Whether you’re a first-time landlord or a seasoned investor, you may question if you need a real estate agent to purchase a property or if you’re better off going it alone. With housing market prices and interest rates on the rise, it can be tempting to attempt to save money on your next purchase by taking a few shortcuts. However, there is a possibility that not employing a real estate agent could come back to haunt you. Therefore, the decision not to engage a real estate agent is one that should not be taken lightly. In this article, we will examine some of the most essential considerations when deciding whether or not to hire a real estate agent to purchase a home.
Affordable Cost
As an investor, it is natural to want to minimize expenses. The good news for property purchasers is that the majority of real estate agent commissions are paid by the seller. This implies that you will not be paying the commission out of pocket, so the cost is not a significant factor for purchasers. Obviously, you should first inquire with the agent about how they collect their fees.
Time and Knowledge
Another factor to consider is whether you have the time and knowledge necessary to properly research rental properties. Real estate agents are familiar with the local rental market, so they can rapidly identify potential rental properties that meet your budget and requirements. They will also know where to look for rental property listings, which can save you a substantial amount of time and effort during your search. Additionally, having a real estate agent on your side ensures that you are making a well-informed decision regarding rental properties, as they offer valuable insight into the rental market.
Local Market Expertise
A third important factor to consider when deciding whether or not to hire an agent is how knowledgeable you are about rental markets in different cities or regions. If you don’t have a lot of expertise in rental markets, then it can be beneficial to hire an agent who does. This is because rental markets are constantly changing and having an experienced real estate agent on your side will ensure that you are making the best decision possible when it comes to rental properties.
Experienced Negotiators
Lastly, it can be extremely advantageous to have an experienced real estate agent on your side when negotiating rental terms. Real estate agents are expert negotiators and intimately familiar with the rental market. This knowledge can give you an advantage in negotiations and help you obtain the best possible rental property deal.
The decision to hire a real estate agent ultimately hinges on your individual requirements and financial resources. However, as an investor, it is essential to remember that you are only as effective as your investing team. Consequently, having the proper people on the task is essential to making the best deals possible. If you determine that hiring a real estate agent is the best course of action, you should conduct thorough research beforehand in order to find an experienced agent who can assist you in navigating the rental market.
Another key part of your rental property investing team is a great property management company. Not only can the right property manager help you with properties you already own, but they can help you find off-market deals, prepare market analyses, and handle a range of other time-consuming tasks. To learn more about the services we offer investors like you, contact your local Real Property Management office today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
