It’s always a good idea to secure the services of a buyer’s agent before purchasing a home, especially as sellers currently pay most of the buyer’s agent commissions.
A recent lawsuit challenging the National Association of Realtors (NAR) on commission practices has settled in such a way that sellers won’t take the whole brunt of paying these fees, but obtaining a buyer’s agent is still a good idea.
Here’s everything you need to know about the role the buyer’s agent will play during the homebuyer’s process.
Buyer’s Agents & Seller’s Agents
In most real estate transactions, both you and the seller will have your own agent. The buyer’s agent should be representing your interests while the seller’s agent represents theirs.
While dual representation is legal in some states, it’s rarely in your best interests to allow it. Find your own agent, preferably one who specializes in acting as a buyer’s agent. The seller’s agent’s job is to sell the home at the highest price. The buyer’s agent’s job is to find you the home that best suits your needs at the lowest price possible.
Realtors® vs. Real Estate Agents
All Realtors® are real estate agents, but not all real estate agents are Realtors®. Realtors® are members of the National Association of Realtors (NAR) and agree to follow a strict code of ethics.
If all else is equal and you have the choice, hire a Realtor®. You’ll go into your transaction with the peace of mind that comes from knowing your real estate agent is truly looking out for your best interests. Plus, NAR members receive access to special continuing education classes and certifications, which can help them hone their expertise.
Real Estate Agent Services
A buyer’s agent will perform a number of services for you.
- They can help you find listings that may not be available to the public. If you present an offer before a property ends up on Zillow or similar services, you can increase your chances of getting an accepted offer.
- They have deep area knowledge. You know what’s important to you, but finding it can be difficult without a guide. Online knowledge about a neighborhood will never match a local agent’s in-depth expertise.
- They understand the process of a home purchase from start to finish and can guide you through it. Listening to your buyer’s agent can help you avoid many pitfalls.
- They can help you negotiate with the seller and can make recommendations about when and how you should negotiate. It can be valuable to know when to accept a counteroffer, when to insert contingencies, and when to avoid them.
- They can refer you to additional professionals, such as home inspectors and appraisers, whom you’ll need to interact with throughout the home-buying process.
Buying a home is stressful, so buyer’s agents provide one more additional, non-tangible service. They offer you the peace of mind that comes from knowing you have an expert working on your behalf.
Start the Process With Pre-Approval
Before you look for a buyer’s agent or start shopping for homes, you need to secure pre-approval for mortgage financing. It helps to work with a dedicated mortgage professional, too.
Alex Doce is ready to work with you to find the right loan and the right loan amount for your circumstances. When you’re armed with the right loan, you become a highly competitive buyer!
Schedule your one-on-one consultation today.
