The Buyer Agent’s job is to get you from Point A (Would-be Buyer) to Point B (Happy Home Owner) safely.

More specifically, it’s their job to:

1. Educate You About the Neighbourhood

Choosing your next neighbourhood is one of the most fun parts of buying a home, and your agent will play a critical role in educating you about the pros and cons of Toronto’s various neighbourhoods. Your agent will help you understand the neighbourhood schools, crime rate, transportation options, demographics, nearby restaurants/shops/services and the trends happening in that neighbourhood. 

2. Perform Due Diligence on the Property

A big part of a Buyer Agent’s role is helping you do your due diligence on the property. That will involve:

• Fully investigating the property: going into the scary basement, looking for telltale signs of knob and tube wiring or Kitec plumbing and referring you to outside professionals as necessary

• Asking the important questions: Has the house been treated for termites? Have there been any water issues in the basement? Were the renovations completed with permits? Are there any issues with the neighbours?

• Inquiring about the ongoing costs of the property (hydro, heat, water, etc.)

One of the Buyer Agent’s most important jobs is ensuring you don’t buy the WRONG house.

3. Negotiate Price and Contract Terms 

The Buyer agent works for the Buyer, so their job is to negotiate the lowest possible price with the best possible terms for the Buyer. The Buyer’s Agent will look at the price history of the homes you’re interested in, the prices of comparable homes in the neighbourhood and what’s happening right now in the market. They’ll understand how the differences between properties affect value (for example, lot size, the number of bathrooms, finishes or views) and can guide you accordingly. Your agent will look to protect you by making your offer conditional on, for example, obtaining suitable financing or performing a home inspection, and they’ll understand the current local market conditions that might mean having to do that due diligence before the offer.

4. Help you Find the Home

Long ago, a Buyer’s Agent’s primary role was introducing properties to buyers. There was a magical book that contained all the homes for sale, and if you wanted to buy a house, you hired an agent to find out what was for sale. Enter the internet. Today’s Buyers often identify the homes they are interested in, but that doesn’t mean that Buyer Agents don’t play an important role in locating homes. Sometimes that means introducing the perfect home that was overlooked because it didn’t fit the initial criteria or neighbourhood or finding an opportunity to buy a house that seemed out of budget (but is actually just overpriced). Fact: what you think you want when you begin your home search is often not what you decide to buy.

5. But Wait! There’s More!

A Buyer’s Agent will also:

• Help you determine your needs and priorities

• Reduce financial surprises by helping you determine the full cost of buying a property and the ongoing costs of owning it

• See ‘potential’ in a home and suggest ways you can increase the value of your home

• Connect you with the best lawyers, lenders and home inspectors

• Be an ongoing resource for connecting you with home professionals to help once you own the home

But Does Who I Hire Matter?

Make no mistake about it: who you hire to represent you on the purchase of a home MATTERS. Who you choose to work with will impact the choice of the home you buy, the neighbourhood you buy it in and how much you pay. It can mean the difference between:

• Overpaying for a home vs paying market value

• Buying a condo in a building filled with university students vs buying a condo housing professional couples like you

• Unknowingly buying a house that will cost you $50K in surprise repairs vs knowing before you buy

• Losing money on your real estate investment vs being cash-positive

A buyer’s agent is a real estate agent that works with Homeseekers during the buying process. They can help you search for properties, make offers, go through negotiations and handle unforeseen events. Buyer’s agents are legally bound to help you during the buying process, from the very start up until closing day.

Here are seven reasons why you should consider having a buyer’s agent and what they can do for you.

A buyer’s agent is a real estate agent that works with Homeseekers during the buying process. They can help you search for properties, make offers, go through negotiations and handle unforeseen events. Buyer’s agents are legally bound to help you during the buying process, from the very start up until closing day.

Here are seven reasons why you should consider having a buyer’s agent and what they can do for you.

