LoveTNLife.com 1/18/2023 — Every so often we get these problematic buyers that don’t like using buyers agents, they think (wrongly) they are saving money, or somehow getting a better deal. Real Estate agents know better – all the commissions come from the sell side whether they share them or not. But there’s a lot more to it than that.
Saving on commission is the wrong thing. Let’s say they are able to get the commission reduced by 20%, but in the process, end up paying 5% more for the property- is that really saving?
There’s 2 factors significantly more important than commissions:
- Getting the deal done (vs. losing out to other buyers) AND
- Getting the best possible terms, including price
Agents know that the price is the main attraction, but there are many other things such as fixing repairs, what is included and what is not, timing of the closing, etc.
Or in other words, what’s the point of saving 1% if you lose the whole deal? 99% of 0% = 0% – people who try to cheat systems just don’t understand basic math.
There are many other reasons. Some listing agents can be unscrupulous. For example, one time there was land in a good West Knoxville suburb listed for sale, but permits were denied for building more than 5 times. The lot was at the end of a cul-de-sac, and it was the end of a steep hill, and there was a ravine below. Engineers deemed that the ground was not solid enough to build, and permits kept getting declined. This was NOT disclosed in the listing. This was discovered only because a neighbor was getting his mail, and he struck up a conversation that started with ‘Are you considering to purchase that property? You can’t build on it, the ground is not stable.”
To be fair, an agent isn’t always going to be able to solve every problem – they are not Heroes, but the argument here is that it’s better to have an agent than not.
Buyers are not paying more to use a buyer’s agent, so why not? They can provide value, and handle some of the unpleasantries of buying real estate – such as making sure the contracts are in order. Taking you around to look at properties. The list goes on..
Contact Love TN Life and we’ll set you up with a selling agent or listing agent if you want to sell.