Is a Realtor Really Worth It?
(What does representation mean and does it effect the price of the home?)
We started to write this article with all sorts of explanations about responsibilities of a real estate agent to his/her client and blah, blah, blah. It was tripe. (Our apologies for those of you who consider tripe a delicacy).
Here’s what it’s about in a nutshell. Do you need a Realtor to represent you in the purchase and/or sale of a home? Not really. Do you deserve to be represented by a Realtor to make certain that your interests are protected? You bet.
Some agents like to say, “I ask my buyers and sellers if they would go to court without an attorney?” Well, we’re not saying that we do what attorneys do, because we don’t. But having an agent represent you makes sense. Knowing the ins and outs of contracts, the buying and selling process, legal requirements and how to protect you is what an experienced agent offers. If it were simple and required no knowledge or skills, everybody would be doing it. Proven knowledge and a successful track record is how we earn our commissions.
Who pays for this representation? The builders offer Realtors a commission for bringing buyers into their communities. They acknowledge that a percentage of all their homes will be sold to buyers who are represented by agents. The price printed is the price of the home, whether you have an agent representing you or not. The incentives offered are the same. Thank goodness. On a resale home, the commission is part of the seller’s closing costs. So, as a buyer, you don’t pay a commission. As a seller, you do. In both cases, you have your own agent representing you. By the way, there is a form which spells out the duties of a real estate agent that you sign before entering into a contract. It requires us to be fair to both sides, know what we are doing and not break the law and clearly indicates that you are being represented by a licensed real estate agent. It’s good thing.
Should we scare you about working without your own real estate agent? Okay, okay, we won’t start telling stories. We just want you to know that you deserve the experience a real estate agent brings to the table in all areas of the transaction. Staying on top of the laws and procedures is why we take continuing education classes every year to maintain our licenses. It’s why we chose to be a part of a nationally recognized name (Century 21), a company who insists that we maintain high standards of professionalism. We like that. We like EARNING our commissions by representing buyers and sellers. It’s that simple.
Contributed by: Lynn Ihling and Peggy Gould
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