Whether you’re a first-time rental property owner or an knowledgeable investor, you may be doubting if you really need a real estate agent to purchase a property or whether it is better to go it alone. With housing market costs and interest rates rising, it can be alluring to try and save money by taking a few shortcuts with your next purchase. However, there is a serious potential that not hiring a real estate agent could come back to haunt you in the end. For this reason, choosing not to hire a real estate agent is not a decision to be taken lightly. In this post, we’ll look at some of the most significant variables to consider when selecting whether or not to use a real estate agent to purchase a home.
Affordable Cost
As an investor, it’s natural to want to keep your costs down. For property buyers, the good news is that most real estate agent commissions are paid by the seller. This means you won’t have to pay the commission out of pocket; thus cost isn’t an issue for purchasers. Of course, you should first inquire with any agency 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 well-versed in the local rental market, so they can fast identify potential rental homes that may fit your budget and needs. They will also know where to look for rental property listings, which can save you a great deal of time and effort when searching for rental properties. Moreover, having a real estate agent on your side helps to ensure that you are making an informed decision about rental properties as they provide valuable insight into the rental market.
Local Market Expertise
A third element to consider when determining whether or not to use an agency is your expertise of rental markets in various cities or areas. 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, having an experienced real estate agent on your side can be incredibly beneficial when it comes to negotiating rental terms. Real estate agents are skilled negotiators and understand the rental market inside and out. This knowledge can give you a leg up in negotiations and help ensure that you get the best deal possible for rental properties.
Ultimately, whether or not to hire a real estate agent depends on your individual needs and financial resources. As an investor, however, it’s important to keep in mind that you are only as good as your investing team. As a result, having the proper individuals on the job is critical to closing the best transactions possible. If you decide that hiring a real estate agent is the right choice for you, then make sure you do your research ahead of time in order to find an experienced professional who can help you navigate 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.
