Important terms to know:
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Agent A person who represents buyers or sellers of real estate. Agents work with their clients throughout the process of buying or selling a home, often providing invaluable knowledge and advice along the way. |
Are you a first-time buyer looking to bid in an online auction, but not sure whether the property you are interested in is a good investment? One way to find out is by working with a seasoned real estate agent!
What can a real estate agent do for me?
Working with an agent to purchase a property is akin to having a lawyer for a court case—a professional who can guide you through the process from start to finish. A real estate agent is someone who can help you conduct due diligence, review contracts and addendums, and negotiate closing costs on your behalf.
Because auctions may be perceived as somewhat seller-centric (e.g., auction sites are employed by sellers to help sell their properties), a realtor can help buyers navigate the entire investment process while keeping your best interests at the forefront of all consultations.
Things to know when working with a real estate agent for auctions
Choosing the right agent to work with is your responsibility as a buyer. There are a few things you should consider as you begin the selection process:
Personal relationship
Working with a realtor can be a very intimate experience because buyers not only share their property wants and needs, but also their financial information, like how much they want to spend and whether they will be paying in cash or need a loan. Be sure that you trust and get along well with the agent you choose so you feel comfortable sharing these personal details.
Property listing agents
Consider asking the listing agent on the property you are interested in if they can provide a recommendation for an agent in the area that you can work with.
Location
Find a real estate agent that works in the area where you are buying. For example, if you live in Texas but you are buying a property in Oklahoma, get an agent who lives in Oklahoma. This agent will more likely know the ins and outs of the local market, laws, and requirements associated with buying in that region.
In most auction cases, it’s not a requirement to have an agent, but hiring an agent can make the process of home buying seamless and enjoyable!
Having professionals on your team to help you do your due diligence can make a big difference. Who knows—finding the right agent might be the first step on your journey to becoming a seasoned property investor.