Many people believe that if you have the right algorithm, you will find the perfect property or that a transaction is as simple as what is shown on reality TV shows.
What most don’t realize is the negotiating expertise required, what it takes to overcome transaction problems (and they can be numerous) and that you must know and coordinate the best service providers (as many as 25) to get the deal closed.
All these aspects of expertise can save homebuyers or sellers thousands of dollars, or make them thousands of dollars, while ensuring that they are legally protected in all the steps to closing.
If you’ve ever been asked why REALTORS® are necessary, here are many of the answers to better understand their invaluable service.
1. Major money on the line
First and foremost, this will be the largest personal financial transaction that most will ever experience. It’s a good idea to have a professional to guide buyers through the potential minefields associated with such a big transaction.
2. Financial issues
Your REALTOR® will have knowledge of common financing contingencies including prepayment penalties, appraisals not meeting the sale price, interest rate increases, inability to qualify and more. With their experience, they can advise you on next steps and suggest appropriate experts to consult.
3. Requirements and regulations
Government requirements and disclosures on the federal, provincial and local levels can be overwhelming and costly if you don’t know about them.
REALTORS® have information on issues ranging from foreign investment taxes, lead-based paint, flood zones, agency documentation, environment, asbestos, radon, installation of gas shutoffs, low-flow toilets, and the list goes on and on!
4. Inspection problems
Inspections may include incorrect findings. REALTORS® find resolutions of these findings through other professionals such as geologists, roofers and quality repair companies. Termite inspections and home owner association (HOA) inspections and their requirements could also impact the entire sale process. Real estate agents can help to navigate through all these challenges that will protect you, your money and your property.
Open houses are advertised and marketed to clients’ advantage — plus they ensure your safety and save you time. This is great for clients whether selling or buying a home, for it gives them more exposure than they could have had on their own. The Real Estate News has the most complete open house guide in Winnipeg and only a REALTOR® can advertise in the REN.
REALTORS® a part of a organized real estate network that includes affiliates such as quality appraisers, title, attorneys, moving services, repair services and a host of other real estate professionals. They are happy to suggest these experts to you as part of their service.
7. Dispute resolution
Almost every real estate transaction includes differences, disputes and required negotiations by a trained real estate agent. In addition to coordinating all these complex and numerous aspects of the sale, an agent can help get to a resolution.
At some point during the transaction, both parties usually believe that the deal won’t close. Yet, only 1 percent of these of real estate transactions result in litigation — due to the experienced real estate agent who can get the deal closed.
REALTORS® are a valuable and necessary resource when people are buying or selling their home!
— Inman News