Acquiring a property without the help of an expert real estate agent might not be an easy feat. Although, you might be worried about the cost of their service, what is the assurance that you would not spend more in purchasing the property yourself.

A lot of people wonder if hiring the service of a real estate agent or company is worth it. However, if you think about the stress it will take out of the acquisition process, then you might be more open to the idea.

Read on to learn more about real estate agents and the pros and cons of purchasing property with or without their guidance.

Who Is A Real Estate Agent?

A real estate agent is an individual with the legal authority and license to serve as a third party between a buyer and seller in the property acquisition process. They have the right to evaluate a property and negotiate on behalf of either the seller or the buyer.

Types Of Real Estate Agents

Although the general term used to address these individuals is ‘real estate agent’, they all have different specializations based on property type in the real estate sector. They include but are not limited to;
Realtor
Listing agent
Broker
Home inspector
Dual agent
Property appraiser

Functions Of A Real Estate Agent

A real estate agent function is based on the party (i.e seller or buyer) being represented during the property transaction process.

A Buyer’s Agent

A real estate agent representing the buyer is expected to perform the following functions;
Provide the buyer with the appropriate guidance through the transaction process such as paperwork legality and purchase agreement.
Search for property based on the buyer’s budget and evaluate the property market value.
Inspect the property for any construction or environmental damage.
Negotiate the purchase price of the property on behalf of the buyer so as to get the most value on their money.

A seller’s Agent
A real estate agent representing the seller is expected to perform the following functions;
Prepare the seller and property for the sale market by giving the necessary recommendation to make the property sell on time.
Listing on the property on the market for sale
Use appropriate real estate marketing strategies to ensure that the property sells at the best price.
Create an open house for potential buyers to inspect the property.
Negotiate for the best price on behalf of the seller.
Manage all paperwork processing on behalf of the seller.

Buying Property With A Real Estate Agent

Real Estate Market Expertise: An expert real estate agent with years of years is equipped with the right knowledge to navigate the property transaction process. They have the tools to go through property listing and find properties with best market value based on your budget.

Negotiation Ability: They can handle the negotiation process smoothly by presenting counter offers and negotiating until a purchase agreement is reached.
This way you can be sure to get the best value on your money without having to go through any negotiation hassle yourself.

Paperwork Processing: A real estate agent will ensure that you obtain the appropriate document on your property. They verify the formality and legality of the paperwork issued by the seller to ensure a valid transfer of property ownership.

Streamlined Acquisition Process: With the guidance of a real estate agent, the acquisition process is step by step. This is to avoid stress and confusion, it helps to ensure that all due diligence is done during the property transaction process.
Buying Property Without A Real Estate Agent

Stressful Process: As a result of the buyer’s inexperience and limited knowledge of the real estate sector, the acquisition process is bound to be stressful. Going through property listing, appraising the property market value, handling complicated issues in the process are some of the difficulties a buyer can encounter without the guidance of a real estate agent.

Possibility Of Fraud: The buyer will need to put more time into finding the right property with a legal owner without any liens on it. It is very important to avoid falling trap to fake property listing or sellers.

Negotiation Hassle: The buyer will also need to negotiate for a fair price without accurate knowledge of the property market value. You might over pay or just expect to get the best deal out of the transaction.

Paperwork Legality: Understanding the legal documents for property acquisition can also be complex. A buyer will need to verify the legality of the property document without the review of a real estate agent.

Conclusion

It is safer to use the service of a real estate agent to avoid risk of fraud and other complications in the acquisition process. You can also buy your property from a real estate company who will assign an agent to you for property inspection and to address any concern you might have.

Get in contact with our agents today at MeritAbode Nigeria Limited to help you through the process of finding the best property for you.