All adults in every part of the world share one common dream: we all want to have our very own houses someday. Unfortunately, fulfilling this dream is more complicated than we think.
Related: Toronto real estate market: How to win a bidding war
The real estate world is a complex puzzle, and it seems like every house available is beyond our budget. If you’re having problems navigating real estate, then you should consider hiring a realtor.
But what does a realtor do, you might ask? Essentially, a realtor is a licensed real estate agent who is tasked with the selling or renting of houses, land, and other properties.
If you’re still thinking about whether or not you need a realtor, here are three pros and three cons for you to consider.
3 pros of hiring a realtor
A realtor has market knowledge
Since a realtor is a licensed real estate professional, they possess vast knowledge about the housing market. This means that they are aware of market trends, the different factors that affect a house’s price, and the average sale price. They are even knowledgeable about which neighborhoods have great schools or promising projects.
Because of this, hiring a realtor is beneficial to you, especially if you are ignorant about real estate.
A realtor can help narrow down your selection
If you have a great realtor by your side, they’ll be able to look at your wishlist — specific descriptions of what you want in your house — and search the market for properties that match your needs.
In other words, they can narrow down your choices. As a result, you won’t be overwhelmed when you have to make your decision.
A realtor can spot potential property issues
The last thing you absolutely want to happen is to purchase a house that is riddled with many issues. And if you’re new to real estate, this worst-case scenario might actually happen because you don’t know how to spot problems in a property.
Luckily, realtors are experienced enough, so they know how to look for potential problems in a house. As such, you should ask for their advice.
3 cons of hiring a realtor
Hiring a realtor can be expensive
The first obvious con to hiring a realtor is the fact that you might need to pay an expensive commission — especially if you want an experienced and full-service realtor.
Sure, you can choose to hire a part-time realtor instead to save some money. But the downside to that is that you might compromise on the quality of the service you’re getting. Because of this, if you want to have a realtor, you need to ensure that you can afford it.
A realtor has several clients at the same time
All realtors are really busy since they take on several clients every time. This can be a disadvantage since you’re not going to have undivided attention from your chosen realtor.
In other words, if you have a busy realtor, it’s likely that you won’t be able to communicate with them as often as you’d like. That leads to feeling frustrated a lot of the time.
Your schedule might not align with your realtor’s
Lastly, when you’re hiring a realtor, you should already expect that you’re going to face some conflict with regard to your schedules.
On the one hand, you might have to make a decision earlier than you thought because the realtor has a busy schedule. He or she needs to know your decision as early as possible. And on the other hand, if your realtor is preoccupied with other matters, then they can’t attend to you first. That might lead to your preferred house getting sold to someone else.
Essentially, you need to get your timelines to align with your realtor if you don’t want to face any problems.
Procuring a house is a great investment, but sadly, the real estate world is so confusing that no one knows how to approach the process. For that reason, hiring a realtor might be helpful.
If you want to hire a realtor for yourself, consider the pros and cons first. That way, you can make a well-informed decision on this matter.