When you’re beginning the process of buying a home, working with a buyer’s agent is essential. Whether you’re a first-time buyer or seasoned in real estate transactions, a buyer’s agent will provide a multitude of benefits, such as pertinent information on private listings, neighborhood insight, the ability to create a creative and competitive offer, and the skill to negotiate on your behalf. Read on to learn more about how essential a buyer’s agent is to the homebuying experience.
What is a buyer’s agent?
If you’re a first-time buyer, you will work with a real estate agent to exclusively help you buy a home. If you’re selling your existing home and purchasing a new home, you will likely use the same agent for both transactions. A buyer’s agent represents the home purchaser throughout the homebuying process, from touring properties through closing. A buyer’s agent will protect the buyer’s best interests during the duration of the transaction.
What does a buyer’s agent do?
Of course, a buyer’s agent will take the buyer around to tour properties. However, this is one minor part of a buyer’s agent’s role in the home-buying process. Below are crucial aspects of a buyer’s agent’s role in the process.
- A buyer’s agent doesn’t find properties on real estate apps. This professional has knowledge of homes getting ready to go on the market, homes on the private network and insight into why a property has been on the market for an extended amount of time.
- A buyer’s agent can assess the properties that meet your needs. The agent can assess your list of criteria and curate the homes that meet those needs, factoring in the location, square footage, layout, price range, etc. From there, the agent will schedule the showings in the most time-efficient way.
- Is a hyper-local expert: A buyer’s agent should have a deep knowledge of the local market, including home values, school information, neighborhood insight and more. If you’re from out of the area, this insight is invaluable. If you currently live in the area, this information is still vital, as the agent may have insight that you don’t have, such as information on future developments and taxes.
- Creates creative and competitive offers: In a competitive market, submitting an innovative and competitive offer can help you stand out. A buyer’s agent knows about terms to include in the offer that will help it stand out to the seller. This may mean being flexible on the closing date, including a rent-back option or additional terms that will make your offer appeal to the seller, in addition to contingencies to include.
- Negotiate with the seller’s agent, keeping your best interests at the forefront of your mind. Once the offer is submitted, you can expect several rounds of negotiations. A buyer’s agent is an expert in these negotiations and can advise you on where to concede and where to stand firm. They will advocate on your behalf throughout the negotiation process, advising you on how to respond to counteroffers and different terms.
- Can help you stay objective: A professional buyer’s agent should be there every step of the way and guide you in making the decisions that are in your best interest. They should advise you on when to walk away from a property, counsel you against making an offer, tell you when to give in to a seller’s request and tell you when to stay firm.
Working with a buyer’s agent can help protect you against short-term stress and long-term financial mistakes. When you’re interviewing buyers’ agents, starting with referrals is the first step. Looking for a buyer’s agent who is a local expert, has considerable experience, is professional and is someone you enjoy spending time with will help you invest in the best property for your individual situation.
