Third is a crowd. You do not need a realtor when buying and selling real estate

One of the main questions that a person faces after deciding to purchase real estate is where to find a good realtor. We are so used to the imposed services of intermediaries that we just stopped thinking about whether we really need this character? Who exactly is a realtor, what are their functions? Today we will reveal all professional secrets.
Published at 19/02/2020

Secret #1: Who is a realtor?

You will be surprised but absolutely anyone can call themselves a realtor. This does not require any special education, long training, no license or certification.  

Therefore, often all those who could not find themselves in other professional industries and areas go to realtors. After all, in order to become a realtor, you do not need any education at all – you just need to have basic communication skills and be able to search for clients.

In practice, most people get to work in real estate agencies by accident. Once you have sold or bought your apartment, a person understands that there is nothing complicated about it, and you can earn money through mediation in real estate purchase and sale transactions very decently.

Third is a crowd. You do not need a realtor when buying and selling real estate — Advices from experts and reviews of real estate on GEOLN.COM. Photo 1

Secret #2: What does a realtor actually do?

If you think that the main task of a realtor is to select real estate objects at the request of the client and organize the transaction, then you are mistaken. The main task of this agent is to find and "process" clients in order to get a percentage of the transaction. In fact, the main function of a realtor is to sell their services, to persuade, to convince the client that the client will not cope with a purchase without an intermediary.  

For this reason, all real estate agencies carefully avoid situations in which the seller and buyer can communicate directly. All object views, all organizational and other issues related to the transaction are resolved exclusively through an intermediary agent. That is why the first visit to the selected property between the realtor and the potential buyer is signed by the agency contract for the provision of services.

Third is a crowd. You do not need a realtor when buying and selling real estate — Advices from experts and reviews of real estate on GEOLN.COM. Photo 2

It's very simple - the realtors themselves are well aware that, in fact, they are an extra side of the process. In the case of direct interaction between the seller and the buyer, the transaction will take place with exactly the same success as with the mediation of the agent. The transaction takes place according to a typical scenario, a template contract is signed, which after mandatory certification by a notary enters into force.

Therefore, the main" headache " of a realtor is to keep the client and get money from him. 

Secret #3: What is the measure of responsibility of the realtor?

We have to tell you about the extremely unpleasant news. The realtor does not bear any legal responsibility for the transaction and its consequences.   

If after the purchase of real estate there are any problems with the legal "purity" of the object or registration of property rights, the facts of fraud with documents or with the history of the apartment are revealed, the realtor will not be responsible for anything. 

All losses associated with the elimination of possible problems, all litigation and costs will fall entirely on the shoulders of the buyer. Neither the realtor nor the real estate agency is responsible even for errors made when processing documents for the transaction. 

Third is a crowd. You do not need a realtor when buying and selling real estate — Advices from experts and reviews of real estate on GEOLN.COM. Photo 3

Secret #4: A contract signed with a realtor will not protect you. 

Many clients believe that a contract signed with a real estate agency or private realtor for the provision of services is a guarantee of the security of the transaction. But no. The content and form of all these agreements are regulated exclusively by the intermediary. There are no rules approved by law that must be written in such contracts.  

As a rule, they include only the client's data, the main criteria for the desired property, the cost of agency services and the term of the contract. In the event of problems with real estate after the purchase, the intermediary's liability is limited to the maximum fee paid to him. But even in this case, to get their money back, the buyer will have to go to court and prove the fact of poor quality of services. This is difficult, long, and does not guarantee success.

The buyer will not be able to make any more claims to the intermediary. It is a shame, but the rescue of drowning people is the work of the drowning people themselves.

So do you need a realtor when buying or selling a property? 

For many years working in the real estate market, we authoritatively state that today the profession of a realtor has outlived its usefulness. Today, all offers for sale of objects are in the public domain. Everyone can find the right option, as well as organize the sale and purchase transaction independently, without the help of intermediaries.

Why you do not need a realtor:  

1. The Internet offers unlimited opportunities for an independent search of real estate, including remotely, in other cities and countries. 

