If you ask any real estate agent why it’s so important to use a professional during a real estate transaction you are going to hear a lot of different answers.
They have your best interests at heart.
They know and understand the market.
They are able to guide you through the process.
They can explain the contracts to you.
So, then why is it that a nationwide brokerage is trying to do away with buyer representatives?
On Wednesday, Redfin announced that they have quietly been testing a pilot program in Boston where buyers could submit offers on homes that are listed through their brokerage directly on their website.
When you click to submit an offer, it takes you through 55 questions to answer to create the contract.
To those who know and understand the market, this may seem like a good idea. You find a home you like, and you submit the offer. For others, this could potentially lead to purchasing a home that you had no business buying in the first place.
As a buyer’s representative, the agent is able to guide you through the entire process. We can help you submit the best offer possible. Before deciding to put in an offer on a home, a comparable market analysis should be run on homes in the area. You want to make sure that you're getting a good deal and that the house isn't over-priced. Without an agent, you won’t have access to all the data that you need to make the best decision.
An agent is also able to guide you through the home inspection report. Not only can we refer you to reputable vendors in the area, but we can be there to answer questions regarding what the report says, help you negotiate repairs on the home or request credits, so you're able to make the repairs yourself. Without a buyer's representative, you have no one there to stand up for your best interests and negotiate on your behalf.
Not only will an agent be able to negotiate repairs on your behalf, but what if there are issues with the appraisal. What if it comes in too low? Do you know what your options are? Buyer agents can give you the knowledge and advice you need regarding the market value of the house and what to expect in the future.
Now, you may be thinking…well, can’t I ask the Redfin agent these questions.
Yes, you can. However, you most likely won’t get the most honest answer. See, the Redfin agent has a fiduciary responsibility to the seller, not to you. So, their job is to make sure the seller is getting the best deal possible.
While this program has not been rolled out in the DFW market, I felt it necessary to share information regarding it ahead of time.
The real estate industry is always changing. Gone are the days where buyers would go into a local brokerage to flip through books to view listings. Gone are the days where taking an ad out in the local newspaper and sticking a sign in the yard would get your home sold. Gone are the days where there was only one way to buy and sell a home.
The internet has completely changed the way the real estate industry operates, and while I can’t stop these changes from happening, I can still be there to help and guide you through the process.