Why Use a Real Estate Agent?
Whether you’re buying a property or selling a property there are a variety of do-it-yourself services and websites that will help you complete the transaction. Especially in Utah’s culture of self reliance, the DIY approach to real estate might seem like a good fit for some people. However, buying and selling real estate involves high stakes, is fraught with pitfalls, and sometimes the DIY approach can end up being more costly than paying a real estate agent’s commission. Here are a few things to take into consideration when making your decision whether or not to use a real estate agent:
- Emotion – Buying or selling a property is a major financial undertaking and can be an emotional roller coaster. Problems and unforeseen difficulties often arise in real estate transactions. One minute the transaction may look like its going to close and a few minutes later it may appear as if it’s headed for legal disaster. A good real estate agent can be a liaison and create an emotional buffer between the parties and help navigate the ups and downs that inevitably come with every transaction. Even though most people are good natured most of the time, sometimes relationships can become rocky especially when problems are discovered. Real estate agents are bound by fiduciary duties to act in the best interest of their clients. These duties include loyalty, obedience, full disclosure, confidentiality, and reasonable care. In observing these duties when difficult discussions or situations arise that may be tense or emotional a good real estate agent can also be a voice of reason to make sure your best interests are met. A good real estate agent is a professional on your side that can help you navigate difficult situations and help get a deal closed or killed – whichever is needed and in your best interest.
- Time and Energy – Selling a property on your own will mean a lot of calls from “tire kickers” – potential buyers that have no real interest or ability to actually close a transaction, but don’t mind taking your time and energy. A good real estate agent will take that burden and screen these time and energy drains for you. If you’re buying a home you could also spend huge amounts of time on various websites and driving around to try to find something that fits your interests. A good real estate agent will take time to understand what your interests and goals are and with their knowledge of the market and access to MLS listings they can help you zero in on realistic possibilities, saving huge amounts of time and energy.
- Diplomacy – Sometimes people trying to sell or buy property on their own can unwittingly be their own worst enemy. It is not uncommon for a seller to accidentally say something entirely unrelated to the property that may turn off a buyer. A seller may seem overly desperate or may come across as arrogant and unrealistic. On the other hand, sometimes buyers say things about properties that may insult sellers. (E.g., “I can’t believe anyone in their right mind would choose this color for a kitchen!”). A good real estate agent who is not emotionally involved in the situation can take something like that which could create an awkward situation and perhaps ruin a deal, and easily deflect it with something productive like, “Isn’t it amazing what a couple of gallons of paint could do?”
- Market Knowledge – A good real estate agent knows the market and has a realistic idea of what a property will likely sell for based on experience. There are plenty of people who try to sell their own properties only to take a hard lesson from the school of hard knocks six to nine months later about the difference between listing a property for sale and actually selling a property. Not only do sellers often overestimate the value of their property, they just as often underestimate the value and leave money on the table. A good real estate agent can help a seller be realistic about their asking price for a property and can also help buyers be realistic about their offer price.
- Contracts – Trying to understand some of the complex language in a real estate contract contract can be confusing and frustrating. Going the DIY path might end up costing you your earnest money deposit or worse – you could end up being forced to complete a transaction you didn’t really want and you could end up tied up in a legal battle in court paying expensive attorneys fees instead of completing a transaction. A good real estate agent can help you write a contract so the deal is subject to you qualifying for financing and subject to whatever due diligence tests you want to undertake to make sure you really want to buy the property.
In summary, there are definitely people who have the knowledge, emotional fortitude, and ability to buy and sell property on their own. For others who may not want to invest the time and energy to get up to speed and want to avoid potential pitfalls that may be lurking out there, using a good real estate agent is a wise choice that yields peace of mind.
AllTrust Realty, LLC is a member of the Park City Board of REALTORS® and has subscriptions to both the Wasatch Front Regional MLS and the Park City MLS. This gives us access to a very large number of listings in Heber City and Midway, Utah and every community in Wasatch, Summit, Utah, and Salt Lake County. If you’re interested in selling or buying a home feel free to call us directly or fill out the form below and we’ll get back to you shortly.
(Fields with an asterisk are required).
Comments are closed