Latest posts by Emily Wilson (see all)
- Create A Modern Office For Work, Rest And Play - April 10, 2019
- How A Competent Buyers Agent Can Help You Find The Perfect Home - March 19, 2019
When searching for a new home – the one you and your family can call your own – it’s not just the money you need. This search also requires time, and the right knowledge to find the right one. When we say ʽthe right knowledgeʼ, we refer to a set of skills which are not so easy to come by – competent real estate professionals have been learning them for years. This is why most homeowners decided to hire a buyer’s agent before making the purchase. Home buying can be a pretty esoteric process and the duties and responsibilities of these professionals are to make it easier and more tangible. Having a competent one provides you with the best opportunity to find the right home at the right price.
But what’s all that fuss with buyer’s agents all of a sudden? Couldn’t you just find a convenient real estate agent or simply call the name on the sign in front of the house you’re interested in? Yes, you could. But you should know that the typical real estate agent won’t always work in your best interest, simply because he’s not necessarily bound to do so. The dollars these commissioned salespeople receive flow from any kind of deal, which doesn’t have to suit your right. That’s why the biggest help in your search can come from an exclusive buyer’s agent, and we’re about to show you how.
Understanding The Difference
We’re not saying that working with a regular estate agent is bad – most people find their homes that way. When it comes to ethical practices, these people are subject to state laws. But we are saying that your search could be better, and our point lies in the difference between an exclusive buyer’s agent and a real estate one. The biggest problem with real estate agents lies in the fact that they don’t actually represent you, but the seller. This seems impossible, but have in mind that most of them work for companies that can represent both sides of the deal. That’s why they’ll always show you the listings held by their firms before all the others.
With exclusive buyer’s agents, the situation is quite the opposite – they usually work for companies which don’t even accept sellers’ listings. Since there’s no incentive for showing particular properties, they’ll show you only the ones that best suit your needs. To put it simply, this means they’ll also help you to find homes that are for sale by owner – something a typical real estate agent won’t do.
Nevertheless, a buyer’s agent can also get you to enter into a dual agency agreement, which means you must read your contract carefully. We live in the times of hot competitive markets, so this ʽdual agencyʼ is quite a common occurrence. If you look at Curtis Associates you’ll see that they’re not also acting as property managers, and this is precisely what their remarkable reputation is built upon. This is a serious advantage since many of them split their time also acting as listing agents which can result in a serious conflict of interest. So if the contract is not specifically drawn up as a buyer’s agent agreement you can be sure they’ll be a seller’s representative, not yours.
The fact that a competent buyer’s agent will act solely as your advocate throughout the entire home buying process is not the only advantage you’ll get. Good business partnership requires three things – competence, respect, and rapport. Finding the right one – and you’ll sense that already during first, eventually second meeting – will provide you with all that. Let’s break it up and see how.
- Navigating local market conditions
Buyer’s agents have an immense working knowledge of the real estate market which will help you in search of your new home – from insurance and negotiating, across neighborhood amenities and conditions, price trends, and zoning issues, to financing, taxes, and real estate law. But that’s not the end – they’re also equipped with the psychology of home buying which brings them strong practical insight crucial for avoiding stressful situations. You’ll be able to recognize these ʽstreetwiseʼ ones during the interview phase which will indicate their skills worthy of hire. Just make sure you don’t interview two different ones from the same company and always make them aware they’re in an interview stage.
- Financing options
They’ll help you determine the viability of your wants and needs regarding your desired home already during the initial meeting. They’ll explain current market conditions and make it crystal clear how much you can afford, helping you to find suitable financing. In the end, based on all these conditions, they’ll devise a shopping plan. When it comes to financing them, they’re usually paid a commission. Some of them might be willing to work on salary, but we would advise against it. Paying them a commission is what makes them highly motivated to get the job done since they won’t be paid unless they close a transaction.
- Property inspections
Your buyer’s agents will tour available properties with you, being on your disposal for discussing countless details. There’s no limit what can be discussed once on location – from crime rate in the neighborhood, across the proximity of shopping centers, works centers, and schools, to home’s pertinent selling point and floor plans. They also know in which areas appearing unescorted is frown upon, so they’ll be able to tell you when it’s okay to attend open houses alone, and when it isn’t. There’s no need to ask questions about sellers and their motivation personally since buyer’s agents are better equipped to use the approach that works.
- Obtaining disclosures
If you find a competent buyer’s agent he’ll stick all the way with you. For them obtaining a disclosure doesn’t just mean they’ll be present during the signing on final documents. They’ll also make sure that all home inspections and repairs are done properly. Their job will be to coordinate all the activities of every professional who’s engaged in the purchase, from your attorney and lender all the way to roof inspector. If bargaining over the price is necessary, they’ll also take care of it.
And this is why a competent buyer’s agent can help you find the perfect home – they’re a perfect mix of everything you need: knowledge reinforced with buying psychology, a bit of outstanding financial advice, and a sharp eye for details during property inspections. They won’t be ʽdouble agentsʼ and they’ll stick with you all the way.
Featured image: Pexels