Do I need a real estate agent?
Deciding whether or not you need a real estate agent depends on various factors, including your own experience, the specific real estate market you're entering, and how much work you're willing to put into the process. A real estate agent can provide significant benefits such as market knowledge, negotiation skills, access to a broader range of properties (especially those not listed online), handling paperwork, and guiding you through the complex process of buying or selling property.
The top five questions about buying a house without a realtor are:
- How can I start the process of buying a house without a realtor?
- What paperwork do I need to complete when buying a house without a realtor?
- Do I need a lawyer to buy a house without a realtor?
- How much does it cost to buy a house without a realtor?
- What are the risks of buying a house without a realtor?
With the National Association of Realtors settlement, who pays the buyer's agent compensation changes. Read more about it, NAR SETTLEMENT: WHAT HOME BUYERS MUST KNOW
However, engaging a real estate agent also comes with costs, typically in the form of commission fees, which are a percentage of the sale price of the property or a flat fee.
People sometimes choose to buy or sell property without an agent to save on these costs, especially if they have experience in real estate transactions. However, this DIY approach is easier today with sites like Zillow, Realtor.com, Redfin, and others.
If you're unsure, here are a few questions to consider:
- How well do you understand the local real estate market?
- Are you comfortable negotiating directly with buyers/sellers? A real estate attorney can do this for you. See our step-by-step guide to negotiating buyer agent commissions.
- Do you have the time to look for properties, and manage all necessary documentation? Pretty easy today with sites like zillow.com, redfin.com, and realtor.com.