What does it cost to hire a Realtor? Many buyers are not aware that the agent's commission in almost all cases comes from the commission that the seller pays to his or her agent. It therefore costs NOTHING to the buyer to hire a real estate agent.
Will it save me any money, if I do not use a Realtor and represent myself in the transaction? The answer is NO. When the Realtor, who is acting as the Seller’s Agent, enters the listing into the MLS database; that Realtor agrees to share his or her commission with the buyer’s agent. The Seller’s Realtor’s commission has already been set in the Listing Agreement between the Seller and the Realtor. So, if as a buyer, you decide not to hire a Realtor and represent yourself in the transaction, you are not saving any money. You are simply allowing the Seller’s Agent to keep the entire commission.
Will I save any money if I call the agent whose name is on the front lawn sign? The agent, whose name and phone number is on the For Sale sign on the front lawn of the house, is the Seller’s Agent, meaning that he or she represents and owes complete allegiance to the seller. If you call the number on the sign, that agent will show you the property and disclose all material facts about it. But do not expect the Seller’s Agent to give you any advice or opinion on what the house is worth and if the seller will accept a lower offer. Furthermore, do not tell the Seller’s Agent anything you wouldn’t want the seller to know, since all the information will most definitely be disclosed to the seller.
What can a Realtor do that I cannot do myself?
Save you lots of time: Based on your criteria, a Realtor can prescreen homes currently on the market and schedule tours for you, saving you endless hours of running around.
Determine the fair price of the home: Your Realtor will help you determine the fair price of the house you like by researching average per square foot cost of similar homes, median and average sales prices, average days on market and ratios of list-to-sold prices.
Negotiate the best deal for you: Your Realtor will help you to prepare a knowledgeable offer and negotiate a contract ensuring that you get the best deal possible.
Take care of the legal paperwork: Today's real estate files average thicknesses from one to three inches of paper, your Realtor will take care of the necessary paperwork and will help you avoid mistakes.
Knowledge and Expertise: It is always nice to have an expert on your side. A person, who will walk beside you through the entire process, answer any questions, and resolve urgent situations.
