We at The Allen Firm are all about giving you information that you can use during this journey called life. But, we are also aware that we do not know everything and sometimes need to get information directly from the experts. The people in our community that know the area and are better equipped to guide you on certain questions. This is why we have created the “Knowledge Series”. A way for us to get the information to you, not from the lawyer point of view, but directly from the industry itself. If you have a question that you would like to see on this series, please email us at info@allenlawfirm and we will try our best to get that questioned answered for you.
We would like to welcome Chandra Stout from Coldwell Banker Preferred Properties as our first guest blogger.
– Chandra Stout –
The proliferation of online services that help homebuyers and sellers complete their own real estate transactions is growing daily, and it may have you thinking that using a real estate agent is becoming a thing of the past. While doing the work yourself can save you commission rates, for many, flying solo may not be the way to go–and could end up being more costly than a realtor’s commission in the long run. Buying or selling a home is a major financial (and emotional) undertaking fraught with liability pot holes. You shouldn’t discard the notion of hiring a Realtor just yet.
- Access & Convenience
Find a local Realtor you work well with and stick with them, they have access to all other homes, even ones listed by other offices or for sale by owners, and can work around your schedule to get you in the homes you are serious about. Realtors also will normally have an inside track on homes “coming soon” to the market no one else knows about.
- Negotiation
Many people don’t like the idea of doing a real estate transaction with a “middle man” and feel that direct negotiation between buyers and sellers is more transparent. Unfortunately, this isn’t always an easy relationship. A Realtor can help prevent the “bad blood” between a buyer and seller that can kill a deal. Keep in mind that a seller can reject a potential buyer’s offer for any reason–including just because they hate his or her guts. A Realtor can help by speaking for you in tough transactions and smoothing things over to keep them from getting too personal.
- Contracts Can be Tough
An experienced Realtor deals with the same contracts and conditions on a regular basis, and is familiar with which conditions should be used, when they can safely be removed and how to use the contract to protect you, whether you’re buying or selling your home.
- Real Estate Agents Can’t Lie
Well, OK, actually they can. BUT because they are licensed professionals there are more repercussions if they do than for a private buyer or seller. If you are working with a licensed real estate agent under an agency agreement, (commission agreement in which the agent agrees to represent you), your agent will be bound by common law (in most states) to a fiduciary relationship. In other words, the agent is bound by license law to act in their clients’ best interest (not their own).
The Bottom Line:
While there are certainly people who are qualified to sell their own homes, taking a quick look at the long list of frequently asked questions on most for sale by owner websites suggests the process isn’t as simple as many people assume. Very few transactions are smooth sailing, they all get a little bumpy at some point -when you get into a difficult situation, and it can really pay to have a professional on your side that knows what normal negotiations are and what might be unreasonable.
Limiting your liability as a buyer or a seller is huge. Think of a Realtor as your insurance policy- you don’t realize how important it is until something goes wrong and then you’re really glad they are there.
Chandra Stout | Realtor Extraordinaire
Coldwell Banker Preferred Properties
254-434-9016 Direct
254-965-7775 Office