Real estate agents are worth their weight in gold.
Homebuyers and sellers today can instantly check listings, monitor price fluctuations, research their credit ratings and find lenders – all from their smartphones.
The advent of mortgage industry apps – which mingle aggregated data with complex algorithms in easily accessible formats – enables many shoppers and sellers to approach the process with more confidence.
While technology empowers consumers to shop and sell smarter, it can’t replace the service and expertise of an experienced agent.
Real estate agents know the local market and have access to the freshest sales data – often in markets where publicly-available data is either not available or months out of date.
For sellers real estate agents can price a house in line with the market to maximise earnings.
According to recent data from the America’s National Association of Realtors, sellers using a real estate agent earned US$ 40,100 more per transaction.
The median sale price for the 88 percent of sellers who worked with an agent was US$ 215,000 versus a median sale price of US$ 174,900 for the 9 percent of sellers who didn’t use an agent, according to the Association.
Buying a home is not like purchasing a plane ticket according to Greg Jaeger, President at USAA Residential Real Estate Services and a former real estate agent.
He said buyers and sellers often fail to account for the psychological side of a transaction.
“An agent can help prepare the seller for offers that are intentionally too low,” Jaeger said.
“You’re asking XXXX for your home; I offer XXX and you’re immediately insulted. An agent can keep you calm and focused on the end game.”
Real estate agents may also be able to help buyers navigate the rollercoaster of emotions involved in obtaining credit approved or viewing a home inspection report for the first time.
Jaeger knows of this psychological value not only as a former agent, but also as a father of a first-time home buyer.
His 24-year-old son recently bought an older home that was initially chock full of cheaply done rehabilitation projects.
“The seller was pretty irritable about some items and flat out embarrassed about others,” Jaeger said.
“My son’s real estate agent really earned his commission in making sure the proper repairs were on track and protecting my son from the ire of the seller.”
Homes, neighbourhoods and the associated laws are as diverse as the people living in them. Real estate agents are entrenched in those ever-changing state regulations, contracts, laws and practices.
“When making one of the biggest financial decisions of your life, it’s important to have a trusted, experienced counselor by your side,” Jaeger concluded,
Most countries in Southeast Asia have industry associations which can be an informative place to start your search for a qualified and trusted real estate agent.
Otherwise, ask for personal recommendations from your family, colleagues and friends.
