“Do I even need a broker?” All prospective homebuyers have asked this question at some point or another. And it’s a valid one: since brokers act as a facilitator and negotiator between the buyer and the seller, people often ask, “Won’t I save money by buying directly from a seller instead?
It’s important to know that working with a broker offers benefits that you might not be aware of. In fact, they are important partners in the homebuying process:
They Have a Bigger Inventory of Properties
Real estate brokers keep abreast of developments in the real estate market. As such, they’re often the first to know if there are properties for sale in a certain area, or whether a developer is creating a new community. Just tell them the type of home you want along with your budget, and they’ll cross-check available home listings to provide you with recommendations, thereby streamlining the house-hunting process considerably.
They’re Professional Negotiators
Let’s be honest: very few of us are good at price negotiation. We’re either too embarrassed to ask for a discount or we don’t know how to construct a compelling argument to justify a price cut. Brokers, on the other hand, are pros at negotiating prices thanks to their years of experience. Since many of them also have well-established relationships with real estate developers, they are the first to know about sales promotions.
Assist with the Paperwork
Homebuyers are often surprised by the sheer volume of paperwork involved when buying a home. You’ll have to accomplish and process reservation forms, mortgage applications, the contract to sell, and deed of absolute sale, just to name a few. A real estate broker will walk you through all the documentary requirements of purchasing a home and can help you accomplish the paperwork, sparing you the headache.
They’re on Your Side
“How can brokers be on my side if they work on commission?,” you might ask. What most people don’t know, however, is that real estate agents have a fiduciary duty to their clients. That is, they are legally obliged to act in your best interest, including negotiating for the best price possible on your home. The Philippine Professional Regulation Commission (PRC), which grants licenses to brokers and agents, ensures that real estate agents fulfill their mandate
They Have Valuable Market Insight
Your real estate broker makes it a point to know everything that matters to a typical home buyer—from the average home prices in an area, to upcoming infrastructure developments, and even the best schools in the district, all of which are important factors in choosing when and where to buy a home.
They’ll Teach You the Finer Points of Homeownership
First-time homeowners often forget to account for taxes, home insurance, and maintenance costs. A good real estate broker will orient you on these miscellaneous expenses so you don’t get sticker shock after buying a home.
They Can Refer You to Other Professionals
Need a real estate lawyer, a home inspector, or an interior designer? Many brokers maintain a broad range of contacts in the real estate industry. They can refer you to other professionals in the field, making them a one-stop resource for home buyers.
They Can Help You with Future Purchases
If you ever need to buy a second home or move into a new one, your broker will already have a good idea of your preferences since you’ve worked together before. Plus, brokers will often send you market updates to keep you informed of potential real estate investments.
Be sure to perform due diligence before selecting a broker. Ask your friends and family for referrals of people they’ve worked with in the past. Needless to say, work only with licensed and accredited brokers to get the best services possible and to avoid real-estate scams.
And if you’re interested in Narra Park Residences, Nurtura Land and Home’s maiden project, just talk to any of our trusted real estate agents. They’ll be more than happy to answer your questions and assist you in any way they can.
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