Buying a new house can be a challenging task. The overall process is often confusing and complicated, even if you experienced buying homes in the past. To simplify the process, you may hire buyers agents for assistance.
However, not everyone knows what these professionals are. You may have it confused with a listing agent. If you are planning to hire a buyer’s real estate agent, here is some information that you need to keep in mind.
What is a Buyer’s Agent?
A highly skilled buyer’s agent is a professional working in the real estate industry. These experts help buyers in every step of the property purchasing process. They also have a legal obligation to look after the buyer’s interest and ensure that their clients get the most advantageous deal possible.
While real estate agents know how to work with buyers, they cannot be considered professional buyers agents. These experts need to know what the buyers need when looking for the right property to invest in.
Buyer’s Agent vs Listing Agent: What’s the Difference?
A typical property buying transaction involves two real estate agents: the buyer’s agent and the listing agent. The buyer’s agent is assigned to care for the buyer’s needs, while the listing agent represents the seller.
Both these real estate professionals have ethical and legal obligations to take care of the best interest of their clients.
Why Do You Need to Hire A Buyer’s Agent?
The 2019 Consumer Housing Trends Report conducted by Zillow Group shared that 74% of real estate buyers hired an agent to handle all the contract negotiations and lead them throughout the overall process. There are many justifications why you may consider hiring an agent if you buy a new property, such as:
Up-to-date Access to Listings – Every buyer’s agent has access to the latest property listings in their area. It means they may have an idea about the new inclusions even before it comes out in the public listing.
Experienced Negotiations – A professional buyer’s agent will assist you in finding out the fair market value for a property that you are planning to purchase before you start making an offer. They will also negotiate on your behalf, so you and the seller will close the deal on your agreed terms and price.
Professional Recommendations – Aside from helping you find a good deal, buyers agents can also offer recommendations if you need to look for other real estate professionals like real estate lawyers, escrow officers, lenders, or home inspectors. Most of the time, these experts will introduce you to the right people who have favourable work experiences in the past.
Handling Paperwork – One of the most dreaded tasks that all buyers want to avoid is filing numerous paperwork. It may take days before you can finish all the required paperwork submissions. But if you let an agent handle this process, you no longer have to worry about this tedious part of buying a property.
If you find the need to hire a buyer’s agent for your real estate needs, you need to ask them about their credentials before signing a contract. You must know their track record as a buyer’s agent by asking them about the number of homes they worked on in the past. It is also ideal to know how many properties they usually show their clients before finalising the sales. By considering this, you will be allowed to gauge if the prospective agent is suitable for your needs.