Why do we need to hire a REALTOR® when buying a property and what are the benefits?

Why do we need to hire a REALTOR® when buying a property and what are the benefits?

Hiring a REALTOR® (a registered trademark of the Canadian Real Estate Association) when buying a property can offer several benefits:

Market Knowledge:
REALTORS® have access to a wide range of resources and databases that can provide up-to-date information on the local real estate market. They can help you understand current market conditions, trends, and property values, allowing you to make informed decisions.

Negotiation Skills:
REALTORS® are experienced negotiators. They can help you get the best possible deal by negotiating on your behalf with the seller, the seller's agent, and other parties involved in the transaction.

Paperwork and Legal Assistance:
The process of buying a home involves a significant amount of paperwork, including contracts, disclosures, and various legal documents. REALTORS® are familiar with these documents and can help ensure that everything is filled out correctly and in compliance with local laws.

Network of Professionals:
REALTORS® often have a network of professionals, such as mortgage brokers, home inspectors, and real estate attorneys, whom they can recommend. This can streamline the process and help ensure you work with reputable professionals.

Property Access:
REALTORS® have access to the Multiple Listing Service (MLS), a database of properties for sale. This gives them the ability to find homes that meet your criteria quickly and efficiently.

Guidance and Advice:
Buying a home can be a complex process, and it's often one of the most significant financial transactions in a person's life. REALTORS® can provide guidance and advice based on their experience, helping you navigate the complexities of the real estate market.

In terms of payment, as a home buyer, you typically do not directly pay your REALTOR®. In most cases, the seller pays the commission for both the buyer's and seller's agents. The commission is usually a percentage of the sale price and is negotiated as part of the listing agreement between the seller and their agent. However, it's essential to clarify the terms of payment with your REALTOR® before entering into any agreement.

Copyright 2024 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.