Top 6 Reasons Why You Need a Real Estate Agent When Buying a Rental Property
– By Derek Dawson, Property Manager
If you’re thinking about purchasing a home, you are probably asking yourself whether or not you should hire an agent. Buyers have many resources from how-to guides to websites.
However, a real estate Buyer Agent has a wealth of experience. This is something that no buyer, especially a beginner buyer, has. A REALTOR® will do all the advocacy for you and, generally, will get a far much better purchase price than you would otherwise get.
Not all real estate agents are created equal. You’ll need to do your homework first, as it’s important to find a good agent. You will ultimately want an agent who has some of the following qualities and traits:
· Is up-to-date on the latest topics in real estate
· Has a vast network of contacts within the market that they serve
· Understands the local housing market
· Has access to all available properties
· Has the negotiating skills necessary to get the deal closed
· Has problem-solving mindset
The following are top 6 reasons why you need a real estate agent when buying a rental property.
1. It’s absolutely free to have an agent on the buy-side.
You will not have any additional costs by hiring a real estate agent. Many people mistakenly think that buying a house by themselves will save them money. They are wrong.
When buying a property, the full fee is paid by the seller to the broker of the seller. The seller’s broker, in turn, gives the buyer’s broker a part of the fee.
No part of the fee will go into your pocket by not using a buyer’s agent. The entire commission will get paid to the listing agent if you choose not to have an agent legally represent you.
The rate of commission is generally agreed upon through a contractual agreement before the property is even listed.
2. Agents will do all the paperwork for you.
There is a lot of paperwork involved in real estate transactions. Have you ever drafted a purchase agreement or done a comparative market analysis (CMA)? Most probably, not as it’s not easy to learn these skills.
Crafting a successful offer or creating and interpreting a CMA report is an art that requires expertise.
Things get even more complicated when drafting an offer. This is because every line of the contract is important. A simple mistake could turn out to be costly down the road.
A real estate agent knows how to ensure your interests are protected when writing an offer.
3. You’ll have access to real estate service professionals.
With a, REALTOR® you’ll have access to a database of real estate service professionals.
You’ll need a real estate lawyer, an inspector, and a lender in the course of your transaction. These are people who real estate agents work with on a daily basis. They will not only easily find one for you but will also make sure they are a good fit.
You are likely to have a difficult time accessing them if you decide not to use an agent.
Moreover, a competent agent will have recommendations for floorers, general contractors, painters, plumbers, handymen and more. These are the people you will need when it comes to home improvement tasks.
4. You’ll have an experienced advocate and negotiator.
For many people, buying a home is the single most important thing in their life. As such, it oftentimes becomes an emotional process.
An experienced advocate and negotiator will prevent you from making an emotional decision that you might regret about later.
They will advocate on your behalf and look at the transaction with a more experienced, rational eye.
5. You’ll have access to homes.
Getting into a home will be difficult without an agent. Sellers are not willing to allow an unlicensed stranger access their homes. The only option you would have is to visit the home during open houses.
However, sellers will be happy to let a buyer’s agent have the code to their lockbox or the agent will have an MLS approved Supra lockbox app to show their home.
6. You will get local expertise.
Real estate agents have first-hand knowledge of the Charlotte area real estate market.
There are topics that you need to consider such as:
· What’s the inventory like?
· What should you expect to pay if you want a three-bedroom detached home?
· Do you know what it takes to win against other bidders?
· Can you expect to compete against multiple offers?
· Are homes generally selling for 97% of asking price?
Your agent will be able to offer wise counsel to you on these crucial topics.
The world of residential real estate has many different players, including mortgage loan officers, bankers, contractors, property managers, home inspectors, appraisers, as well as buyers and sellers.
However, the workhorses of the typical real estate transaction are real estate agents. So, when thinking of buying a rental property, retain the services of a REALTOR®. They will help coordinate the entire process professionally and effortlessly.
For more information regarding rental property management in the Charlotte, NC area, contact Dawson Property Management https://www.dawsonpropertymanagement.com/