In Alberta, it is not required to hire a realtor to buy a home. Even when the home is listed on the MLS, and listed by a licensed realtor, a buyer can work without his or her own representation. However, buying a home is a complex process. It involves many parties like sellers, buyers, lawyers, mortgage brokers, home inspectors, etc. As well, knowledge and experience in the home buying process go a long way. For most people, it is the reason to buy a home with the help of a realtor.
How many home buyers use a realtor to buy?
Many real estate investors still decide to hire a realtor to help them with the purchase of a property
Many real estate investors, though, still decide to hire a realtor to help them with the purchase of a property. Even investors who ‘flip’ homes for a profit often choose to hire a realtor for assistance in buying (and selling).
Financial advantages for the buyer
In most cases, when using a realtor, there is no money out of the pocket of a buyer
By law, this selling realtor is working for the seller, in the seller’s best interests. Similarly, the buying realtor is working in the best interests of the buyer.
Full access to sales data and market trends for fair market value
The MLS registers nearly all homes for sale, and a realtor has full access to the MLS. The MLS provides detailed sale data, which is important to determine the fair market value of a home. But the MLS also provides detailed information on how fast homes sell, if there were any price reductions, as well as the history of a home. How long was a home on the market? Was it listed before? Why was it not selling? This is all valuable information because it presents the current market and details about the particular home. The more a buyer knows, the better a decision that can be made. This detailed information is difficult for a buyer to retrieve and interpret without a realtor.
Knowledge and experience to determine market value
Real estate is ever evolving, and many factors can affect the real estate market
Overall, the process of buying a home is complex enough that most realtors need several years to learn the ins and outs. Besides, real estate is ever evolving, and many factors can affect the real estate market. New rules from the government in mortgages, different economic times, changing real estate forecasts etc. It never stops.
The internet does not give you all the information
Realtors who work daily in real estate have these negotiations skills
Negotiations with experience
Negotiations are very important when buying a home. Realtors who work daily in real estate have these negotiations skills. Any information from the MLS can be used within the negotiations, and negotiations are not limited to a purchase price only. Also, terms and conditions are important to negotiate on.
The legal side of buying
A realtor is able to help a buyer with looking at ‘the good, the bad and the ugly’ of a home
Yes, you can cut your own hair. But would you?
An extra set of eyes with a grounded perspective
Also, across the board, many home buyers are very invested on an emotional level. A realtor is able to help a buyer with looking at ‘the good, the bad and the ugly’ of a home. In essence, a second set of eyes, looking at a home from a more rational perspective, can help a buyer steer away from a bad decision.
Save time. More viewings = more knowledge in a shorter time
Every home purchase involves other professionals, such as real estate lawyers, home inspectors, condo document reviewers, etc
Access to more professionals such as lawyers and home inspectors
Every home purchase involves other professionals, such as real estate lawyers, home inspectors, condo document reviewers, etc. Realtors often have a few experts in their ‘rolodex’ who are tried and tested. It gives many buyers peace of mind, knowing that they don’t have to chase other professionals who are very important pillars in the home buying process.
It all starts with a reliable and honest realtor
Tanja van de Kamp was a lawyer and crown prosecutor in the Netherlands for 12 years and has been a realtor in Calgary since 2009
Call Tanja van de Kamp at 403 978 5267 or Ariette van Pelt at 403 630 5190 for a free consultation. Alternatively, drop us an email!
RECA, the Real Estate Council of Alberta offers ore information about buying a home for consumers. For more information visit RECA.