What Does Buying Miami Real Estate Without an Agent Look Like?

November 17, 2016

There have been reports of many unrepresented real estate buyers attending open houses in Miami. These buyers have chosen not to work with a realtor when purchasing a property. While this might seem like a viable option, it can be scary.

Buying a home is a huge financial transaction and not something you should enter into lightly. When you have plans to buy a Miami or Miami Beach home, you should consider certain factors before you decide to go into it without an agent.

Education Matters

While there’s plenty of information available at your fingertips about real estate and even real estate in Miami, it may not be enough. You need to be well educated on the local market for the city and the neighborhoods you plan to target. Just a general knowledge of real estate isn’t enough.

Without the right information, you may face some issues as all transactions are different. You may also have issues choosing an agent right for you, if you don’t educate yourself on the market first.

You Need More than Just Any Agent

Not all agents will match up well with you. It’s important to work with one you feel comfortable with and is willing to answers your questions. If you feel scared to ask questions or you don’t feel comfortable, they are not the right agent for you.

Realtors are Experts

Getting the home appraised, inspected, finding financing and negotiating the actual deal are actually the easier parts of the deal. For some, negotiating isn’t an issue and they will get a good deal. However, if you’re not a skilled negotiator, a real estate agent will help to get you the best possible deal.

In addition, real estate agents are experts. They know the neighborhoods in and out, they know the city, they know the market and they often know more than just the things that have to do with real estate. Some are experts in architecture, while others may know construction in and out.

Realtors Won’t Get Emotional

You’re choosing the next place you will call home. If you get emotional, it’s understandable. However, it could hurt your position to negotiate and you could end up paying more than necessary. It could also cause you to struggle with problems as they come up or you might give in on something you really shouldn’t give in on.

Realtors don’t get emotional about your home purchase because they are professionals. They understand the job and they want to get you the best possible deal for the right home. With an agent on your side, the buying emotion is taken out of the transaction and you get to feel it however you want. You don’t have to hold back because your agent will take care of the negotiating.

Saving the Commission Might be Saving dimes instead of Dollars

One of the main reasons buyers try to make a home purchase without a real estate agent is the commission the agent will get. However, if you pay a commission (usually it’s paid by the seller) and the agent is able to get you a much better deal, it might be worth it. Imagine if you overpaid for a home because you didn’t have an agent. You could pay $10K more for the home, just to save $3K on the commission.

Transaction Protection

Realtors provide a specific protection throughout the transaction. From protecting your deposit money during the transaction to ensuring all of the details are taken care of, an agent will ensure you’re protected. Dealing with appraisers, inspectors, loan commitment deadlines and the due diligence isn’t easy. One wrong move could cost you thousands or lose you the deal.

Related: 10 Reasons you Should Never Sell or Buy Real Estate without an Agent

Do you Have Time to Home Shop?

Taking on the process of shopping for a home yourself is a big deal. Realtors work full time for their clients and they put in plenty of hours. They know where the listings in your price range are found, what they include and how to lead you to homes matching your criteria very quickly.

If you have to do all of the work to find the homes yourself, it will be rather time consuming. You may think a simple online search will do the trick, but there’s more to it than just setting some criteria on a real estate site. Plus, an agent may know about listings not found online yet or not found online at all.

Going into the home buying process in Miami without an agent by your side is scary. It’s better to have an agent there to protect you. Just make sure you find an agent with a good reputation that you trust.