Why you need a Realtor
Often maligned and generally misunderstood, your Realtor should be an asset to you, be you buyer or seller. Many buyers and sellers choose to go it alone. Driving through neighborhoods, looking for signs and hoping to learn the fair price to pay, or to ask, for their property, some believe they will save money by eliminating the "middle man." Even more think that if they can work directly with the brokerage that has listed the property for sale, they can keep half the brokerage fee for themselves since, from their perspective, there is only one agent to pay for the transaction.
It is rare that a listing agent has authority to negotiate their brokerage fee for a property. The broker is the only one who has this authority and most are seasoned enough to know better. When an agent sells a home that is listed by another brokerage, they are assuming liability for the buyer. An agent representing a buyer who is purchasing a property listed by their own brokerage is assuming liability for both buyer and seller.
But what liability could their possibly be? With any transaction there are myriad challenges that can and do occur.
Suppose you move into the building or home you just purchased without a Realtor involved and you notice something you didn't before. Maybe you wonder why those people are trespassing at will across your newly purchased ground. A Realtor, after negotiating the terms, would have ordered a title search that would have discovered that others have an easement across the property you just bought.
Perhaps your sewer backs up and you discover that you are not on a municipal system after all and have to bear the cost of repairs to your private system yourself. A Realtor would know that because of the area, the chances were good you were on a private system.
When you choose to work with a Realtor you are working with a person who has committed to a higher standard beyond just getting a license. The things they learn in their ongoing training as they work for credentials will help them protect you.
Your Realtor, of course, should be your advocate. They will work hard to negotiate terms that are agreeable to you.
They will be your private detective. Your Realtor has the tools, knowledge and peer support to dig deep into the property's history and to determine a fair price based on market conditions as well as the condition of the property, within reason, regardless of how is has been represented.
Your Realtor will be your mentor. They will tell you of things you can do to make your offer more attractive without costing you money and can help you to know what concessions are reasonable, or not.
They will be an adviser. Your Realtor sees a lot of properties in their travels and they know if you can get more for less as a buyer, or if you should ask more as a seller. They can help you put your best foot forward when preparing your property for market and when making an offer to purchase.
Your Realtor has likely "been there, done that" when obstacles to completing transactions arise, as they often do. Having had the experience before, either personally, or through their brokerage peers, they will present sensible solutions to a variety of issues so you don't have to learn from scratch.
Most of us won't attempt to do our own dentistry or to represent ourselves in court. A visit to the dentist or to court though usually costs less than buying a piece of real estate. Are you sure you want to try that without help?
Trust an expert... call a Realtor. To find a Realtor to represent you visit the Coeur d'Alene Association of Realtors website at www.cdarealtors.com. There you can also search available properties in the Multiple Listing Service.
Kim Cooper is a real estate broker, Realtor and the spokesman for the Coeur d'Alene Association of Realtors. Kim and the association invite your commentary and feedback. You may contact them by calling 667-0664 or by writing to them at 409 W. Neider, Coeur d'Alene, ID 83814.