Should First-Time Homebuyers Hire a Real Estate Agent?

Posted by Terry Paranych on Wednesday, December 12th, 2018 at 1:36pm.

Should You Hire a Real Estate Agent?A first-time homebuyer may not have a lot of experience in real estate, which makes it harder to find the best property. Buying a home is a major investment and losing money because of poor judgment or a hasty purchase could be horrific for any homebuyer. It is a smart move to employ the services of an experienced and ethical real estate agent to assist in making crucial choices along the way.

Experienced real estate agents have been in the business for a long time and therefore provide their time tested skills when it comes to helping homebuyers find and purchase the right property. It is the fiduciary responsibility of a buyer's agent to help their clients out the best they can and to look out for their interests.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

A professional and ethical real estate agent has the following duties:

  • An agent will negotiate on their client's behalf
  • An agent will go out of their way to get the best price, terms and conditions which will match their client's needs.
  • An agent will disclose any defects and concerns about the property that he can find.
  • An agent will be able to provide seller disclosures to be able to protect his clients. Disclosures such as the existence of lead paint, death on the premises, zoning changes, natural hazards, air pollution, ground pollution and fire hazards are just some factors that could affect the property.
  • Agents are required to tell the truth.

Usually, sellers pay the fee for the buyer's real estate agent and therefore, this service will never cost anything extra for the home buyer.

Questions to Ask a Real Estate Agent

When choosing a real estate agent, it's imperative that the person is not only qualified, but also a good fit for you as a home is not only a significant purchase, but also a very personal one as well. These are some essential questions to ask, and as the agent answers them, you can evaluate their experience as well as their overall nature so you can make the right decision.

  • How Long Have You Been an Agent? The newest agents aren't necessarily something to stay away from, provided they have access to experienced mentors.
  • What is Your List to Sales Price Ratio? You want your agent to be able to negotiate a good price for a home on your behalf.
  • What is Your Strategy for Me? How will the agent search for homes? How competitive is the market?
  • What Separates You from Your Competitors? You're looking for confidence and trustworthiness here.
  • What Else Do I Need to Know? First-time homebuyers should feel guided by an expert, and this is the agent's opportunity to assure you of that.

First-time homebuyers gain confidence, knowledge and skills after they have purchased one or two properties. When they do, they may opt to buy their next home without the help of a real estate agent. However, a real estate agent deals with home purchases regularly. It's always wise to have the services of a trusted expert during such a large transaction.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

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