How important is an agent when buying? Do they have to know an area?

Question

I can see the importance of an agent if you're trying to move a property. But in the scenario where you're buying am I correct in saying they aren't THAT important? I can basically search and find listings on the MLS through one of the big realty sites. I know how much I have to spend and what I want and can narrow listings down myself. The biggest things it seems that the agent will be doing if setting up showings and paperwork......

I'm asking because I've told a friend that they can represent me but they've only been a RE agent for a couple of months. Honestly I figured it was a job anyone could do well if motivated. But now after research I'm seeing advice that most places suggest an extensive interview process and selecting an agent familiar with a specific area.

One of the issues for me is my target area is an entire city AND it's surrounding suburbs. I have a few specific zip codes but honestly I'm open to anywhere in the city (and surrounding suburbs) if it meets my needs. Could this potentially be a turn off to an agent? Another issue is i'm looking for MFP, but want to owner occupy. Do I necessarily need an investor focused agent? I can basically do my own analysis or simply ask questions here :)

What do you guys think? Any anecdotal experiences with an agent making it harder to buy a property you were qualified to buy? Right now I'm of the opinion I'll be doing the majority of the leg work search wise and just need someone who is competent enough to get my offer in on time and complete the paperwork. Am I naive etc?

Account Closed · Answer

Do you have experience purchasing real estate in the past? I got my real estate licence when I decided to get into real estate but I'm not an active agent, I did it solely for the information. I still used an agent for my first purchase for peace of mind mostly. The next property I represented myself which ended up saving me ~$4000 which isn't bad for a ~$500 real estate class. I'm comfortable with the paperwork and would prefer to not have an agent when buying now. That being said agents do make things much easier especially if time is an issue or if you are unfamiliar with the buying process.

If you are new, then I'd get an agent. With a MFP I feel like an agent in that area could be a big help (though I have no MFP experience). You can do it without one (really isn't that difficult) if you are motivated though. If you do use an agent I would definitely lean towards an investor minded agent that is familiar with MFPs.

FYI when selling I'll always use an agent. Good luck!

Elizabeth Colegrove · Answer

My husband is military so we move around a lot! That being said I can tell you that are realtor has been make it or break it every time. We have failed with bad ones and succeeded with good ones. In your case because your soooo open it is "really" important to have a broker. You need someone who knows the area and can tell you what's a good and what's not! Personally I would never use a newbie realtor. They just aren't worth it. Take my thoughts with a huge grain of salt because we got burned our by our first one. That being said I have won a lot of deals at a lower price because my realtor was good!

Chris K. · Answer

If you are completely comfortable with your market, contracts and the buying process then no you do not NEED your own agent. You can use the listing agent and probably save yourself some money on the back end but that can be a pain sometimes. Im pretty comfortable with my market, contracts and I know the buying process but I still use an agent. Why? For convenience. I've tried going thru listing agents and a majority of them, if they even answered the phone, didn't seem interested in showing the property.

Now I have an investor friendly agent who answers when I call/text/email and will get me into a property that im interested in. I do most of the leg work also but having a reliable agent who has "access" is worth it to me.

How important is an agent when buying? Do they have to know an area?

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