why hire a real estate agent

Should you Hire a Real Estate Agent??

Should you hire a real estate agent???

– I was asked this question on Quora

Q: Is there any advantage in selling the property through Real estate professionals instead of selling directly with help of websites like magicbricks, commonfloors, housing, etc., ? Especially in Bangalore.

My Answer:

I assume you are a property owner and want the best deal for your self.

There is nothing wrong in selling the property by your self. You might save the commission of 2%.

What if a broker sees your Advt on a listing site and approaches you with a prospective buyer. He would expect a “full 2%” from your side and will not get the buyer in the picture unless you confirm this.

Having now proved that avoiding a broker/agent is not a way to save money most of the times let’s now talk about why you really need an agent

  1. market info – A good real estate agent will give you a fair idea of the going rates in your area. (Yes few agents are good sources of info)
  2. Product specialist – a good real estate agent should be able to suggest few changes in the property that could add value to the incoming buyer. Alternatively, He would also recommend not to waste money on certain stuff that you thought would be useful (but in reality have no market venue)
  3. Site visit – do you really want to meet 50 people yourself. 90% of buyers are time wasters who don’t have the said budget. The real estate agent dilliengtly meets all prospective buyers and shortlist the ones with budget and interest and your precious time is saved.
  4. Errand running – do you have the time (or resources) to run small errands like getting a copy of documents for a prospective buyer? Or maybe handing documents to the buyers lawyer (who might have an office at the other side of town – with no parking near by)
  5. Knowledge of process – if your real estate agent does 10 transactions a year he will know he processes at he lawyers office, have idea on the expenses at the registration, will be quite up to date with the documentation. (If he does less than 10 transactions in a year don’t recruit him)
  6. Marketing to brokers – Most real estate agents have a very good network of brokers and spread the word really quick. I myself am a member of 5 whatsapp groups. There is a “brokers honour” and they will share the brokerage “amicably” with no additional cost to you.
  7. Marketing – most good brokers have packages for marketing at most listing sites. So you could get a better price of marketing and higher ranking/visibility as well. Some brokers even bear the cost of maketing. (Though that should not be the selection criteria)

I could go on and on. The question you have asked is that does one need a broker. I would say yes but a broker who can do all of the above.

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