 2. No one, except you personally, will be as much interested in the prompt and accurate selection of the properties you need, at the price you need. 

3. Realtors are not lawyers, often agents do not have any higher education at all and are not able to advise the buyer in a quick and qualitative way. 

4. Intermediaries do not bear any responsibility for the legal purity of the transaction and can not protect the buyer from possible fraud of the seller. 

5. If you are purchasing an apartment in a new building, contact the developer's sales office directly – no realtor will know the object as well as the developer of the project. 

6. Realtors very often change prices for real estate objects, as well as for their services for buyers from different countries, increasing their percentage. 

Third is a crowd. You do not need a realtor when buying and selling real estate — Advices from experts and reviews of real estate on GEOLN.COM. Photo 4

By refusing the services of an intermediary and choosing the apartment options by yourself, you will not only save money, you will also save your time. The biggest free real estate search engine GEOLN.COM provides a huge database of properties around the world exclusively from owners and developers. The portal has a simple intuitive navigation, detailed search filters, and convenient options for creating your own lists of priority objects and comparing them. More information about the useful functionality of the site can be found here https://geoln.com/articles/georgia/news/68

How to buy an apartment in Georgia on your own?

Do not rush to contact real estate agencies and questionable agents. Most realtors will not be able to provide you with any exclusive knowledge that you would not be able to gain by yourself. Even if your own knowledge in the field of buying and selling housing is not enough, it will not be difficult to study this issue today.   

The portal GEOLN.COM was created for everyone who wants to invest in real estate and can learn the rules for preparing and conducting transactions with apartments independently, without the involvement of intermediaries and realtors. Here you will find answers to the most common questions when purchasing properties in Georgia /ru/how-to/most-frequent-questions. You can significantly save your money. 

It is better to entrust the preparation of the purchase and sale transaction directly to a professional lawyer – this will cost ten times cheaper than the services of realtors. And most importantly, this is a much more reliable option, in which the buyer's risks are minimized. Here you will find all the necessary information about the full legal support of real estate transactions "from A to Z" https://geoln.com/consult 

Buying an apartment from a developer 

If you are going to purchase primarily real estate, please contact the sales offices of the developer company directly. In addition to the most accurate and up-to-date information about a particular object, they will give you the best price for their apartments.

While working in the real estate market, we have repeatedly faced situations when foreigners came to Georgia to buy an apartment in a new building and received from the developer a price of $100-120 per 1 square meter less than they were offered in their native country by intermediaries-realtors.

By contacting the developer directly, you can also take advantage of various loyalty programs – get a discount or exclusive benefits provided by companies for their clients. For example, free transfers or a special tour for real estate that include sightseeing programs and free accommodation in the host country. Read more about tours for real estate here https://geoln.com/tour/, and about excursions here https://geoln.com/en/articles/georgia/geoln-services/82

Third is a crowd. You do not need a realtor when buying and selling real estate — Advices from experts and reviews of real estate on GEOLN.COM. Photo 5

Conclusions 

When preparing to buy an apartment, think about the advisability of contacting realtors. It is important to understand that in the vast majority of cases, these agents do not have any special education or license to carry out their activities. These are intermediaries who think not of your benefit, but only of their own. They are not responsible for any possible problems after the purchase and sale transaction.

To protect yourself as much as possible from the associated risks, search for real estate by yourself, and contact professional lawyers to support the transaction. Make it a habit to trust your business only to qualified professionals.

To perform a medical operation, you will go to the clinic to a professional surgeon, not to a traditional healer. Similarly, when dealing with money and real estate, contact professional legal advice.

Good luck with your deals and profitable acquisitions!

Best regards, GEOLN.COM 


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Diana Kabakci

The leading expert of the real estate market in Georgia
Education: MBA
Sphere: Real estate / Investments / Lawyer
Consultations made: 250
Expert on countries: Cyprus, Georgia, Kazakhstan, Poland
Known languages: Russian / Georgian / English / Turkish
Experience: 13 years
Expert publications: 545