Whether looking to buy or sell a home, most people assume that a real estate agent is an essential part of the real estate transaction. Sellers may think that their listing won’t be seen by the right homebuyers unless they use an agent. Homebuyers may think that they might not get the best deal unless they use an agent. The truth is that many times agents can complicate the process of buying or selling a home.
And agents don’t work for free. Many buyers don’t realize that agent fees are included in the price tag of a home. A home listed at $500,000 is priced to include a percentage fee for both the buyer’s agent and the seller’s agent. If the fee is a six percent split, that means that $25,000 goes from the buyer right into the agents’ pockets, an amount of money the homebuyer will pay that the seller will never see.
Before the Internet brought homes for sale onto people’s laptops, tablets, and phones, agents were valuable for their ability to find homes or even to connect buyer to seller, but today close to 75 percent of buyers find their home online without help of an agent. Yet, that agent still receives a fee, even if you, as the homebuyer do all the work.
At REX, homebuyers and sellers engage in real estate transactions without using a middleman. There’s never needless back and forth between the buyer’s and seller’s agents. Buyer and seller can communicate directly on appointments, offers, and final terms, with a REX concierge available to help at any time. Most importantly, buyers and sellers save big as the seller pays a 1% fee for both sides of the transaction on the final home price, a savings of $50,000 on a $1,000,000 home.
For those looking to buy a home, here are three tips to make the process a smooth one:
1. Look like a serious buyer. Get pre-approved for a mortgage and have all your financial paperwork in order before you start looking. You want your offer to float to the top of the pile because you look like an ideal candidate on paper. REX helps buyers with this!
2. An informed buyer is a buyer who can negotiate down to a fair price. To determine the fair market price for a home, you’ll want to look at sales records for nearby, similar homes in the past 6 months. On the REX website, we provide you with a list of comparable sales for the home. And we can get you more, just ask!
3. Use REX. The REX buying process is set up to take all the anxiety out of buying a home. With REX, homebuyers are able to see comparable prices for nearby homes, follow the home-buying process step-by-step, and communicate directly with the seller if you would like. You’ll also avoid having to pay more for your home to offset the high broker commission because with REX, a seller pays just 1% on the total home price.