Buying a property is one of the most important purchases you can make. If you have been considering purchasing property, you may have wondered whether you needed to sign an agreement and work with a buyer’s agent. While it is possible to buy a space without an agent representing you, it’s not something we recommend. Signing a buyer representation agreement with a real estate agent will benefit you in several ways. Here are some reasons you should consider:
1. Makes your life easier
The real estate market is constantly changing and without experience, it’s hard to stay fully plugged into the changes of the market. Real estate agents live and breathe the local real estate market and they are there to provide help navigating it. After you lay out your criteria to your agent, they can show you some options for spaces to tour, coordinate showings, and research the neighborhoods and the actual properties.
Having a buyer’s agent advocating for your best interests means the process of purchasing a property will become much simpler. You simply tell them what you are looking for and then examine their findings. Buying a space can be very stressful and scary! But if you have an agent working for you, a lot of the stress is taken off your plate. You can trust that they are advocating for your best interests and sail smoothly through the process of finding a space to purchase.
2. They have access to knowledge you don’t!
This one is important! Buyer’s agents have access to all kinds of information and databases you don’t! That’s not to say it can’t be done without an agent. But having one will ensure you are up to date on the best properties and neighborhoods, aware of the current trends, and watching out for any missteps.
A real estate agent has the market knowledge to ensure you get the best results from your purchase. They can do extensive research on properties you are interested in and their surroundings. How is the neighborhood? Are there any issues? What is it like living there/conducting business there?
Buyer’s agents can conduct research to answer these questions for you and provide a full picture before you take the leap. They understand what makes a property good and bad, and have the tools to find out about any given property.
For example, you find a property that looks great. The right number of bedrooms, the clawfoot tub, the balcony. You would have signed then and there if you hadn’t hired an agent. But lucky for you, you did hire an agent. And they discovered the property is located near a toxic waste site. You don’t want that, you don’t purchase the property.
Information such as this is very important in influencing your decision and if you don’t hire an agent, things may slip between the cracks. Agents are trained to research all aspects of a property and consider information such as this.
3. They can advise you during negotiations
First, we should tell you that when you sign an agreement with a buyer’s agent, they are promising to put your needs first throughout this process. They are legally required to look out for your best interests. They are ensuring that you can trust them and you should. Your agent can advise you on important aspects of the process of buying a space.
An important piece of advice they will provide is what you should offer for the property you want to buy. Your agent will do a detailed analysis based on comparable sales of similar properties to determine the most accurate value of a property and then advise you during negotiations. Even if you are a good negotiator, they are a professional negotiator and can assist you in getting the best possible price.
An agent can also advise you on the properties themselves. They have extensive experience looking at spaces and thinking about value. If you find a place that looks good on the surface but may be missing something, your agent will notice and advise you against a less-than-great purchase.
Selecting a lender is an important part of buying a property, and a buyer’s agent can help you navigate these waters and make it as easy to understand as possible.
4. Agents are equipped with connections you may not be
A good agent will know where to find any professional you may need to purchase a new space. For example, you might want a home inspector, a real estate attorney, mortgage originator, landscaper, plumber, or even a mover. Your agent will have connections with any professional that may be desired during the property-buying process and can easily connect you with whoever you need. This will make your life easier and ensure nothing is forgotten in the process.
5. Buyer’s agent will represent you and only you!
In a real estate transaction, you must understand who represents who. Keep in mind that the listing agent represents the seller while buyer agent represents the buyer. Signing a representation agreement with an agent will make you his/her client which will require the agent to be Obedient to your requests, Loyal to you, Disclose all material fact that are relevant to the transaction, keep all the information you shared confidential, handle your property/money properly and provide reasonable skill and care throughout the transaction.
6. Commission paid to Buyer’s agent included in the sale price!
Commission paid to Buyer’s agent included in the price when the property put on the market. Not using a buyer’s agent will not save you any money, most of the time it will go to the listing agent who has the seller’s best interest in mind.
Why wouldn’t you hire a buyer’s agent? It’s worth it. Smooth sailing throughout your property-buying process, ensured quality of properties, expert advice. Hiring an agent will ensure you find the best possible property for your needs and then that you get the best price for that property. For more details, check out our BUYERS GUIDE