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.
