to many.
Of course there are people who paint their own houses and fix their own cars, but they're neither painters nor mechanics. Most don't realize that it's more difficult than perceived.
But going back to the realtor, I think at least part of the cause of this low value perception towards the realtor, is caused by the realtors themselves.
The buyers agent / sellers agent roles are still being handled by the same offices which causes this double edged sword effect. I think every real estate office needs to provide only one service, buyer representation or seller representation but not both. If this ever happens, then the value perception will begin to change. People will learn the value of a buyers agent when they are looking to buy and the value of a sellers agent when they are looking to sell.
