What is a potential drawback for buyers and sellers who choose not to use a mandatary?

Choosing not to use a mandatory, such as an agent or broker, can lead to limited access to market information, which is a significant drawback for both buyers and sellers. Without the expertise and resources that a mandated professional provides, individuals may struggle to obtain vital data about current market trends, comparable sales prices, and other relevant information that could influence their decision-making process.

This limited access may hinder their ability to effectively price their property or to assess whether a property they are interested in is fairly priced. Comprehensive market insights are crucial for negotiating terms that are favorable and for making informed decisions throughout the buying or selling process. When buyers or sellers attempt to navigate the market independently, they may miss out on crucial opportunities or overestimate their ability to comprehend the complexities of real estate transactions.

While legal fees and commissions are important considerations, lacking access to market information can significantly impact the overall success of a real estate transaction. Greater control over the transaction process is often perceived as an advantage of not using a mandatory, but it may come at the cost of missing key insights that could lead to better outcomes.