Bellenot & Boufford, LLC
Should Sellers & Buyers Hire A Local Realtor in Residential Real Estate Transactions?
When someone decides to sell their home, they can hire a real estate broker or attempt to market the property themselves. Real estate commissions are usually the largest expense of selling, so saving the 5%-7% commission is enticing. However, even for individual’s experienced with real estate transactions, there are many benefits to hiring an experienced real estate professional.
The realtor does not have an emotional tie to the home, allowing for realistic and objective advice for everything from the list price to how to market the property. Most realtors are members of the local MLS service, which allows them to market your property through all MLS realtors, thus reaching most, if not all, potential buyers in the area. Realtors are familiar with the local and national laws and rules, which change from time to time, assuring compliance. They know many experts that are necessary to selling your home, including real estate attorneys. Good realtors are experienced at negotiating agreements and are a valuable buffer between the seller and the buyers. There are seemingly endless details and technicalities to selling a home. Sellers should strongly consider hiring a realtor.
Buyers can also benefit from working with a local realtor. For buyers new to the area, the realtor is a wealth of information and will educate the buyers about the community, including the quality of the school system. She or he can also make buyers aware of local taxes, ordinances, and pending assessments. Realtors can detect issues in a home that may not be obvious to most buyers.
A local realtor knows the market and what a fair price is for homes being considered. When an offer is made, the realtor will make sure that the buyer has enough time for a home inspection, to obtain a mortgage commitment and hire a real estate attorney to review or prepare the contract.
Realtors are also a buffer between the buyers and sellers and can negotiate most issues that arise pending closing, including problems highlighted in the home inspection.