The one-stop shop real estate agent has gained in popularity over the past 5 years, and for good reason. Working with a real estate agent who can also be your partner through the home loan origination process is convenient, and also provides an added layer of trust and security. A recent survey by the National Association of Realtors shows that “.95% of homebuyers would consider a one-stop shopping model.”
With any real estate transaction, there are two main parties with whom a client typically works: a real estate agent and a mortgage loan originator. It takes time and energy to do a sufficient amount of research to find suitable parties to fulfill each function. Even if you were lucky enough to find the best of the best in each department, you still run the risk of having individuals who are not used to working with one another. These professionals need to communicate about one of your most important financial decisions, and alignment is very important.
This is one of the reasons why more and more people are gravitating to partnering with professionals who can do both; real estate agents who are also mortgage loan originators and can therefore seamlessly support them through the entire process. This one-stop shop real estate model has seen great success.
“Almost 50 percent of recent homebuyers used one source to procure home-buying services in 2019.”
In addition, “Home-buying satisfaction levels are higher among those who used OSS, and the majority of homebuyers say that OSS makes buying a home easier.”
3 BENEFITS OF WORKING WITH A ONE-STOP SHOP REAL ESTATE AGENCY
1.ONE-STOP SHOP REAL ESTATE PARTNERS ARE CONVENIENT
When you are buying a home, you have enough stress to deal with. You want the process to be as easy as possible. One-stop shop real estate agencies are convenient for both the client and the agent. An NAR study shows that three-quarters of consumers believe a one-stop shop makes the buying or selling process more efficient and manageable.
Real estate agents and mortgage loan originators need to be in communication and closely aligned during a home buying process. A lack of alignment can cause delays, inconvenience and some real worst-case scenarios. However, when your real estate agent is a one-stop shop, the entire process becomes more convenient.
According to a Forbes.com article on one-stop shopping, “When a brokerage has direct access to the mortgage and title companies, it can also take care of issues more quickly than if it had to coordinate with a third-party mortgage or title firm. This saves time for everyone involved in a home transaction.”
2. ONE-STOP SHOP REAL ESTATE PARTNERS ADD TRUST & RELIABILITY
Most people put a good bit of time into finding a real estate agent that they think they can trust. In fact, they end up trusting this person so much that they often look to them for a recommendation on who to work with for their mortgage “Over half of homebuyers say they would be more likely to consider a firm affiliated with their real estate agent, with nearly one in five saying they would be much more likely—suggesting that the real estate agent can have a significant impact on a homebuyer’s choice of additional services. This consideration has close to doubled over the past 10 years.”
When a trusted real estate professional can also double as the mortgage loan originator, everyone benefits! Your real estate agent is the closest person to your transaction. They know the timeline you are working on. They understand industry norms. And most importantly, they know the things that could benefit you when it comes to your home loan.
According to Forbes.com, “Integrating real estate mortgage and title services can even help decrease the chance of something slipping through the cracks as it’s all under one roof.” “Access to an in-house title insurance service helps increase communication and awareness of details between the broker and title firm. The one-stop shop process can help a brokerage avoid any potential last-minute surprises and, ultimately, delays.”
3. ONE-STOP SHOPPING IS FINANCIALLY RESPONSIBLE
In a one-stop shop real estate environment, transactions can proceed smoothly and efficiently, resulting in reduced costs. There are a wide variety of fees that are an inevitable part of closing costs. However, the amount of these fees can vary, and that can be difficult to research and compare.
When you work with a one-stop shop real estate agent, they can use their industry knowledge to make sure everything is fair. By maintaining more oversight over the entire experience, as well as the pricing of the home or mortgage or title fees to ensure they’re fair, the transaction is made as smooth as possible for the client and agent (forbes.com).
Miami Properties and Paradise is a one-stop shop. Our Broker is also a licensed mortgage loan originator, currently with NEXA Mortgage. We are ready to support your real estate dreams! Reach out today to start a conversation with a one-stop real estate agent today.