Purchasing a home is a huge decision, perhaps the biggest one of your life. This can come with many anxieties and uncertainties. Questions might flood your mind such as: What am I really looking for? Am I over-paying? Is this a good location? All of these questions and concerns are normal for a home-buyer. These anxieties can be put to rest, and these questions answered by hiring a Buyer’s Agent to help you find, negotiate, and purchase your real estate property.
🙋♂️ What is a Buyer’s Agent?
A buyer’s agent is a type of real estate agent who assists their clients in the processes of research, evaluation, and acquisition of real estate property based on their clients’ needs. The agent will keep their clients informed along the process and make sure they do not over-pay by careful analysis of trade data. They negotiate the terms and prices with the seller or the seller’s agent and provide oversight on the contracts and execution of the purchase. They also oversee inspections of the entire property to ensure that the considered real estate is of the highest quality and standards for their clients. A full-service buyer’s agent will be with their client from the initial searches of the right home to the finalization of the purchase, while partial-service agents might not be a part of the process in locating the property.
👤 What is an Exclusive Buyer’s Agent?
An exclusive buyer’s agent works with clients on the consumer end of real estate exclusively, signing an agreement to never take listings and therefore never represent the selling party. Hiring an exclusive buyer’s agent means that the client will receive expertise that has been focused entirely on buying properties. Employing the assistance of an exclusive buyer’s agent will eliminate the possibilities of dealing with dual agents, who work as both the selling agent and the buyer’s agent in a real estate deal, which may create a conflict of interest.
👍 Benefits of Hiring a Buyer’s Agent
Having a competent and experienced buyer’s agent will benefit a home buyer because they will ensure that the purchasing process with be executed strategically and professionally, helping to avoid any mishaps revolving around the deal. They will take care of all the contracts and make sure that the legal paperwork is filed correctly.
The costs of not having a specialized agent can far outweigh the benefits. Hiring a buyer’s agent will eliminate certain risks that are involved such as over-paying for a home. An agent writes appraisals based on the evaluation of sales data to make sure that their clients do not overpay for a property. If you try to approach a seller of a home without a reliant appraisal from a buyer’s agent, you can be grossly overcharged.
A buyer’s agent can provide invaluable insight throughout the entire purchasing process, disclosing advice and facts about the valuation of a home to you so you can stay in the loop. Being a part of the purchasing process with the buyer’s agent will increase the trust between you both and make for a more pleasant home buying experience. They will provide you with the peace of mind that the purchase will be expertly guided from start to finish.
💲 Who Pays the Agent?
Buyer’s agents are compensated by a commission added into the total price of a home by the seller and listing agent. They are not legally able to charge a commission directly to the buyer. The commission of a property sale is first paid to the selling agent’s brokerage, then the selling agent’s brokerage pays the buyer’s brokerage and from that point, the buyer’s agent is paid.
🧐 How to Find a Buyer’s Agent?
As a buyer, you aim for the best possible advice towards purchasing the right home at a price fair to you. In order to achieve these goals, hiring the best possible buyer’s agent is essential. Start by creating a dialogue with fellow friends or family who have purchased a home, inquiring how their experience went with their agent, and see if that agent sounds right for you. Compare local real estate companies by visiting their websites and review their realtor description pages to see if their realtors share your values. Analyze the experience of others by viewing reviews of your local real estate firms to narrow down which firms will work towards your best interest. Take your time and deliberate carefully when choosing a buyer’s agent, as choosing the right agent goes hand in hand with choosing the right home.