In our real estate market of Nicaragua we hear often that a real estate agent is not needed in the purchase of real estate. Here is a post from a fellow REALTOR in the USA Brian Copeland discussing the finer points of the services we as REALTORS offer to our clients, be it in the USA or Nicaragua:
”I recently heard someone say, “The client can find their own home now, so the agent really isn’t needed.”
I had to pause and regret the mistake many of us have made for making you, the consumer, think that all we do is find the house. Real estate reality TV has fed into the myth, and we haven’t done an effective job of educating everyone on why we secure our hard-earned money.
The funnest part of the buyer’s agent job is searching for and touring homes. While that takes a ton of time, that’s not the real work.
Realtors do not put obstacles in the way of your closing. It’s our job to help you avoid the obstacles that history and lawsuits have placed in the way. While we aren’t attorneys, we understand how to navigate these minefields. While my bachelor’s degree took me 120 hours to learn about grammar, composition, business, communications, etc., I’ve spent over 300 hours learning about buyer’s representation.
🏡What happens when a seller doesn’t complete the repairs we agreed to in the contract, doesn’t have utilities on or available, doesn’t have all areas accessible for inspection, doesn’t leave the house clean, leaves damage behind, has a leased fuel tank that is only half full, didn’t make it clear what stays with the property and what goes, and about 100 other possible situations?
🔍How do you navigate the OVER 50 due diligence pieces in a buyer’s transaction?
🔏What happens when your lender drops the ball and you miss an appraisal deadline?
⌛️What happens when the closing costs are being disclosed and you didn’t realize what you were to pay and what the seller was to pay?
🏘Do you know the appraisal price, the market price, the offer price, the after inspection price, the threshold price, the competitive price, the comparative price, and all the other data pieces you should know in order to make a sound decision on what you should pay?
💡Do you understand the consequences of not understanding market and economic conditions and how it may affect your future investment?
🏠Do you understand about restrictions and covenants that could hinder your quality of living and/or ability to resale?
💵Do you understand tax breaks you could get around your property if you have a change in occupant status?
⏰Do you know your rights if something goes wrong during inspection and that the pathway to minimize your risk is clear?
I honestly, I could write 5x this post, but I think you get the picture. Realtors are in classes, reading, in one-on-one coaching to know these answers. These problems do not go away with the internet. Real estate buyer representation is human relationship management. Human relationships get really, really messy. No algorithm, formula, or app can fix that, only a human can.
It's painfully clear that a buyer paying a buyer’s representative to assure their safe navigation and landing is money well-spent. Without a buyer’s agent, I cannot imagine the legal mess and bills that would be everywhere.