Let's start with a series of questions:
If I need legal advice, who do I seek?
A. Online Sources B. Friend C. Attorney
I have a pain in my stomach that just won't go away, where should I go?
A. Veterinarian B. Cousin's House C. Doctor's Office
Bare with me, last question;
I'm looking to sell my house or buy my next home, what should I do?
A. Do it myself B. Hire my part-time uncle Buck that works at 7-11 C. Call a Realtor
Yes for most, the answers to these questions may sound obvious but you would be surprised to know how many people don't select the obvious and most advantageous choice.
I come across many individuals who prefer to represent themselves in a real estate transaction and I just don't understand why. You can also ask all of my clients and they wouldn't understand either.
Let's try and expose some ideas and acknowledge both perspectives.
Example #1 - The individual trying to represent themselves on the buying side
*The thought of being able to negotiate with the listing agents commission
*Freedom to back out of your home search at anytime
*Difficulty staying updated with new inventory
*Finding out agents don't always budge on their pre-negotiated commissions
*Not aware of off market properties that are coming soon
*Real Estate is not your full-time job
*Running the numbers to make sure your offer is reasonable and not overpriced
*Scheduling appointments with agents to see properties
*Dealing with many agents constantly trying to convert you into clients
*Submitting offers with various agents
*Getting in to escrow and not being serviced correctly
*Listing agents fiduciary relationship is to seller
*Knowing the right questions to ask about the property
*Losing out on opportunities you weren't even aware of
*Looking at inaccurate websites i.e. Zillow, Trulia, Realtor, Redfin etc.
The disadvantages out-way the advantages. The same reason why you wouldn't operate on yourself or represent yourself in a court of law. Don't think twice about hiring a professional to take care of the largest transaction in your life.