For those new to purchasing real estate, I wanted to clear up a few misconceptions about Realtors and let you know exactly what we do and don’t do for buyers. For example, a lot of people are under the assumption that buyers have to pay for our services. 100% not true, especially in Illinois. We are paid by the seller of the property you purchase, so there is no money to use our services. So I’m always surprised when people tell me they want to look on their own. Here are some advantages to using a Realtor.
1. Access to more listings. If a home is listed by another Realtor for sale, that person is not going to be posting separate for sale ads in the newspaper or online. So you can miss a ton of great deals by working on your own. We have access to the Multiple Listing Service, the only place where listed properties go.
2. Negotiating skills. We know the market. We have access to all the comparable properties – what has recently sold and for how much. This will help you to get a much better deal because you’ll have solid evidence and a strong purchasing position.
3. Letting you know about resale value. Especially for first-time buyers, a lot might not understand what makes a home more valuable when it comes time to sell in the future. It is my job to point out that the fact that these sellers converted a 3-bedroom home to 2 huge bedrooms might not be such a great purchase. For example, if it’s in a subdivision near an elementary school where a lot of families live, they would want that extra bedroom. So a Realtor will give you insight as to what has a better chance of selling. Because most likely this won’t be the one home you’re in forever.
4. Getting you to closing. I wish it was as easy as signing a contract, showing up with a check, and then signing the closing papers. Unfortunately, that’s not the case. Aside from the buyers and sellers, there’s attorneys involved, home inspectors, lenders, appraisers, other Realtors, etc. Each person has to be contacted at different points once the contract is signed to make sure everything is progressing smoothly. I make contact with all these individuals to make sure deadlines are being met, letters are being drafted, and funds are provided. This is to ensure that closing happens and it goes smoothly.
I’d love to help you with your first home purchase. If you need my assistance, please contact me via my Web site or call me toll-free at 800-858-7917.
And a very Happy Holidays to all of my readers! I won’t be posting on Christmas, but I’ll make sure to have another blog up early next week.