A frequently asked real estate question is: What do Realtors even do?
The short answer is Realtors assist people buy and sell real estate. The average American completes a real estate transaction every 5-7 years. Realtors can have as many as 2-3 a month. A Realtor’s knowledge of the market, ability to stay objective, and understanding of the process are the three main ways she assists customers. Let’s break that down a little further.
First, customers benefit from Realtor’s local market knowledge. Real estate is very localized. You can have neighborhoods, even streets, right next to each other sell at completely different price points. A Realtors job is to know the pulse of the market and how it affects pricing and the desirability of a neighborhood. Unlike the Zestimate algorithm, Realtors go inside properties and provide the human discernment needed to give more accurate pricing recommendations. This can prevent problems down the line when it comes to appraisals and financing.
Secondly, a Realtor can stay objective in a real estate transaction. Because our home is so personal to us, it makes real estate very emotional. It can make you blind to certain things like needed repairs; it can cause you to over price your property, or on the flip side, overpay for a property. Realtors are an objective third-party that can give sound recommendations based on data. And especially during the negotiation process, your Realtor can keep a poker face even when you are getting emotionally over-invested.
And lastly, because Realtors close so many transactions, your Realtor acts as a guide through the complicated and sometimes overwhelming process of buying or selling a home. You have mortgage applications, offers, showings, inspections, the appraisal, repairs, and more. All these little details have to go smoothly, or if they don’t, be handled correctly so that your real estate transaction can close. Your Realtor will stay on top of the dates and next steps and hold your hand through the process to reduce stress and prevent potential problems.
Those are the three main ways Realtors help customers. Obviously there is a lot more that I did not touch on. For example, for sellers they also provide marketing, staging advice, showing coördination, and more. For buyers they offer emotional support/encouragement, access to new listings, and contacts for lenders, inspectors, etc.