With so many online options available to help sell your home, is there still a need for real estate agents? Turns out, there are a few things technology still can’t do.
In today’s digital world, using technology to compare, research, and purchase products has become the norm. We can order groceries online, have a car delivered to our driveway, and in real estate — peruse multiple home listings in one sitting.
A quick Google search can tell you current market trends, what homes are selling for in your area, and provide you with step-by-step instructions on how to sell a home.
From listing websites to automated online services, technology has made things very DIY these days. But how does technology fare when navigating one of the biggest transactions of your lifetime? Like, selling your home? With all these online advancements, do you need a real estate agent to sell your home? Or, like many other things today, can you do it yourself?
To answer this question, we’re taking a closer look at what technology in the real estate industry can, and can’t do for you, and discussing when and why you may, or may not, want to hire a real estate agent.
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What does a Realtor® do that tech can’t?
Clint Ford, a real estate agent who works with over 67% more single-family homes than the average Grove City, Ohio, agent says a big difference with consumers today is how much more information they have.
“Part of the job of being a good real estate agent now is helping the consumer sift through the good information and the bad information,” says Ford.
Real estate agents are there to answer questions, help ensure all legal documents are in order, and navigate any unexpected road bumps to keep transactions progressing smoothly. Other benefits and services Realtors® provide that high-tech can’t, include:
- Acting as a liaison between buyers and sellers.
- Handling complex offers, counteroffers, and negotiations.
- Knowing the ins and outs of the local housing market, pricing strategies, and the latest trends.
- Ensuring homeowners comply with all local, regional, and state real estate laws.
- Investigating financial offers for any bumps, cracks, or potholes.
What does a Realtor® do for home sellers?
The National Association of Realtors (NAR) reports that 90% of home sellers today partner with real estate agents when selling their homes.
Real estate agents bring years of knowledge and experience in navigating multiple selling situations that can help guide buyers toward the right deal for them. They also assist sellers in staging their homes for showings and can use their trusted network of local experts to help sellers with any needed home services.
Other benefits Realtors® bring include:
- Listing a home on the multiple listing service (MLS).
- Marketing of the home to a broad audience (through technology and traditional methods).
- Helping guide homeowners through the selling process, vetting out better deals or red flags.
- Coordinating inspections and appraisal services.
- Navigating any complexities involved in the closing process.
What does a Realtor® do for homebuyers?
According to the NAR, 87% of buyers purchase their home by working with a real estate agent or broker. For first-time homebuyers, having a real estate agent’s guidance through contracts, agreements, contingencies, negotiations, and other elements of the homebuying process can be an advantage.
“I’ve been in the business for about ten years, and other than the change in the market, I don’t remember if there was ever a time where there was such a lack of inventory,” says Ford.
As such, Ford explains, it’s important to have a knowledgeable agent who understands how to make their buyer’s offer stand out compared to other buyers. This could depend on the type of lender being used, the financing secured, or what a financial institution might offer a buyer who’s in great standing.
Additional help Realtors® provides to buyers include:
- Ensuring certain clients have proper financing (whether cash or are approved for a mortgage).
- Selecting homes based on homebuyers’ current and future needs.
- Using online and in-person search methods for locating the most fitting homes.
- Handling arrangements for inspections, appraisals, etc.
- Helping navigate the closing process and submittal of all paperwork.