Buying a home is a significant milestone in anyone’s life. It often comes with many decisions and complexities. One of the smartest moves you can make as a homebuyer is to enlist the services of a buyer’s agent.
But what does a buyer agent do, and how can they help you in your real estate journey? We will explore what buyer agents do, shedding light on how they make the home-buying process smoother and more efficient.
Agents who take their career seriously and want their time well-spent will ask clients to sign a buyer brokerage agreement, also known as a buyer’s agency contract. The agreement will spell out the client-agent relationship. Before signing, it is wise for consumers to have complete comfort in their agent. The same can be said of agents.
Maximum Real Estate Exposure’s resource covers the contract in depth. While having a buyer’s broker isn’t a requirement, it is a wise move! Let’s find out why.
What does a buyer’s broker do?
A buyer’s broker is a real estate professional who works exclusively for homebuyers. Their primary role is representing the buyer’s interests throughout the home-buying process.
Here, we’ll delve into a buyer’s agent’s essential responsibilities and functions, highlighting what they do to make the home-buying experience smoother and more advantageous for their clients.
Real Estate agents should be able to explain to their clients how they bring value to the transaction. This is especially true in light of how the real estate industry could change due to current lawsuits going through the courts.
Going directly to the seller’s agent is never a good route. At best, it creates dual agency; at worst, the agent will work toward maximizing the seller’s interests, NOT yours.
Specific tasks you can count on before a transaction
- Market research: One of the fundamental tasks of a buyer’s agent is to conduct thorough market research. They analyze current market conditions, recent sales data, and pricing trends in the areas their clients are interested in. This research ensures that buyers comprehensively understand the market and can make informed decisions.
- Property search: Buyer’s brokers assist their clients in finding suitable properties that align with their preferences, needs, and budget. They utilize multiple resources, including the Multiple Listing Service (MLS), to identify available properties. This saves buyers a significant amount of time and effort.
- Property showings: Once potential properties are identified, they schedule property showings and accompany their clients to view these homes. They provide valuable insights into the property’s features, condition, and potential during showings. This guidance helps buyers assess whether a property meets their criteria.
- Negotiation: Negotiation is a critical aspect when purchasing a house. Buyers’ fiduciaries act as skilled negotiators, advocating for their clients’ best interests. They negotiate with sellers or their agents on various aspects, including the purchase price, contingencies, repairs, and seller concessions, intending to secure the most favorable terms for the buyer.
Work during a potential sale
- Paperwork and contracts: Real estate transactions involve a significant amount of paperwork, including purchase agreements, disclosures, and contracts. Agents ensure that all documents are completed accurately and comply with local laws and regulations. This helps protect the buyer’s interests and provides a legally sound transaction.
- Connecting with professionals: A Buyer’s agent has extensive networks within the real estate industry. They can connect their clients with trusted professionals, such as mortgage brokers, home inspectors, and title companies, to facilitate the various aspects of the home-buying process. These connections can streamline the process and ensure buyers work with reputable experts.
- Due diligence: They assist in conducting due diligence on the property. They help arrange inspections, coordinate with inspectors, and ensure that any issues or concerns are addressed. This allows buyers to make informed decisions about the condition of the property.
- Guidance and advice: A Realtor will provide guidance and advice based on their expertise throughout the home-buying journey. They offer insights into local markets, neighborhoods, and the long-term potential of the properties under consideration. This guidance helps buyers make well-informed decisions that align with their goals.
End of transaction and post-closing
- Closing process: As the closing date approaches, they work closely with closing agents to ensure all necessary documents are in order. They also attend the closing with their clients, ensuring that the process goes smoothly and that the terms and conditions of the transaction are understood.
- Post-purchase support: Even after the sale, buyer’s brokers continue to assist their clients. They can help with post-purchase matters such as coordinating moving logistics, addressing any lingering questions or concerns, and providing recommendations for local services like contractors, landscapers, or interior designers.
In real estate, a buyer’s agent is an invaluable resource. They wear many hats throughout home buying, from research and property search to negotiation and closing. What they do ultimately boils down to representing your interests. They provide expert guidance and simplify the complex process of purchasing a home.
By enlisting the services of a skilled and dedicated buyer’s broker, you can confidently embark on your home purchase. You’ll know you have a trusted professional by your side every step of the way.
Bill Gassett is the owner and founder of Maximum Real Estate Exposure.