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<\/p>\nBuying or selling a home can be an exciting, but also stressful experience. You are dealing with large amounts of money, banks, lots of paperwork and strict deadlines. Although there is no legal requirement to have a realtor complete these transactions, many find having one relieves a huge weight off their shoulders!<\/p>\n
Real estate agents, or realtors, are provincially licenced individuals who assist with the purchase and sale of properties. They are held accountable to certain professional standards and a reasonable duty of loyalty and care when facilitating these important transactions.<\/p>\n
The roles of a realtor differ depending on who they are representing in the transaction \u2013 the buyer or the seller. It is important to know both pros and cons of working with and without a realtor when buying or selling a home.<\/p>\n
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Technically you do not need an agent to sell your home, however there are several benefits to having one.<\/p>\n
Selling a home can take up a lot of time and effort and unless you have super negotiation skills, you may not get as high a price as you would like. The main benefit of having an agent on the seller\u2019s side is that they are the ones to do all of the negotiating for you. Research shows that homes sold with an agent, were sold at a much higher price than without one.<\/p>\n
Agents have the resources to determine what the fair market value is for your home and also the knowledge and skills to obtain the best possible price for you. Since they are paid by commission (which can vary from 3-6% for residential properties in BC), it is in their best interest to get you the highest bid.<\/p>\n
Once you sign a listing agreement with an agent, which could be a Multiple Listing Agreement or an Exclusive Listing Agreement, your agent will be able to promote your property on databases providing listing information to other agents and buyers. This maximizes the audience and exposure of your home, which increases the chances of a higher offer. They are also able to identify serious buyers in the market versus ones who are just \u201cshopping around.\u201d<\/p>\n
Much of what real estate agents do is marketing. They have the skills and tools to promote and showcase your home, as well as their knowledge and resources. A good agent will know how to make your home look its best, whether that means staging and reorganizing your home, or capturing the best angles in photos to maximize space. They can offer professional advice on what to include in your home\u2019s listing and how to make it as appealing as possible. You are able to use their advertising resources to obtain the best possible deal for your home.<\/p>\n
On the flipside, the major drawback to using an agent to sell your home is the amount of commission you pay for their services. As mentioned above, agents usually take somewhere between 3-6% of your sale price, which usually ends up in the tens of thousands.<\/p>\n
You are also bound to a listing agreement with your agent. If you do not like the agent\u2019s marketing or advertising techniques, or come to any disagreement regarding the property, it can be very difficult to get out of the contract. You are giving up a certain amount of control of the sale process, so it is important you trust your agent to limit any chances of disagreement.<\/p>\n
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