Today’s generation is do-it-yourselfers who would rather take on their own tasks rather than hire someone to do it for them. Real estate is no exception to this rule, and many people believe that they can handle the process of buying a luxury home without the extra help. However, there are several reasons why a real estate agent is not only desirable during such as process, but also necessary.
#1 – Sellers Like to Maintain Their Privacy
The number one reason why you need a real estate agent when it comes to purchasing a luxury home has to do with the seller. Unlike typical transactions in which you can simply contact the seller or the seller’s agent directly to make an offer and start the process, the people who sell luxury homes are often celebrities or executives who prefer to maintain their privacy. As such, luxury home listings are not public, and they are only available through a licensed agent’s office.
#2 – Agents Understand the Market
Even if you do some of your own research, no one has better information regarding taxes, neighborhood services, demographics, and sales trends than a real estate agent. These individuals have access to complex tools that not only provide you with information about what you should offer on a particular property, but also what you can expect in the future in terms of taxes and neighborhood development.
If you contact the seller or the seller’s agent directly, these people only want one thing – the most money they can get for the property. Although this might seem fair enough (after all, you would probably do the same), you still would not want to pay thousands of dollars over fair market value, and you certainly would not want to pay too much for a home that needs some serious repairs. A buyer’s real estate agent has the training to identify problems like this. He or she works for you and your best interests.
#4 – Sellers Take You Seriously
Luxury home sellers often deal with “tourists”, or people who simply want a tour of a giant house that they have no intention of buying. For this reason, the seller’s agent may refuse to work with anyone who calls unexpectedly asking for a showing. When you have a renowned real estate agent by your side, sellers tend to take you seriously. After all, if an agent is willing to take you on and help you find a home, you are a serious buyer.
#5 – Agents Do the Paperwork
Many people do not understand the volume and complexity of the paperwork associated with buying a luxury home. A standard purchase agreement runs at least 10 pages, and sellers sometimes ask buyers to sign confidentiality agreements, too. There are state- and federally-mandated disclosures to read and sign, and when one mistake in a pile of papers three inches thick could land you in court or cost you thousands, hiring an agent just makes sense.
In short, while there are certainly some things you can handle yourself in today’s day and age, you should always hire a professional when it comes to buying a luxury home. They handle the dirty work, including paperwork, scheduling showings, and they let sellers know that you are ready to spend your money on a new home.