Buyers: Why Work With a Realtor?

I have been getting many comments and request from my previous, 29 Ways It Pays To Work With a Realtor. Therefore I decided to elaborate on the subject.

In today’s market the popularity of selling or buying on your own is increasing due to the fact that you can “save” a ton of money.  And let’s be honest, the more money that stays in your pocket the better it is for you and your family.  I understand the logic behind this, however without a Realtor many costly mistake can happen, which may cause you to spend more than you anticipated.

As a buyer, many decide not to work with an agent directly.  They go from open house to open house, or they browse the internet looking for homes and speak with the listing agent when they want to see a property or if they have questions.  Truthfully, who better to find out about a property, than the agent who is selling it?   Many decide to purchase a home with the Listing Agent due to the fact that they believe they will get a better purchase price.

Here are some things to think about as buyer before you decide to go the “on your own” route:

• Do you have the time to look at listings each and every hour trying to find the right property? Keep in mind Realtor.com/ Realtor.ca is approximately 24 hours behind the board. Meaning if a listing comes out at 9am today, you wont see it until tomorrow.  Can you afford to miss out on the home of your dreams because you don’t want to speak to a realtor?
• The listing agent is hired to work on behalf of the seller.  If they are looking out for the best interest of the seller, who’s looking out for you?
• The listing agent is hired to work for the seller, and in regards to price, getting the highest price possible for the seller is one of their goals; therefore you have no one to negotiate on your behalf to truly get you the lowest price possible.  Also think of it this way, the listing agent gets a commission for selling the property.  If they bring the buyer (you) they get a higher commission.  The higher the purchase price, the higher their commission. Therefore there are 2 reasons why the listing agent will always try to get the highest price for the property they have listed.
• If the listing agent is there to sell the property, what type of home inspector will they refer to you? One that will do a thorough job? Or one that will provide results that will allow the sale of the home to go through?

These are just some things to consider when you are a home buyer and are thinking about doing it on your own.  Now there are some buyers who have gone this route, and have come out successfully.  Having said that, as a buyer it does not make sense to go this route.  You deserve to have someone to stand in your corner and be on your side.