Many people think real estate agents are merely there to help you find a home. Yet, the internet provides such convenience, many people thought they will not need to use an agent and should go straight to deal with the seller’s agent directly. Here are the reasons why you should have an agent to represent you exclusively as a buyer.
1) Education and Experience: It is essential to hire a professional who has educated themselves as a Buyer’s Agent. You can find agents with ABR® designation who have been trained and qualified specifically as Accredited Buyer’s Representative. Why wouldn’t you find someone who has spent more time than you in the real estate industry to do the work for you?
2) Realtor® help you save time: Realtor® can find out more information about the property than you can from the internet. The agents can usually use their own network and professionalism to get more information regarding the property which can save you time from viewing every single one of them. Think of it as they can help you eliminate spam properties.
3) Buyer’s Agent and Confidentiality: Buyer’s agent has the fiduciary duty to represent their buyers and keep their best interest in mind. Despite the buyer’s agent knows what your highest offer may be, they will not communicate that to the seller’s agent. When an agent represents both the seller and the buyer, they are called dual agent and there is a conflict of interest in representing both sides. Although, there are many honest real estate agents, unfortunately, you may meet greedy seller’s agent who will convince you that your offer will be accepted if you use him/her as your agent because they can double their commission. In that case, their best interest is their commission instead of the clients’.
4) Negotiation and Skills: A good buyer’s agent has the skills and experience how to negotiate with the seller’s agent. It may be the price, it can also be other terms and conditions that a skilled Realtor® use to make your offer stronger. As home buying is an emotional process, a good Realtor® will remove themselves from the emotional aspects from the transaction. A Realtor® who demonstrate professionalism and integrity work better with other agents. This could be the key factor for a seller to accept an offer as the seller’s agent may recommend to the sellers that they are comfortable working with this buyer’s agent for a successful closing.
5) Price Guidance and Market Condition: As much as your buyer’s agent wants you to get a good deal on a property, your Realtor® will weigh in the market condition, days on market, comparables, available properties for sale, competitive offers and among other criteria to suggest a good offer price and strategy.
6) Offer Strategies: Especially in today’s market, there are many different types of sales strategies need to be considered. It is a particular important time to make sure your Realtor® knows how to differentiate the type of transactions: Short Sale, REO (Bank Owned), Standard Sale, Investment Properties, Assumed Financing, Trustee Sales…etc. Different transactions require different offer strategies.
7) Walking through the contract and due diligence process: In the past, there was only 1 page for a purchase agreement. However, there are up to 10 pages for purchase agreement nowadays. That does not include the federal and state mandated disclosures or disclosures by the brokerage. It is important to have a Realtor® who can explain what you are signing and make sure your Realtor® included appropriate contingencies to protect your best interest. These agents will guide you to complete your due diligence process according to the terms of the contract. Use an agent who has been trained with designations like a GRI, ABR®, CRS…etc. These professionals have dedicated hours of training and needed to be qualified in order to earn those designations.
8) Referral and Professional Networking: Realtors® network with other professionals who provide services for your real estate transactions. Real estate agents may not recommend a certain individual or company over another, but they can provide references on the vendors they have worked with for you to select. I have provided a list of vendor referral on my website as well.
9) Escrow Process: Unfortunately, real estate transaction is stressful and is never problems free. A good Realtor® will be there for you as a problem solver and will help you through the process with as little stress as possible. Many homeowners will have questions even after the escrow closes, and your Realtor® will be there to answer any questions you may have.
To find a qualified Realtor® in your area to represent you, feel free to visit the following websites:
Accredited Buyer’s Representative: www.Rebac.net
Helen Chong, is a GRI, ABR®, e-PRO®, SFR, CDPE® who can be reached conveniently through email, phone call, texts, and/or chat if you have any further questions about selling or buying a property.