Do I really need a Realtor to buy or Sell a home?
Truthfully, no, you do not. There is not a law that says that you must hire a Realtor to complete a real estate transaction. If you buy a home in Chattanooga or NW Georgia, you have every right to represent yourself. However, if you polled most people who have recently bought or sold a home, they would probably agree that a real estate agent is worth their weight in gold. Buying and selling a home, entails huge financial risks. Whether you are a first time buyer, a professional house flipper or seasoned seller, you will benefit from hiring a real estate agent.
Types of Real Estate Agents:
- Real Estate Agent – an intermediary between sellers and buyers of real estate or real property. Their goal is to finalize a transaction between the seller and buyer.
- Real Estate Broker –someone who has taken education beyond the agent level as required by state laws and passed a broker’s license exam, brokers are responsible for their real estate agents actions.
- Listing Agent – a real estate agent that represents a homeowner in the sale of their home.
- Buyer’s Agent – a real estate agent who represents the buyers interest in a real estate transaction.
- Designated Agency – Establishes an agency relationship between only one real estate licensee in the office (to the exclusion of everyone else in the office, including the managing broker) and a buyer or seller. – source: Guide to TN Agency Law
- Dual Agency – allows for a real estate agent to represent both buyer and seller in the same real estate transaction with the permission of both buyer and seller.
If you think about the other high stakes transactions in your life, you have probably hired a professional to buy stocks, to plead your case in court or even to handle medical matters. So using a Realtor or real estate agent is common practice if you have hired a lawyer, doctor or stock broker.
For sellers, real estate agents:
- Provide access to the Multiple Listing Service in your area,
- Provide expert advice in negotiating offers,
- Knowledge and understanding in regard to the local market, including past sales data
- Proficiency in pricing and advice about staging your home for sale
- Coordinate of the entire sales process
For buyers, real estate agents:
- Knowledge and experience with the local real estate market, neighborhoods and communities, plus access to past sales data that help distinguish between good deals and not so good deals.
- Skills to negotiate the sales price and other terms.
- Experience with strategies for challenging situations, like multiple offer situations, strong competition for homes and other situations.
- Provide buyers with access to homes and schedule those visits to work with your schedule.
The right real estate agent will work to protect your interests and help to make sure that you end up with a deal that works best for you and your family. So no, you do not need a Realtor to buy or sell a home, but hiring a Realtor is going to make your life easier, protect your interest and make your transaction more efficient.
For more information about buying or selling a home, contact Rolanda Pullen Daniel of Coldwell Banker Pryor Realty at 423-596-1568.