Why Use A Buyer's Agent
Why Use a Buyer’s Agent
Buying a property will be the single biggest purchase most people make in their entire lives. The process is complex and requires knowledge of real estate, contracts, negotiation, scheduling, financing, project management, and much more. It's a unique skill set that, let's face it, most people just don’t have and don’t have the time or energy to learn. That’s where a buyer’s agent comes in. Simply put: a buyer’s agent is a real estate professional whose sole job is to help buyers get to the closing table with the most favorable outcome possible.
What a Buyer’s Agent Does
If you ask a buyer’s agent what they do, they might laugh and say, “What don’t I do?” It’s a joke among those in the profession, but like most good jokes, it’s rooted in truth. Buyer’s agents wear many hats, and the good ones pride themselves on being able to execute each one of their duties with ease and expertise. When you first meet with your agent, he or she will start by analyzing your wants and needs. Do you want an apartment or a single-family home? Do you need to be close to your place of employment? Is a large yard important to you? Then they will provide you with detailed community and property information and guide you toward the appropriate methods of financing. Throughout the home-buying process, your agent will also coordinate the property search process, advise you on contingencies and concerns, present and negotiate offers, schedule inspections, prepare for closing, and communicate with all parties involved, including the seller's agent.
Why You Need a Buyer’s Agent
Hiring a buyer’s agent is important because you don’t want to leave anything to chance when it comes to a transaction involving hundreds of thousands of dollars and the place your family may be living for the foreseeable future. At least, that’s not a gamble we’d advise taking. A buyer’s agent is there to represent your interests in an extremely complex legal and financial transaction. If you don’t have a written buyer’s agency contract, the agent may be working with you, but they certainly aren’t working for you, and that means they’re legally neutral in the transaction and can share any and all of your information with the seller. Yikes!
The Difference Between a Buyer’s Agent and Seller’s Agent
Speaking of the seller, they have an agent too, right? Most likely, yes. The seller’s agent, or listing agent, represents the seller and makes sure their best interests are being protected. Since there are two parties in any real estate transaction (the seller and the buyer), it only makes sense that each party would have a professional to advise them, manage the technicalities of the transaction, and fight for their party’s greatest advantage. And while both agents can set up home tours and give general professional insights, the main goal of a seller’s agent is to see their client achieve their ideal outcome in the transaction. What does that mean for you as a buyer? Well, it means you need someone rigorous and discerning in your corner.
The Benefits of Hiring a Buyer’s Agent
You can rest assured that by hiring a skilled and experienced buyer’s agent, you’ll be reaping the rewards. Showings and inspections will be expertly coordinated for you, negotiations will be scrupulously held on your behalf, contracts will be meticulously written, and the entire transaction will be kept on schedule to give the most stress-free real estate buying experience possible. The best part? It’s likely to save you from over-paying on a property and it doesn’t cost you a dime. Buyer’s agents are compensated by the seller as part of their initial listing agreement, meaning you can relish all the benefits of being represented while knowing it’s not cutting into your bottom line. We call that a win-win situation.