Today’s internet-empowered consumer may think they have access to all the information they need to make a home purchase on their own. Sometimes buyer’s don’t understand that they may get better results if they commit to working with a qualified real estate professional.
What is a Buyer’s Agent?
A buyer’s agent is a real estate brokerage acting exclusively on behalf of the property buyer to assist their client during the entire purchasing process.
A written contract, called a “buyer representation agreement” creates an agency relationship between the buyer and the brokerage, and establishes buyer representation.
It is a common misconception that just because a real estate agent is showing you properties that he or she is automatically working for you. This most definitely is not the case.
What A Buyer’s Representative Does
During the search process, the buyer’s representative:
- Searches for properties and provides information to the buyer
- Arranges property showings that meet the buyer’s needs
- Provides information that the buyer requests about the home or property, community, taxes, utilities and zoning, or refers the buyer to appropriate information sources
- Discloses any material facts about the property of which the buyer’s rep has knowledge.
During the offer process, the buyer’s representative:
- Prepares a competitive market analysis of the property for the buyer
- Counsels the buyer on what price to offer to the seller
- Shows what other buyers have paid for properties in the area
- Assists in writing an offer with the buyer’s interest in mind
- Negotiates the best price and terms for the buyer
- Keeps the price capabilities and objectives of the buyer confidential.
During the closing process, the buyer’s representative:
- Monitors all dates, events, and requirements (fulfillment of conditions) for the buyer
- Attends the pre-closing viewing with the buyer.
Ask yourself these questions and see if a buyer’s representative is the right choice for you:
1. Do I have time to not only research the residential housing market but also understand the best type of property to buy based upon my needs?
2. Do I have access to the most up-to-date and comprehensive information on properties for sale?
3. Do I understand how to accurately interpret market data?
4. Do I know how to interpret this data in a way that will help me structure an attractive offer that has a reasonable chance of being accepted?
5. Am I familiar with the common residential real estate contract and how to interpret various clauses to best protect myself from making common buyer mistakes?
6. Do I have the expertise to negotiate on my own behalf when, for the most part, the seller’s side has a real estate professional assisting the seller with negotiations?
7. Do I have the ability to find a qualified home inspector? What about other qualified professionals needed in the real estate transaction?
8. Do I have time to research current home loan programs and determine which one is best for me?
9. Do I know the zoning regulations and building codes pertaining to residential real estate in the area I’m interested in moving to? Do I understand how this may impact my plans to use or modify the property I want to purchase?
These issues and so many more will come up during the home buying process. Having a buyer’s representative who has earned the ABR designation will be a great asset to you the buyer in today’s confusing and challenging real estate marketplace.
Contact me today so I can show you how my ABR designation can help you.