Las Vegas Realtor Gina Huges to Review-Journal reader: Hiring an agent is safest bet

Dear Expert:

I want to buy a house. I know the property and the seller has an agent. Do I need my own agent or can I negotiate a lower fee if I act as my own agent? Thanks.

Agent Anxious

Dear Anxious:

With any “do it yourself ” project, it may seem you could save money in the beginning, but what will it cost you later? Is the quality of work the same as an experienced trained professional? A full-time Realtor handles these megatransactions every day, and in most cases it is no cost to the buyer to hire their own Realtor. Can you believe it? You will be working with someone who will pull past sales of comparable recently sold homes, advise a good offer price, prepare your contracts, negotiate the sales price and repairs and so much more. So the question should be, why not hire a buyer’s agent?

A Realtor knows the process well enough that you won’t skip a beat. Most transactions seem like they are simple and alike, but each one has its own set of challenges, and there are more people to deal with than just buyer and seller. You also have a title company, possibly banks and lenders, inspectors, appraisers, etc. There are a lot of moving parts that you may not be prepared for, and your Realtor can assist with all parties. Their job is to stay in close contact with all parties, ensure things are moving along as agreed and keep the buyer updated.

A Realtor will advise you on all the necessary paperwork throughout the process. Here in Nevada, there are disclosures that the seller must provide by law. Do you know what they are? Do you know what the market reflects as to the value so that you can make a reasonable offer? Yes, you will have an appraisal done, but don’t you want to be sure you do not pay for an appraisal and find out your offer was unreasonable because the seller overpriced their home and now refuses to reduce the price to appraised value. At this point, you have wasted valuable time and the cost associated with it.

All in all, the seller has already agreed and signed a listing contract to pay a cost associated with brokerage commissions. Whether a separate agent brings the buyer or you choose to represent yourself, in most cases the seller is still paying that set amount in commissions unless the listing agent agrees to reduce it. Even if you agree to a “dual agency,” meaning the listing agent will represent both parties or you represent yourself, the listing agent still does twice the work and may not agree to reduce the commission. This means the seller will net the same regardless.

You could very well choose to represent yourself, but my advice is unless you have a great deal of real estate experience in that specific market, you will find more value in using a professional than you will save by handling it yourself. Whatever you decide, be careful, and good luck!

Gina Hughes,

Coldwell Banker

Premier Realty

702-335-7304

gina.hughes@cbvegas.com