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4. Limited Liability
Related to the last reasons is the fact that agents and their brokers have to carry errors and omissions insurance, which provides insurance coverage for mistakes made during the transaction, like failure to disclose material facts, improper documentation, etc. Working with an agent shields you from much of the legal exposure you would otherwise face.
5. Coordination and Communication
Our fifth reason for working with a professional relates to something we touched on earlier-communication. During a transaction, trying to coordinate amongst a dozen or more parties is very common. For a seasoned agent, this is all part of the job. For a homeowner attempting to go it alone, it can be very overwhelming and important information can easily fall through the cracks.
6. Professional Marketing
The sixth reason, which is equally important, is that successful agents are good at marketing your home to potential buyers. Without a professional, you can’t list the home in the MLS, where the vast majority of buyers and their agents are actively looking. What would your plan be? Simply posting on Social Media is unlikely to be enough. Not all agents take marketing that seriously. At Vista Oaks Realty, its something we take pride in, which is why we go above and beyond when it comes to selling your home.
Finally, a note about using large online brokerages. For some people, this can be a perfectly viable and desirable option. If you’re in a hurry to sell your home and don’t mind a higher cost in lieu of the convenience, then it might be something to consider. However, even with large online companies making it seem like you can sell your house with the click of a button, there can be pitfalls and challenges. For instance, many of these companies will not transfer a solar lease, which means if you have leased solar, it will need to get paid off before you sell it. This can be a large unexpected expense and is just one example of the kinds of things that can happen. Another issue that we see frequently are hidden costs, or costs that aren’t that obvious at first when given an offer. For instance, at Opendoor, they will charge a 5% service fee. At first glance that seems reasonable and is on par with what a company like ours would charge in the form of a commission. However, Open Door will also charge you “repair” costs as well. These are the expenses they anticipate having to put into the home in order for them to resell it at a profit, and is usually in the range of 1-2%. Also, companies like Open Door will not be paying your closing costs which can amount to an additional 1-3%. In today’s market, a good agent can often negotiate for the buyer to pay all title and escrow fees. The bottom line is, large internet buyers (informally called iBuyers) are ultimately there to make a profit off of buying and selling your home, and their margin for doing so has to come at your expense.
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