Real Estate Agent or No Real Estate Agent?
A key decision after deciding to buy a home is deciding whether or not to sign with a Real Estate Agent to help you throughout the process. NY Home Solutions has yet to sign a formal contract with a real estate agent, but we’ve met with and worked with a number of agents within the Western New York region. Speaking with real estate agents has helped to expand our network and to learn more about the process. We fully intend on hiring a selling agent for the final sale of our house on Mariner.
In almost all situations, I would recommend signing with a buying agent to purchase your first home. The main reason why signing with a buying agent is a good idea is that in almost all cases, ITS COMPLETELY FREE! Typically, the home seller pays the real estate agent commission. The seller’s agent charges a percentage of the sale prices once the house sells (typically between5.5%-7.5%). If the buyer also has agent representation, the selling agent splits the commission with the buying agent. Because most people use real estate agents, the above scenario takes place the majority of the time. This means that there is rarely any risk associated with hiring a buying agent. If they are able to help you find a house you like, Great! You get the house you want, and the seller pays your agent! If you aren’t able to find something you like in a set amount of time (typically 3-6 mos), the contract with the buying agent is void and you both go your separate way (that is if you do not decide to re-sign).
Below are some key advantages to signing with a Real Estate Agent when searching for a home:
- As mentioned, its usually FREE!
- They provide insight into average prices within your target market
- They will help you with negotiating the final sales price
- They can help you set up property insurance and utilities
- They will point out factors to consider that could be easily overlooked by the real estate novice.
- They typically have a large network of inspectors, mortgage brokers, contractors, and attorneys
- It’s always good to have someone else to bounce your thoughts off of!
Given the above list, you may be wondering why NY Home Solutions has yet to use a real estate agent for the purchase of a home. First, one of our core competencies is that we are able to close a real estate sale extremely quickly. This happens because both the home seller and NY Home Solutions are not represented by a real estate agent. The seller is not willing to pay a real estate commission fee, so he/she does not use an agent and would not be willing to pay for an agent representing NYHS. Another reason we do not use a buying agent is because we have built up a strong knowledge base of the Western New York real estate market. When buying a home, we are comfortable contacting the seller or selling agent, walking through the home, presenting an offer, and conducting negotiations. It is simply quicker for us to do these steps ourselves as opposed to having a real estate agent do it for us. However, we have built up strong relationships with several talented real estate agents. We look to continue to build upon these relationships and utilize their services in future real estate transactions.
If you are looking to buy your first home, its probably a good idea to sign with a buying agent. If you’re not sure where to start, try contacting one of the agents below:
Gino Albini– Realty USA (Grand Island)
Anna Baldo– Realty USA (Orchard Park)
Jackie Rice – Realty USA (Hamburg)
Amy Pasinski – Realty USA (West Seneca)
NY Home Solutions has no direct affiliation with any of the agents listed above.
Next post in this series: Financing Your New Home