Is it any wonder that the percentage of homebuyers grew more than during the pre-pandemic period? The low mortgage rate during 2020 – 2021 is a factor in why we saw an increase in people purchasing homes or investing in real estate. However, with the growth in home purchases, the drive of home scammers deceiving first-time homeowners also is on the rise.
According to the FBI Internet Crime Report, fraudsters targeting the real estate sector requested down payment wire transfers into fraudulent accounts. Other players in the real estate market take advantage of homebuyers who do not have enough knowledge about the closing process when purchasing a property.
What can aid homeowners get the best for their investment and not lose their hard-earned money? Hiring a real estate agent, even though they require a fee, is beneficial to the investor in the end. Depending on the state, the buyer or seller pays the realtor’s commissions.
The advice is to consult with certified real estate agents to help them through the various processes of home ownership. What are some reasons to hire newly licensed real estate agents?
Real Estate Network
Newly licensed real estate agents working within an experienced firm will have access to the existing network and some of their own. The market listing sections do not disclose all available homes for sale. Real estate agents have access to the updated and unlisted property for sale. The unlisted property information is often available from property management firms, caretakers, friends within their network, and other agents from various firms. Thus, as an investor, working with the agents will give access to their real estate listing that is not accessible publicly.
Newly licensed agents have the time to invest in a homeowner. Since they are yet to build a list of clientele, they can give more of their time to a client. Investment of time means time to explain how to buy a home for an investor, home locations, the pros and cons, visiting unique properties with buyers, and so on.
Investors will want the best value for their investments. When dealing with real estate property, this is the area where you need a real estate agent. The property seller will profit from their sale, while the buyer wants to get a property at lower costs. The art of negotiation comes into play. Real estate agents know the language and have the skill of negotiating in the best interest of their clients. The agents know the hidden worth of the property and can get information from other agents, to save on or get profit from their clients.
Comprehensive Market Facts
Real estate agents, both new and experienced, understand the current real estate sector market trends better than property investors do. The agents have in-depth knowledge of mortgage rates and how other external economic factors affect these rates. They can advise when to invest in purchasing a property in an identified area and when not to. The amenities, shopping facilities, schools, public transport, and others within the vicinity of the property an investor desires. The information agents get, including the sales price ranges per square foot of comparable properties, is invaluable to their client’s decision-making process.
Identify Potential Problems
Agents have the knowledge and skill to identify potential problems in a property that might cost more to repair than the initial cost of the said property. The law requires a property seller to disclose real estate damages and issues they know, which a buyer needs to learn. Property owners filled in such information on the property disclosure statement. Thus, a seller might want to spruce or repair some damages to shape up their property and thus potentially attract buyers at a profitable price.
The purchaser can use said statement to request a lower cost when purchasing the property or opt for a property in better condition. However, other unidentified problems might exist that a real estate agent with their trained eyes can root out. The realtor will let their client know what areas to fix and or how best to approach repairing these damages.
The real estate agents save you time and pressure from the lengthy process of searching for a property and dealing with the necessary and legal paperwork.