For some, hiring a broker may no longer be necessary when trying to sell off a property or have it rented out since more and more people would like to save more money from their transactions. There however still seems to be more substantial benefits in hiring a real estate broker that doing all the selling or renting out by oneself.
But first, what is the difference between a real estate agent, and a broker?
Relator.com endeavored to differentiate these two types of real estate professionals. According to the web article’s author, it is important that both buyers and sellers are aware of the key differences of the two, to enable more successful transactions.
“While you are more likely to work directly with a real estate salesperson or an associate broker, some brokers provide services for buyers and sellers themselves. If you have hired a real estate agent to help you buy or sell a home, that agent typically reports to a broker. The broker handles the earnest money deposit and establishes the escrow account. In addition, the broker bears responsibility for the actions of the real estate agents under his or her supervision. While the majority of real estate transactions go through without any glitches, a broker will step in if there are any problems with your home purchase or sale.”
Check out the rest of their explanation here.
Expertise and Convenience
Forbes.com shared why it is still important to hire a real estate broker. In their article they cited five reasons why real property sellers or buyers, and even renters should not shove off the idea of getting a broker. One of the reasons they cited is convenience and more access to prospective clients.
“A real estate agent’s full-time job is to act as a liaison between buyers and sellers. This means that he or she will have easy access to all other properties listed by other agents. Both the buyer’s and seller’s agent work full time as real estate agents and they know what needs to be done to get a deal together. For example, if you are looking to buy a home, a real estate agent will track down homes that meet your criteria, get in touch with sellers’ agents and make appointments for you to view the homes. If you are buying on your own, you will have to play this telephone tag yourself. This may be especially difficult if you’re shopping for homes that are for sale by owner. Similarly, if you are looking to sell your home yourself, you will have to solicit calls from interested parties, answer questions and make appointments. Keep in mind that potential buyers are likely to move on if you tend to be busy or don’t respond quickly enough.”
Read about the four other reasons here.
Online real estate platform Hoppler.com meanwhile emphasized that having a broker help out during deal negotiations is priceless. In one of their write-ups, they mentioned that the heavy experience of brokers in negotiating sales, rentals and purchases help a lot in terms of closing a favorable deal.
“Their skills are critical in securing the best deal possible for your property, regardless of the asking or the selling price. Brokers know how to best negotiate for the right price. If they have been in the business for more than five years or so, then you are assured that they are seasoned negotiators and are beyond their learning curve. They would have enough expertise to save you from any hidden pitfalls in the market. A good indication of his negotiation skills would be the sales record. Ask brokers for a list of properties they have listed and sold in the past year.”
The continuation of the article can be found here.
Hiring a real estate broker, is like getting additional access to relevant information to close a deal, and having a heavily experienced person on one’s side during a critical negotiation.