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Apr 5 2018 54360 1
In a Sellers' Market, why is it important to utilize the services of a Realtor?
It's no secret that the real estate industry is experiencing a sellers' market; hence, demand is exceeding supply of properties on the market. During this time, it becomes much easier to find a buyer for real estate properties; thus, many sellers believe selling their property without the services of a Realtor will save them money. This misconception often leads the seller astray, and actually ends up costing them more money in the long run. AND, money may not be the only loss....
The fee earned by a Realtor should not be the only consideration when selling a house. Other factors such as exposure, buyer screening and qualification, contract liability, accurate market value, disclosure laws, fair housing laws, process, and safety should be primary concerns. Licensed real estate agents are educated and required to continually update their education regarding real estate laws and regulations. Often, sellers may not possess the adequate information to qualify and screen buyers, so much time may be wasted waiting on a mortgage approval that never occurs. Additionally, active real estate agents have a larger pool of buyers and many resources for qualifying buyers before unnecessary time is spent hoping that a buyer has the necessary purchasing power. Disclosure laws and contract laws could also lead to a seller spending more money hiring a defense lawyer than they would have originally spent hiring a Realtor. It is also very possible that a professional real estate agent is better equipped to determine the accurate market value of a property. An over-priced property may not appraise for the contractual amount which may prevent a buyer from obtaining a loan. On the opposite side of the spectrum, a seller who does not know market trends and comparable sales, may under price the property, thus, netting less profit. Safety is another huge concern facing "for sale by owners." Unfortunately, in today's society, safety must be a concern. How does a seller know who they are allowing in their home? How does a seller even know that the buyer is a real buyer? The tragic stories of thieves, cons, and even violent acts of "pretend" buyers is horrific. Professional Realtors are trained in screening, safety precautions, and best practices when accompanying a buyer into a seller's home. These reasons merely cover a few of the reasons to utilize the services of a Realtor.
If we need surgery, we hire a surgeon. If we need legal advice, we hire an attorney. I submit that in real estate transactions, hire a professional real estate agent. In most cases, the fee paid is money well-spent, and in many cases, may actually net the seller a better return on investment...and could even prevent a tragic ending.