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Websites and apps have reinvented the way we buy and sell real estate. Does that mean it’s finally time to break up with your real estate agent?
The traditional role of real estate agents is being upended by websites like Zillow, Trulia and Craigslist. Finding listings, viewing photos, and researching comparable homes has become a snap.
Today, shoppers have instant access to depths of information that were previously only available to real estate professionals.
No surprise, then, that some home buyers and sellers have elected to negotiate directly with each other, skipping the real estate agent altogether.
According to a recent survey, last year one out of six Americans bought or sold a home without using a real estate agent.
Is it time for you to do the same?
Buy or sell it yourself for cheaper.
Before the Internet, real estate brokers often had exclusive access to property information. That made it impossible for the average person to learn much about any particular property without hiring an agent and ultimately paying a commission.
But now, that information is freely available online, and real estate listing websites sometimes charge only half the commission of a real estate agent.
For the buyer of a median single-family home, that represents a savings of at least $6,000.
To compete, some traditional real estate agents have started offering reduced commission structures and out right refunds.
By negotiating directly with the other party, a buyer or seller can expect to reap significant savings. But is it worth it?
The hidden benefits of a real estate agent.
Real estate agents do much more than just show homes and handle paperwork. The best real estate agents are also experienced negotiators and experts in their local market.
They can help home shoppers navigate the often-confusing marketplace by sharing helpful advice on the cost of repairs, the reputation of local schools, or the true retail value of a home.
That knowledge can be an invaluable resource to home buyers, especially when moving to a new area.
Real estate agents who know the local market can also help sellers stand out from the competition and more effectively market their homes.
Whether buying or selling, a good agent will help ensure that the entire process runs smoothly.
Should you use a real estate agent or do it yourself?
The answer depends on your personal preferences.
You can certainly save money by buying or selling your own home, an approach that appeals to DIY types.
On the other hand, it’s hard to put a price on peace of mind. An agent may negotiate a better price then you could on your own, earning their commission and more. Plus, a good agent can provide you with a wealth of knowledge, experience and solid advice you’ll find nowhere else.
Get an agent or do it yourself? Ultimately, the choice is yours.