A home inspection is not only favourable for the buyers & sellers, but it is also quite beneficial for the Real Estate Agent too. Because a realtor is a person who represents the buyer or the seller, they can advocate for the client when they know details about the property. For an instance, a buyer’s agent can tactfully negotiate with the seller for a price revision. Similarly, a seller’s agent can guide the home buyer when he knows the details about the home inspection reports. At this point, the property broker can also help the seller in making an educated decision on the repairs and the selling price before listing the property for sale.
Property brokers may tend to think that Home Inspectors are simply faulted finders and the brokers’ sale will fall through for them. However, there is a strong argument for why an ethical agent’s referral adds value to the buyer and benefits all involved. A seasoned real estate agent has years of experience and expertise in the local market and will save a buyer a lot of time, money and frustration by promoting and recommending the concept of Home Inspection.
Realtors’ Survey in USA
- Eighty-four (84%) per cent of buyers requested a home inspection as part of the purchase contract.
- Nearly all realtors (92%) recommend that the buyer get a home inspection.
- Most Real Estate Agents (84%) have not had any sellers contracts terminated as a result of a home inspection.
Home Inspection adds to Real Estate Agents’ Brand & Credibility and in turn Business Growth
- Home Inspection can greatly assist in the sales process by making a buyer feel more confident about the purchase. Realtors can discuss the pros and cons with home buyers when they know details about the inspection.
- Enables real estate agent to make sellers understand the health condition / potential issues in their property.
- Realtors can Make Recommendations for Repairs. In that way, a seller/buyer can plan to the repair or negotiate on the selling price as per the market status.
- Builds credibility, makes agents look more professional, and promotes referrals.
- Increased Referrals From Satisfied Customers – Increased Business
Benefits of Pre – Listing Home Inspection by Property Brokers
Serving the Client
In an ideal situation, the buyers should rely on the experience of their agents for matters as important as Home Inspection. In fact, agent referral should actually add value to the buyer. Real estate agents should look at the bigger picture and the bigger picture is caring most about the client’s satisfaction. It’s a question of serving clients and building strong relationships. For the ones who truly understand the scenario, building strong relationships and good client service is a way to help all involved. It provides the home inspector with business, helps home buyers by providing them access to a dependable home inspector and provides the real estate agents with a solid reputation and peace of mind.
Protecting your Interests
The admonishment of “buyer beware” is especially relevant when it comes to buying a home. Real estate agents and buyers depend on the seller and the listing agent to provide the initial information regarding a property’s condition. When looking for a qualified home inspector, your first thought may well be to ask your real estate agent. After all, he has got you this far. A qualified home inspector is important to an agent’s business. Agents don’t want a finger pointed at them. A reputable real estate agent would not withhold information from a buyer or induce a third-party vendor to withhold information. Agents want their buyers to have full disclosure and be fully informed, those who aren’t will come back to haunt their agents after closing. More importantly, duped clients won’t refer anyone else to them, and given the word-of-mouth nature of the real-estate business, that’s the kiss of death.
Ask your Broker for a Home Inspection report
Besides, a home inspector’s negative findings don’t necessarily mean a deal is off. Buyer’s agents can negotiate repairs or cash credits as compensation. Only as a last resort do they advise the buyer to walk away if the home inspection reflects too many problems. Agents know what you should expect from the inspector, an in-depth and complete written report highlighting the issues found along with their recommendations. But it should be objective and devoid of editorial sentiment. The commentary should detail different elements of the home but never offer sweeping generalisations about it.
Don’t get panicked
The agents’ usual problem with home inspectors is not so much that they’ll whitewash certain defects as that they’ll induce panic. They tend to get a panic attack the moment they hear that the property is going to be inspected. They have this inherent wrong idea that the home inspectors work against them, which is absolutely not the case. The Home Inspectors have no intention to tarnish the image of the agents whatsoever. But they should understand that it is in the best interest for all the parties involved. Home Inspectors are the Hot-steppers or the skilled people who are here to help the broker’s sale. They are absolutely not the deal breakers.
To have a competitive edge over others
The brokers can potentially sell the home for more money. If you are able to produce an inspection report that certifies your house as issue-free and without the need for any major maintenance, this will help attract buyers. This may save the buyer the cost of arranging their own inspection and helps ensure an overall smoother closing process. Buyers will have greater confidence in making an offer on your property because they will have an official document and comfort from an unbiased third party certifying its true condition and value. The brokers meanwhile can remain stress-free.
Last but not the Least – Broker responsibility under the new Act – RERA
- RERA Registration with all details
- Maintain records
- To keep home buyers informed with true project/unit status
- To sell only registered projects
- Promoters to display real estate agents’ names on their website
- Penal Provisions – imprisonment up to one year/fine of up to 5% of the unit cost
Hence, it is safe to say the Home Inspection can greatly benefit a Real Estate Agent in:
- Client Service – Greater Customer Satisfaction
- Increase in Trust & Goodwill
- Increased Professionalism & Brand – more referrals – more business