It is the moral obligation of real estate agents to disclose all information in relation to a property to the buyers says Real Agents Licensing Board Chair Dr Abdul
Are real estate agents becoming obsolete?
No. Real estate is the biggest, most expensive purchase most people make throughout their lives. That purchase is a legal transaction that encompasses a variety of very expensive potentially damaging pitfalls (or jail). Would you trust your spouse to perform surgery on you if he read a how-to manual on webMD?
Real estate is a moving target. Full time, full service agents are proactive in staying educated on changing laws, state and governmental rules & regulations, mortgage and finance changes, the economy, their local marketplace, stats, trends, technology solutions, alternative financing or foreclosure prevention solutions, and understanding new documents or changes in contractual verbiage . . . to name a few!
These professional real estate consultants forge relationships with real estate attorneys, mortgage professionals, home warranty companies, and CPA’s. They attend their workshops to gain enough knowledge to be able to assess a client’s need or situation and SUGGEST a potential solution that they should “call their CPA about” . . . such as using tax code 121 against the phantom gain on a foreclosure when you can’t prove insolvency, (for example). Of course, always with the disclaimer that you are not a CPA or real estate attorney, but that you heard about xyz, and they should seek the advice from xyz…
These valuable agents are resources for trustworthy referrals for the most expensive asset you own, such as painters, electricians, pool companies, landscapers, house cleaners, window washers, etc. These agents coordinate your real estate purchase and communicate with every party, they provide a Moving checklist and follow up with you to ensure you haven’t forgotten anything during a highly emotional and chaotic time. They check in with you throughout the year, every year to see how you are and if you need anything…even if it’s a good roofer or to make sure you’ve renewed your home warranty. These valuable realtors are the guardians of your home.
Much like an attorney, a doctor, a CPA, a dentist, or a financial advisor – an educated, professional realtor is an essential person to establish a long term relationship with. Full time realtors sell real estate day in and day out and are truly experts in the process, procedure, marketing, and negotiation of it. One could try to design their own website by going to WordPress and watching all the YouTube videos, but if you want it designed right and to accomplish what you need it to (quicker), wouldn’t it be worth it to pay someone who is already trained and skilled at it who does it every day?
You say you want to sell your home on your own, aka FSBO (For Sale By Owner).
- Do you know what your liable for in the sale?
- Do you know what you are legally obligated to disclose to the buyer?
- Did you provide the buyer with all of the legally required documentation in case something happens down the road and they try to sue you?
- Do you have a full fledged marketing plan?
- Do you know what demographic to market to and how to best market to them?
- Do you know what incentives to offer to bring in a higher sales price, quicker?
- Do you have a database of home buyers that you can call and market your property to?
- Will you spend 4-6 hours a day finding a buyer for your home?
- Do you know how to stage the home so that it shows it’s best features and makes potential buyers fall in love with it when they walk in the door while they envision themselves living there as they tour the home?
The realtor’s primary value is in their knowledge, education, skills, and service. Data on the internet is not always accurate and a realtor can certainly provide a valuable service in clarifying the facts of what is truly available or
what the realistic value of a property is. Shocking tidbit: Zillow’s value of your home isn’t all that accurate! The true value of this part is ASSESSING and INTERPRETING THE DATA through knowledge of market trends, stats, local economy, and demographics.
Realtors who are not full time business owners and consultants to their
clients provide much less value, and will probably go out of business. They basically provide you with access into a property. Realtors who do not embrace and learn an ever-changing technologically based society will not survive either.
Would you be willing to throw tens of or hundreds of thousands of dollars to the wind? $$$ Wouldn’t you want guidance and assistance from a professional representing you and watching out for your best interests?
Stats from National Association of Realtor’s 2011 Home Buyers & Seller’s Profile
- Real estate agents were viewed as a useful information source by 98 percent of buyers who used an agent while searching for a home.
- Eighty-nine percent of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
- Eighty-seven percent of sellers were assisted by a real estate agent when selling their home.
- The typical FSBO home sold for $150,000 compared to $215,000 among agent-assisted home sales.