How Hiring A Real Estate Agent Saves You Money

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In tough economic times, most people are looking for ways to cut costs, so they hire a real estate agent. The right agent can save you money on your real estate transaction, by negotiating on your behalf, allowing you to save as much as 3 percent off the final price of the home. Buyer’s agents generally make $3,000 for every $100,000 sold, which means that you could potentially save 3 percent on your purchase price by not using a buyer’s agent.

Working with A Real Estate Agent can Save Money

Unless you are the type of person who can do everything by yourself, working with a real estate agent can save you thousands of dollars. Agents have the knowledge necessary to negotiate the best deals and save their clients time and frustration. They will spend time learning about your preferences and needs, and will narrow down their search based on those. Hiring a real estate agent can help you avoid the stress of home hunting, which is stressful enough.

One reason you should hire a flat fee real estate agent is that you can save money on commissions. A real estate agent can save you at least 3% of the commission that he or she receives from the sale of your property. The agents will also save you money on the broker split and taxes, which means that you can invest the extra income back into your business. Not only can you save money, but they will also provide you with valuable information about real estate and investing.

Commissions Paid to Agents

When hiring a real estate agent, you will likely need to ask about the commissions that they earn on transactions. A common commission split is 60/40, although it can range from 50/50 to 90/10. In general, experienced agents earn a larger percentage of the commission than less experienced ones. But it is worth comparing commission rates and how much you can expect to pay your real estate agent.

Before you can work as a real estate agent, you must pay some minimum costs. These expenses may vary depending on your state or market, so you should research them before you begin. Aside from commissions, you can also negotiate for a lower rate with your agent. While it may seem unprofessional, you should not feel embarrassed to ask for a lower commission if you feel that the agent is undercharging you. Even if your agent declines to negotiate with you, the worst-case scenario is that they say no. The other option is to opt for a transactional agreement, which will only involve the agent setting an asking price, facilitating communication with the buyer, writing a contract and moving the process to closing. You can also negotiate for a discounted commission if you are on a tight budget.

It Takes Time

Choosing the right real estate agent is vital to the success of your real estate transaction. Not only must you find one with experience, but they must be available during and after work hours, as well as weekends. While it can be tempting to hire a new agent, it’s vital that you consider the time it will take to select the right agent for your specific needs. Regardless of whether you’re buying a starter home or a luxury property, the right agent can make all the difference.

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Once you’ve narrowed down your list of real estate agents, you can interview them to find out if they’re a good match for you. Make sure you interview three or more real estate agents to find out what they’re like. Make sure you trust your instincts and don’t go with the first person you meet. Interviewing a potential real estate agent can take a lot of time, but it will be well worth the effort once you’re satisfied with the results.

It is Tedious

Real estate agents have two extremes: great and not-so-great. While most agents fall somewhere in between, a little research can help you avoid the bad ones. Use online resources like Falaya, Zillow, Trulia, and Yelp to vet potential professionals before hiring them. These resources will help you weed out the bad ones and hire professionals who have a solid reputation. Ultimately, they’ll be more effective in achieving your real estate goals than an unqualified agent.

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