What is a Buyer’s Agent?
A buyer’s agent is a broker or real estate agent that enacts the fiduciary interest of the buyer during real estate negotiations. These agents perform searches, assessments and act as the representative of the home buyer. Should the buyer need it, their agent will aid and guide them throughout the transaction.
Related: Buying a home? Make sure you are prepared by reading our guide to buying a house.
What Does A Buyer’s Agent Do?
A buyer’s agent typically has three responsibilities on behalf of the buyer:
1. Assist the buyer in finding their property
By learning the buyer’s needs, budget and desires, the agent can find homes which meet their requirements, form a list and go through it directly with the buyer. Once narrowed down, the agent schedules viewings to see each property, evaluating the pros and cons of the homes as they visit them.
2. Present and negotiate offers on behalf of the buyer
After the purchaser has decided which home they want to buy, the agent coordinates with the buyer on the right offer to propose. Once agreeing upon an initial offer, the agent drafts a presentation to give the listing agent. If it’s accepted then they move on to the next stage, but if it’s declined they choose to either renegotiate or move on to the next property.
3. Introduce buyers to trustworthy professionals
Depending on how well the agent’s network connections are, they can refer the buyer to more people in the industry, including contractors, home inspectors, real estate attorneys and more.
Is A Buyer’s Agent Necessary?
No, but having a good buyer’s agent around makes the process from property hunting to signing the dotted line significantly easier. And it won’t cost you anything, since the seller is the one who pays the buyer.
Where Can You Find A Buyer’s Agent?
Zillow Agent Finder and Homelight are useful sources for finding qualified Realtors in your area. By using ratings from previous buyer experiences, their sales and listings, it provides the buyer with a user experience similar to AirBnB.
A key point would be to find someone who has experience in the price range you’re searching for. Somebody who sells mansions may not be suitable for a couple looking for a simple home to grow a family in.
If you prefer experience from people you trust rather than online reviews, a referral could do the trick. You should make certain that the agent has experience in your geographic area before continuing with them.
Once you’ve narrowed it down to a few candidates, it’s time to interview them and see who you’re most comfortable with. Working with agents, you’re going to be sharing personal details more often than not. Ideally you want to convey that information to someone you enjoy talking to and trust to get the job done.
For many people, buying a home is the biggest decision of their life; it can be stressful, confusing and expensive. Why not get some help? A buyer’s agent eases the pressure and supplies a wealth of knowledge that could potentially save you a lot of money. Also, since their commission is paid for the seller, it won’t cost you a thing.