I'd agree in general... that said, those standardized contracts change regularly, often because someone sued someone else leading to updating those contracts. So a real estate agent who stays up-to-date on contract issues can make a difference. As you point out - where an agent will really shine is market information and negotiating. I saved a client a ton of money last night because I out-negotiated the other side. That's why I'm worth the money - because what I saved them is more than I will make on the deal.
Agreed too that my office lease is about the same number of pages as a typical residential contract, but far more dense. My landlord added some of the most ridiculous clauses I've ever seen in any contract - and prior to real estate, I regularly wrote business contracts from scratch.
> I saved a client a ton of money last night because I out-negotiated the other side
You’re in the business so this might seen brash but it’s not meant to be. I’m just a pretty experienced buyer/seller.
The assumption I have to make is 1) buyer couldn’t have negotiated that themselves (I happen to be a good negotiator) and 2) further negotiated to keep the buyer’s agent portion of the commission (it’s a standard seller’s cost they’ve already agreed to pay so doesn’t matter if it goes to me or to an agent, net to seller is the same). I’ve done both, regularly. It’s not for everyone for sure, negotiating skills are the hardest to screen for when I have used agents but people not knowing how to negotiate should definitely focus on trying to find that skillset. But saving more than you cost someone is good, but not guaranteed and it’s always possible to pocket the fee you do charge; so you still have a cost and I usually have to decide if “you’re” worth it for something I can do over a handful of calls/emails.
Also I’m a landlord and those contracts like you said are much more dense. Where I am, the standard sales contracts change annually but not significantly in the last 15 years anyway. For example, I’ve noticed they’ve recently done away with the X days after in favor of precise dates. The math involved in X days and then finding later it lands on a Sunday or something was always sloppy IMO so I welcomed this change. But anyway, the fact it’s focused on a sale makes it so much easier to read than a lease which specifies so much more about condition, use, pets, roommates, etc.
If you've done a number of deals and watch the market closely - you are right, chances are you can get deals done on your own without me. Where I benefit savvy clients though is mostly in a) current market information b) current contract information c) advance / non-public information d) project management e) resources / referrals / connections f) sometimes even with a savvy buyer and seller, it helps to have someone in the middle to bring the deal together, Ie: someone has to do the paperwork and make the trains run on time.
Where I work, there's added complexity to the market in part by the variety of properties and the shortage of skilled agents. Of the licensed agents in the area, only about 30% are actually "full-time" agents, and of that 30% very few will do much outside standard residential work - and we've got several types of specialty agriculture, bare land, commercial, and we are on a state line. Our forms in both states have been going through a surprising amount of volatility the past few years, as have what I'll call "practices", Ie: what's considered normal buyer / seller responsibilities and negotiating chips. For example - with one of these practices I saw a way that our area was behind the times, I started doing things differently and it put my clients in a negotiating position such that my sellers were getting a much higher return relative to comparable properties.
I agree on negotiating skills - unfortunately, the public seem to pick agents based on who they know socially rather than on professional abilities. Finally, to your point about negotiating - one of the challenges for many buyers (and sellers) is that they really don't know the value of a property or where it should sell. So for example many buyers (assuming they aren't in a competitive situation - in which case it's a different set of strategies) will offer some stupidly low number in hopes to get the seller to come back with a reduced price. It's "let's split the difference" negotiating, rather than a data-driven approach. So for example when we go into a negotiation, we don't just index off of the asking price, but rather we've done a market analysis (as a example) of our own and thus have arrived at what we believe to be the fair market price. From that, anything below that number is gravy. So when I not only negotiate below the asking price, but below where we believe the property should fairly sell, then we've really won for the client. Or likewise when I'm on the sellers side, there's a whole slew of ways I set us up pre-market to put us in the best possible position. Even knowing how to read the possibly negotiating strategies for a property, or what "levers and dials" are available in a negotiation isn't something that the general public understands - if you've done a number of deals on your own, you may have developed this expertise.
Agreed too that my office lease is about the same number of pages as a typical residential contract, but far more dense. My landlord added some of the most ridiculous clauses I've ever seen in any contract - and prior to real estate, I regularly wrote business contracts from scratch.