If you’re looking to buy or sell a home in Virginia or D.C., you might think you’re being clever by taking the DIY approach instead of engaging the services of a professional realtor. But does that really make sense? Let’s look at how real estate agents get paid – and why you really do want to pay one.
First of all, you don’t owe your real estate agent one thin dime unless/until that agent sells your home or helps you buy one. Second, if you’re the buyer, you won’t pay your real estate agent for that transaction; instead, the seller pays the commissions of both the buyer and seller. That commission can vary depending on the location and the economic conditions, but it tends to hover around 5 to 6 percent of the purchase price.
Here’s what get for that percentage:
● Market knowledge - The right real estate agent can tell you exactly what’s going on in your target neighborhood, from the hottest properties and most attractive prices to the local amenities. Imagine how much time and frustration that’ll save you when house hunting, or in pricing your home just right.
● Professional connections - Buying or selling a home involves multiple parties, not just the buyer and seller. Real estate agents maintain connections with title companies, mortgage loan officers, home inspectors, and other key players in the game. Do you really want to shop for all those experts yourself?
● A faster sale and better price - Real estate agents can offer home staging tips to make your property more attractive to buyers, spot issues that might affect the transaction, and guide you toward a reasonable closing price.
Anyway, you can see how we earn our money. Let’s talk about how we can help you enjoy the best possible financial outcome for your home sale or purchase!
