Buying a home and seeking a real estate transaction will naturally involve challenges. You need to look into real estate agents, identify the type of home you want, review your budget, and cover your needs.
It doesn’t matter if you’re after the perfect homesteading property or a small urban condo; as you go through the buying process, you may want to consider buyer’s agents and find your ideal pick.
Doing so means you must understand what a buyer’s agent is, go through their pros and cons if you should have one, and learn how to find a buyer’s agent. Ensure you go through those points to make an informed decision and save thousands of dollars on your purchases.
What’s a Buyer’s Agent?
As you look into an exclusive buyer agent, you’ll want to know what they offer. A buyer’s agent refers to someone with a fiduciary duty to represent you and your best interests while looking into real estate and home purchase options.
They exist to work alongside you as the home buyer, help you tackle your needs, and identify the best options available to locate an excellent sale price.
With that in mind, they work with you during the entire process. So not only will they help you close on a home, a single agent can help you with the loan process, the search, and even visiting the house with you to provide advice and guidance.
The Difference Between a Buyer’s Agent and Seller’s Agent
You’ll naturally come across buyer and seller agents while you look into properties for sale. While a buyer’s agent helps the buyer make the most out of the real estate process, the seller’s agent does the same, representing the seller and helping them.
For example, the buyer’s agent will argue to help the buyer get a good deal, whereas the seller’s agent will stand firm and help them get as much money as possible. However, they must work together to find compromises to make both parties happy with the home.
Some people will even hire a dual agent to represent both parties. Dual agents refer to a single agent who works as an in-between for both parties, looking for a good balance. However, some areas don’t allow a dual agency, and you’ll usually want someone always on your side.
Using separate agents will ensure you both get the best options, ensuring no one receives a poor deal.
The Benefits of Using a Buyer’s Agent
You’ll want to understand the benefits of a buyer agent to help you see if you should hire one. As you look through the benefits, consider your situation and see what you can enjoy if you seek a buyer agency agreement and an agent to assist you.
Access to Exclusive Properties
Since not every home can go on the market immediately, most people can’t see those listings. However, a buyer’s agent can use their contacts and knowledge to give you access to items not listed on the market.
Doing so can help you find an ideal home in a longer time frame than others since you can look through those resources. You can also have your buyer’s agent narrow the searches based on your wants, so you’ll stay within your budget while covering your needs.
Not only can you utilize the resource to work through the details, but you can avoid potential issues from looking at homes for sale and not finding anything available.
Assistance With Negotiations and Buying
The buying process involves struggles since you’ll need to negotiate prices and seek an in-between option. If you plan to complete a financial transaction alone, you may need help to make good arguments to get a lower price on the home.
If you have a buyer’s agent to work with you, they can handle the negotiations and help you secure a better price. They can pull out different information, such as seeking an inspection report, to prove why the deal works best for your situation.
As you work with an experienced buyer’s agent, they’ll tackle the process and know the best techniques to assist you.
Protecting the Buyer’s Interests
Speaking of those with a track record, an agent exists to protect your interests while you seek a home. They must represent and help you effectively, so you won’t have to worry about them doing anything to harm your odds of getting a home.
They recognize that you pay them to help, so they have a reason to keep your best interests in mind. On top of that, they don’t want you to leave negative reviews, so they’ll do what they can to meet your needs, communicate, and help you reach your realistic goals.
If you need someone to assist you and ensure you don’t get tricked, you’ll want to work with an agent.
Access to Local Knowledge and Expertise
Whenever you move to a new area, you need to gain the local knowledge to find the best homes for sale in significant locations. Instead of hoping for everything to work out, you can work alongside an experienced agent with the local knowledge and expertise to point you in the right direction.
Even if you grew up in the area, you might need to learn the fine details regarding real estate sales. Since they know the current trends and whether the market favors buyers or sellers, they’ll provide you with information and help you secure a home.
Having an expert by your side never hurts, so get their help and find your new home.
Receive On-Demand Support
If you decide to work with a buyer’s agent, they can provide on-demand support. Most agents will provide you with contact details, such as their phone number, email address, and any other messaging service that works for you.
You can send them questions through text messages, phone calls, and emails, allowing them to respond to you and offer advice. That way, you can maintain communication and get a feel for the current situation and your progress regarding the home purchase process.
You can have an agent guide you through the process and consistently give you updates, so you’ll remain informed and comfortable.
Cons of Using a Buyer’s Agent
While seeking a buyer’s agent has benefits, you must review the drawbacks before committing. Doing so will help you see if you should get alternative terms to determine if a buyer’s agent will help with your situation.
Covering Additional Costs
If you decide to work with a buyer’s agent, you must consider the cost of commissions. Since you can’t expect a buyer’s agent to work for free, you’ll need to pay additional fees and whatever you pay for the home.
However, the listing agent must provide you with a written listing agreement. The agreement will let you know how much they’ll receive when you buy a home, so they get a cut. Most have you pay a percentage, so it remains fair based on your budget and buying power.
Some people may want to minimize costs, though a buyer’s agent will save them money.
Limited Control Over the Buying Process
You get less control if you work with a buyer’s agent. They represent you while you seek a price and come to an agreement, so you must trust their judgment and let them handle the process in your stead.
Since you must relinquish that control, you may feel stressed about different aspects of the process. However, those with little or no experience with the home-buying process may prefer this point since they won’t have to worry about as many details.
You’ll need to get a feel for how much control you want, so you won’t become stressed over the situation.
