Everything You Should Know about Real Estate Buyer’s Agents
It is almost impossible to buy a home that suits your ultimate needs without the aid of a buyer’s agent. Indeed, a buyer’s agent will not only help you buy your dream home, but they will also make the entire home hunting process faster and less stressful.
It doesn’t matter whether you want to get a home for a permanent or temporary reason; you need to find an experienced buyer’s agent to get the job done perfectly and according to purpose. Home hunters undoubtedly get more value for their pay when they leverage the expertise and efficiencies of a buyer’s agent.
Meanwhile, it’s essential to first understand the roles and capabilities of a typical buyer’s agent before approaching to hire one. So, let’s make some discoveries.
Read about Most FAQS about Buyer’s Agents To Help You Make An Informed Decision to click here.
Who Is a Real Estate Buyer’s Agent?
A buyer’s agent is a professional in the real estate industry who helps home buyers to get their desired home amid the several or limited options available. They act as the purchaser’s representative to ensure the latter gets the best real estate deal possible without stress.
A typical buyer’s agent has a legal mandate to protect the home buyer’s interest. They tighten all ends of every real estate transaction and ensure it favors the Buyer.
Mind you, Buyer’s agents are different from listing agents. But, it is correct to refer to both as real estate agents.
Differences between Buyer’s agents and Listing Agents
While Buyer’s agents work in the home buyer’s interest, listing agents work for sellers. A buyer’s agent will do the leg work for the purchaser to navigate the industry’s landscape to find relevant listings and make choices that suit the Buyer’s needs and budget. Buyer agents stay active in the process until the actual purchase has been made. Having a vast knowledge of real estate laws and ethics, they will advocate for the Buyer regarding the paperwork required to become a recognized property owner in the region.
On the other hand, a listing agent works for the seller. They are responsible for attracting buyers to the property tagged for sale. Since they are also working to protect the seller’s interest, they negotiate prices in favor of the seller and use their expertise to maximize the seller’s profits in every situation.
Should you approach a listing agent without a buyer’s agent? It is not advisable. As much as the listing agent will do all with his expertise to ensure the deal benefits the seller, you need a buyer’s agent to be at the winning edge.
In some cases, Buyer’s agents make illegal attempts to play a dual role of a buying and listing agent to get more pay from transactions. But, it will only make the purchasing process terrible as he won’t be loyal to both the Buyer and seller. Hence, it is essential to clearly understand the job description of a typical buyer’s agent.
The Exclusive Responsibilities of Buyer’s Agents
A buyer’s agent must:
- Find suitable listing
A buyer’s agent does not merely go around looking for any available listing. He needs to help you find the actual home that can comfortably accommodate your needs. That’s why it is always advisable to define your goals and budget before beginning the home hunting project. Once you have done that, present it in a clear statement to your Buyer’s agents.
Buyer’s agents should know how and where to find impressive listings that match their clients’ needs every time. Most of them already have a solid relationship with listing agents who send notifications of property sales according to the client’s specifications.
- Schedule property inspections
After a buyer’s agent might have found the right home for his client, he would make arrangements with the seller to schedule a good time for showings. It is not ideal for an agent to inspect a home without the Buyer’s presence. So, he would have a smooth arrangement with you and the seller and pick a date for a detailed property inspection.
A buyer’s agent ensures the house is open and ready for showings. He must have gotten access to every part of the building before the showing dates.
- Provide professional counsel
A buyer’s agent is responsible for asking every relevant question as regards the listed property from the listing agent. Having done that, he would be able to know the actual condition of the property and advise his clients on what is best in the transaction.
During the property inspection, your Buyer’s agent must be with you to answer all your questions as you move around the property. After the inspection, your agent should give you professional counsel regarding how the home can meet your ultimate needs. He would advise you whether to proceed and buy the property or decline.
- Negotiate with the listing agent
Price negotiations are an exclusive role of a buyer’s agent. You only need to communicate your budget to your agent and allow him to bring you the best deal possible for the price. Your agent will make an offer on your behalf, set a reasonable price for you, and give tips on making the offer competitive and attracting bigger pay. When the deal is successful, the Buyer’s agent helps you draft the contracts.
How much does a buyer’s agent get, and who pays?
It is essential that you know who pays a buyer’s agent. Else, you would deprive yourself of the fantastic opportunity involved. For the records, you can use the service of a buyer’s agent for free. Indeed, you don’t have to pay him anything from your pocket. He gets his share of the commission from the transaction, and the ‘seller’ pays.
Unless s it stated otherwise, both listing and buying agents will get 6% of the selling price and share it equally among themselves. If a buyer’s agent asks for money after collecting his commission from the seller, he wants to break the law.
On a final note
Working with a buyer’s agent when looking for your desired home is always enjoyable and stress-free. But you must be sure you choose the right one to have the best home-buying experience. Meanwhile, several promising Buyer’s agents are out there seeking how to enrich their personal pockets without much loyalty to clients. Make sure you check the track records and ask for certifications before you hire an agent. You can also find and read our article that explains how to choose the best Buyer’s agent for more insights.