Occasionally, my real estate team receives calls on our listings from buyers wanting only to work with listing agents with the idea it will save them money by cutting out half of the commission. At that point we recommend another agent to meet them, because as a high volume team we choose to work with buyers who work exclusively with us.
The idea that foregoing buyer representation will save money is a myth. First, the buyer pays no commission, the seller does. The seller has already agreed to pay a certain commission upon listing their home.
Even if there was a small percent being saved by the seller, the chances of the buyer perceiving these savings are slim. The amount you **might** potentially save will certainly not outweigh the concessions I could save you by advocating for you. Negotiating closing costs alone can save you up to or more than 3% of the purchase price. This is WAY MORE than you will ever save by going it alone.
Finding your next home is only half the battle. Here are additional reasons why buyer representation goes beyond searching the MLS.
You reap financial benefits. Realtors know the many concessions available and how to position clients using leverage. Closing costs are just one example. You are potentially missing out on thousands of dollars by not having an agent! Chances are buyers don't know how to approach this, and guess what? Â The listing agent is not going to fill you in. Remember, they are the seller's advocate, no matter how friendly or helpful they are, their one goal is to get the seller the highest price possible.
Real estate professionals have vast networks of 3rd party vendors they rely on to give their clients quality service within certain budgets. Our connections range from lenders, title, escrow, painters, movers, plumbers, inspectors, just to name a few. We can refer you to trusted professionals and save you time, money, and frustration.
Choosing to work exclusively with an agent puts you at the top of their list. Appointments, communications, and exclusive data are available to you before others. Instead of a one sentence response, you will have an agent providing you with thorough answers and research.
Market Data & Interpretation
With access to the Internet EVERYONE thinks they are an expert. We all see for sale signs, we all have access to Zillow, Trulia, and county auditor websites. Zillow and Trulia have margins of error and are not constantly updated. Realtors have access to realtime info. By working with an agent you eliminate hours of time wasted, browsing properties that aren't even available.
Eliminating YOUR Risk, You CAN'T Afford Not to
Will you pay for a lawyer (hourly) out of pocket to look over the contract? A real estate agent knows how to review contracts and what to look out for. All agents get the call from that friend or cousin who bought on their own, and now the seller won't leave the home after closing. It's not fun to tell them there is nothing they can do since they unknowingly agreed to those terms. Don't be taken advantage of, remember buyer beware!
You wouldn't fill your own cavity. You wouldn't go to a different dentist for each tooth in your mouth. Don't practice real estate without being armed with knowledge and the support of a tremendous agent!
If you are in need of a real estate professional for buying or selling in Northeast Ohio feel free to contact meÂ www.propertyofcleveland.com