Depending on the Agent’s Expertise
Hiring a buyer’s agent requires you to rely on the agent’s expertise to work through the buying process. If you become worried the agent may not know how to help, you could quickly feel stressed, impacting your search.
As with the previous point, if you have little experience, you may benefit from this aspect. That way, you can turn to them to ask questions and seek help, so you don’t feel like you must know everything as you seek a home.
It comes down to your feelings and preferences, so consider if you want someone with expertise to help.
Should I Use a Buyer’s Agent?
While a buyer’s agent can help you, some people wonder if they should get one. If you feel comfortable with the pros and don’t feel like the cons lead to issues, you should go with a buyer’s agent.
If you want more direct advice, you should get one if you fall into one of the following categories.
- First-time home buyers
- Older folks
- Families focused on safety and schools
If you plan to buy a home for the first time, you’ll want to seek a listing agent for assistance. Since you need to gain experience with the buying process, you’ll want someone to assist you throughout it.
Speaking of which, older folks may want an agent to help them with the purchase process, even though they may pay closing costs. Since older buyers may be susceptible to scams, they’ll want to work with an expert to avoid such problems.
Families must remain careful while they pick a home. They need a lovely house, and they’ll want to choose a safe area with a great school district. That way, they can rest easy raising their family there while ensuring their kids get a good education.
How To Find a Buyer’s Agent
If you want to work with a buyer’s agent, you’ll want to know how to find one to assist you. That way, you can find an ideal pick for your needs before you get a contract term and can’t seek a different agent.
Research Online and Ask for Referrals
As you review your options and determine which buyer’s agent you want to hire, ensure you do some research online. Spend time browsing various websites, seeing what others say, and even going through reviews to understand what you should expect from a buyer’s agent.
You’ll find multiple databases online, allowing you to go through the options and determine which buyer you want to work with you during the process. You can also ask for referrals by contacting people in your area and seeing who they recommend.
It never hurts to get opinions from others, so talk with them and see if they worked with any buyer’s agents.
Interview Multiple Agents
As you choose agents in the area, you’ll want to interview them to get a feel for their style and personalities. You want an agent you get along with and can trust so you can look at them and make choices based on your situation.
You should see if they can do a good job, but you must find someone you want. If you don’t like your buyer’s agent, you’ll find it challenging to work with them and ensure they cover your needs while you search for a home.
Even though interviews take time, you’ll ensure you find the best agent for your needs.
Check Credentials and Qualifications
The process also involves checking their credentials and qualifications for the job. For example, you want to see how long they worked in the industry, their experience, and their education and licenses to verify they can work as a buyer’s agent.
While this may initially seem excessive, doing research can help narrow down your options. For example, if you need help to choose between a large group of agents, you can devise prerequisites based on credentials and qualifications to cut down the numbers.
You can also ensure they can legally work in your area, so you won’t face unnecessary problems at a later point.
Look Into Their Brokers
While you’ll want to hire a great buyer’s agent to help you with your home, you should also check their broker before you hire them. They may have great reviews, and people had excellent experiences with them, but they may now work with a broker who has poor reviews.
On the other hand, they could work for an excellent broker you trust and can work with, so it never hurts to look into them. If you find an agent with a good reputation who works for a broker with the same reputation, you know you’ve found a solid option.
Key Takeaways
A buyer’s agent focuses on your needs and helps you seek fair purchase prices. Since they know the market conditions, they’ll offer the best advice possible. Even though you’ll need to pay an agent commission, you’ll enjoy the benefits that heavily outweigh any drawbacks.
Do your best to consider your situation, so you’ll determine if you should work with an experienced agent who offers undivided loyalty. You’ll then have an advantage in finding an ideal and professional agent to help you with buying.
If you can utilize buyer’s agents from real estate companies, you should contact a local eXp real estate agent to help you find your new home.
FAQs: What is a Buyer’s Agent?
You’ll naturally ask questions as you consider buyer’s agents, so ensure you look through frequently asked questions (FAQs). That way, you can receive answers to those questions and seek beneficial contract terms to cover your needs.
When should I hire a buyer’s agent?
Since getting a home remains one of the most significant purchases, you’ll generally want a buyer’s agent to guide you. They understand the local market, consider your needs, and offer advice to navigate the real estate market.
Can a seller refuse to pay the buyer’s agent?
This depends on the situation. A seller could deny the buyer’s agent if they don’t have a formal agreement. On the other hand, if they signed a mutual contract, the seller must follow the contract agreement or potentially face legal repercussions.
Why should people use a real estate buyer agent?
Even though you may need an exclusive buyer agency agreement and to pay agent payments, you have plenty of benefits to enjoy. For example, they can help you navigate a competitive market, offer advice, and help with closing.
What is the role/responsibility of a real estate buyer’s agent?
A real estate buyer’s agent focuses on helping you with the home-buying process. Not only do they help you find homes, but they also help you find something in your price range while finding good deals. In short, you become their responsibility by helping and representing their buyer.
What should I look for in a real estate buyer’s agent?
As you consider a real estate buyer’s agent, you’ll want to look into their experiences and credentials. Ensure you go through an agent directory to find your ideal pick. You should also talk with them in person to determine if you’ll get along with your agent.
What’s the difference between buyer and seller agents?
While both the seller’s agent and the buyer’s agent work as realtors, the buyer’s agent focuses on the best options for the buyer, while the seller’s agent does the same for the seller. Even though both get paid during the process, they ultimately take a side and work with you to get the best deal possible.
