Ready to house hunt? Prepare for a flurry of paperwork, Multiple offers on properties. Buyers competing for the same homes, and other challenges before you get the house keys. The process can be complex and stressful—which is why having a professional buyer’s agent by your side can make all the difference.
You might have heard of buyer’s agents, seller’s agents, listing agents, and so on. You’re a buyer, so what is a buyer’s agent? True to our name buyer’s agents assist homebuyers every step of the way; I can also save you tons of time and money on the road to homeownership.
Benefits of using buyer’s agents
“A buyer’s agent will guide you through the home-buying transaction and be at your disposal for any questions or concerns,” Here are some of the things I do as buyer’s agent:
First, you need to meet with a loan specialist to determine how much home you can afford. They will issue you a pre qualifying letter, which in most cases will be asked for upfront before meeting with a buyers agent.
- Find the right property. After determining what clients are looking for and what they can afford, I will schedule appointments to tour homes that fit your criteria. I will also explain the ins and outs of various properties and neighborhoods to help buyers decide which home is right for them by explaining the pros and cons of various options.
- Negotiate the offer. I will advise clients on an appropriate price to offer and present it to the seller’s agent. “Then I will negotiate on your behalf and write up the contracts for you,” This is where my experience in negotiating deals can save you money and helps you avoid costly mistakes.
- Recommend other professionals. A buyer’s agent should also be able to refer you to reliable mortgage brokers, real estate attorneys, home inspectors, movers, and more. This can also help expedite each step of the process and move you to a successful sale all the faster.
- Help overcome setbacks. If the home inspection brings new issues to light, I can advise you on how to proceed, and then act as a buffer between you and the sellers or their agent. If negotiations become heated or hostile, it’s extremely helpful to have an experienced professional keeping calm and offering productive solutions.
Buyer’s agent vs. listing agent: What’s the difference?
Buyer’s agents are legally bound to help buyers, whereas listing agents—the agent representing the home listing—have a fiduciary duty to the home seller. “That’s why it’s in your best interest as a buyer to get an agent who is there to represent you,” “Think about it this way: If you were getting sued, would you hire the same attorney as the person suing you? Of course not.” This is why you need someone who will diligently fight for your interests and rights.”
Let’s say, for instance, you walked up to the listing agent at an open house and gushed about how you love the home and want to buy it, but you will need to move soon because you’re expecting your second child and need to decorate the nursery, or the lease on your rental is up in a couple of months. A seller’s agent could then use this information against you by informing the seller that you have an urgency to buy so they shouldn’t budge too much on their asking price—or at all. Yet make this same confession to your buyer’s agent you’re working with, and it’s all fine, as a licensed professional I am obligated to keep this information private from sellers (and their agents) so it can’t be used against you.
How can you connect with a buyer’s agent?
As a good buyer’s agent, I can ease your way to home ownership. It’s best to interview at least three agents and ask them a few questions, including the following:
- What neighborhoods do you specialize in? Real estate requires local expertise, so you should find an agent who’s extremely familiar with the areas you’re interested in.
- What’s your schedule and availability? Avoid part-time agents who are committed can do a fine job, but if the house of your dreams pops up or you encounter last-minute closing snafus, you want an agent who will be readily reachable.
- How long have you been a real estate agent? You ideally want someone with a couple of years of experience, and a proven track record of selling homes in your area.
- You need to give me a call so we can get started.
The agent/buyer contract
Once you agree to work with me as your agent, you will have to sign a contract called an Exclusive Buyer Agency Agreement outlining the agent’s services and compensation (more on that next). This contract also means that I, as your agent will be your sole representative and that you won’t work with other buyer’s agents.
How much do buyer’s agents cost?
Home buyers don’t need to worry about the expense of hiring a buyer’s agent. Why? Because the seller pays the commission for both the seller’s agent and the buyer’s agent.
Please give me a call once you have met with your lender, or I will be happy to refer you to several, and let’s get started.