To realtor or not to realtor? That is the question. In the United States nearly 10% of both buyers and sellers decide not to enlist the services of a real estate agent each year and that is only expected to rise in the coming years. It’s little wonder too. Back before the internet, realtors were the gateway to home listings
with new homes flowing through a local MLS, or multiple listing service, but today sites like Zillow.com, Redfin, Trulia, and Realtor.com attract tens of millions of monthly visitors and make the process of finding a home to buy without the help of a real estate agent pretty simple. Zillow and Trulia will also allow for sale by owner sellers to list their homes directly on their site.
In a recent report by the National Association of REALTORS, it showed that a new home is rarely found by the real estate agent and rather is find by the buyer themselves primarily with the use of the internet and mobile applications. Despite this, you might still decide to use a realtor figuring that you would rather have an expert assist you with the transaction. If that is something you are considering, just know that you have options. I recently came across a company that offers what they call transaction coordinating services. Essentially what they do is help buyers, sellers, and even realtors with all of the paperwork needed to successfully buy or sell a home. The California Association of REALTORS describes a transaction coordinator as “A person who assist the agent and broker in the processing of the real estate file. Gathering all information, paperwork, and following up of the contractual items. Putting together the final Broker file of the real estate transaction.”
In a press release put out by the company, OfferToClose.com, they reference a recent survey they performed that asked nearly 300 home owners a series of questions to identify what the most valuable thing their real estate agent helped them with during the transaction. Over 60% of respondents said that managing the contracts, paperwork, and process was the most valuable contribution. This is the same work that Offer To Close and other transaction coordination services are offering but at a fraction of the cost of paying a real estate agent. However, if you decide to use a realtor, you can still request that they use a transaction coordinator.
Using a transaction coordinator will provide buyers and sellers with greater amounts of transparency into what is happening in the transaction and what items are still left to be completed. Ultimately, as a home buyer or seller you just want to feel like you understand what is happening, that others are looking our for your best interests, and that you are getting good value for your money. So, whether you realtor or not, make sure you have a transaction coordinator to look out for your best interests.