Buying and selling real estate requires professional knowledge, time, and effort. At first, it might seem possible to purchase an apartment profitably without involving real estate agencies or realtors, saving on service fees. This is certainly an option, but you may face significant challenges, especially if you lack experience in this field. Finally, to make sure that the process is smooth and without deception, you will need to research and find various real estate-related details on your own:
1. The layout, number of rooms, and total square meterage.
2. The availability of documents confirming ownership.
3. Information about the engineering systems and the condition of utilities.
4. The condition of the entrance, elevator (if applicable), and the yard.
5. The development of infrastructure and transport links.
6. The presence of debts for utility services.
7. The apartment’s history and the reasons for its sale.
8. A thorough review of the contract terms etc.
In any case, if you want to minimize the risks of buying or selling an apartment and protect yourself from fraud, you definitely should look for the help of a real estate agency. Taking into consideration its market reputation, flexibility and resistance to financial crises, and, of course, customer reviews.
Important information: If you plan to buy an apartment in Yerevan relying only on your own efforts, you may face housing scams or purchasing a property with legal issues.
Why should you seek the help of a realtor?
A realtor, or real estate agent, is an intermediary between the seller and the buyer. And of course he is compensated for his service and handles all the challenges that come with buying and selling real estate. Now let’s see what a realtor is responsible for when helping in the purchase of an apartment.
In order to receive commission, a real estate agent must provide the following services:
1. Help in selecting the apartment.
2. Arrange apartment viewings at times that is convenient for the buyer.
3. Negotiate with the seller.
4. Prepare all necessary documents and finalize the transaction.
5. Ensure the legal validity of the transaction.
6. Protect client’s interests against suspicious transactions.
7. Provide consultations on any questions the client may have.
8. Help in securing a mortgage loan.
9. Organize and oversee the transfer of funds and apartment keys.
10. Help obtain registration and cadastral certificates.
As you can see, the realtor is fully responsible for the entire process of purchasing and re-registering real estate.
Important Information: Working with a realtor is based on mutually beneficial terms. After all, the realtor earns a commission only if you sign a contract and successfully purchase the apartment.
Why is it beneficial to buy an apartment through a real estate agency?
Buying an apartment through an agency has several advantages:
• Legal support during the purchase and sale process
• Saving time and reducing stress
• Professional advice on any issues that may arise
• Safety and low risks
• Assistance with obtaining a mortgage loan
As you may guess, with any advantage, there are also potential disadvantages, there can be dishonest realtors and fraudulent companies. That’s why, when choosing a real estate agency, you should look for reputable companies that have a large portfolio of properties, a strong reputation, and financial security.
Another disadvantage can be considered the commission for real estate services. But this is a matter of perspective. As the saying goes, “buy cheap, buy twice.” By saving on an experienced agent’s services, you may end up losing much more.