1. Inventory advantages

Instead of fishing through listings yourself, a buyer’s agent can present you with options that take into account your wants and needs. They have tools and strategies to access inventory and provide you a list of potential homes within your budget and area of interest.

They’ll ensure these options have enough space for you and come with any must-have amenities or features that suit your tastes. An agent’s inventory expertise is even more useful if you’re buying in a seller’s market.

Take advantage of the time a buyer’s agent can save you and trust them to present you with a list of great options.

2. Local knowledge

Working with a buyer’s agent who understands the area you’re interested in moving to will make the home buying process much more enjoyable for you. This is especially helpful if you’re new to an area.

Agents know the ins and outs of the areas they represent. They can help you identify up-and-coming neighbourhoods, good investment opportunities, quiet parts of town, busy parts of town—whatever is important to you. Make a list of your wants and needs and go over them with your buyer’s agent. No piece of information is too small.

Buyer’s agents can also help introduce you to local contractors and service providers if you need to update mechanical items, renovate rooms or require other assistance. Agents have large networks of trusted contacts ready to help you every step of the way, from notaries and home inspectors to plumbers and landscapers.

3. Experienced market analysis

Submitting an offer is a challenging task. Understanding current market conditions, recent sales in the area, and the sellers’ motivations all play a role in writing a solid offer. Agents can conduct a market analysis on your behalf that studies active listings and similar recently sold homes. That way, you can craft the strongest offer possible.

Sometimes the task a buyer’s agent will help you with most is one you didn’t anticipate.

Slow markets can put buyers in a position to offer less with more subjects, while the opposite is true of a hot housing market. Your buyer’s agent will have experience in all kinds of markets and can help guide you to an offer that sellers will take seriously without stretching you beyond your comfort zone.

4. Help with subjects and conditions

One of the most important things that first-time buyers need to know is the subject removal process and what conditions you should include in your offer. Working with a real estate professional ensures you have an expert looking out for your best interests. A buyer’s agent will help you submit conditions that keep you safe while making offers.

A sale will only be final once your conditions have been met within a set timeframe. Talk to your agent about the options available and work with them to submit subjects or conditions that protect your interests. This will give you peace of mind throughout any inspections or while you secure financing.

5. Negotiation skills

Good agents are good negotiators, and having your buyer’s agent conduct negotiations with the seller’s agent is in your best interest. An experienced agent understands leverage, when and where to use it, and how certain conditions can favour you.

Agents also benefit from having conducted dozens, if not hundreds, of similar negotiations, which means that they understand the process and all of its potential challenges. In such a high-value negotiation, trust someone who knows the ropes.

If you’re evaluating agents, ask about their experience representing buyers and request past examples of their successful negotiation efforts. This will help give you confidence that you have a skilled negotiator as your representative.

6. Taking care of the unknown

Agents are a wealth of knowledge, not just on inventory and market analysis but also on less frequently broached topics. Agents’ understanding of the industry is well beyond the average home buyer or seller, and they can often point out potential pitfalls or roadblocks before they come up.

It all comes down to experience, which is one of the most important things you should look for in a real estate agent. Experience can help you estimate any closing costs or additional fees you may not have considered, spot any potential neighborhood issues, and help you come out on top should you get caught in a bidding war. Sometimes the task a buyer’s agent will help you with most is one you didn’t anticipate.

7. Your agent is only paid if they help you find a home

For all of the assistance a buyer’s agent provides, they’ll only get paid when they find you the perfect home. To begin, the seller’s listing agent offers a cooperating commission from the listing fees. Once the home sells, all commissions to both the listing agent and your buyer’s agent come from the proceeds.

Basically, your money funds the entire transaction once you agree to purchase a home. You won’t be handing over cash directly to your buyer’s agent, though.

Working with a buyer’s agent has significant advantages over buying a home without professional representation, so finding a great real estate agent should be a top priority. Start interviewing agents before you begin your home buying journey. Having a good buyer’s agent will help you from day one all the way until possession.