The real estate market is tough and ever-changing. If you’re not working with a knowledgeable and experienced agent, you could miss out on critical information or end up overpaying for your home. This guide will walk you through everything you need to know about finding a buyer’s agent.
INDEX
Duties and Responsibilities of a Buyer’s Advocate
Tips for Finding Buyer’s Agent
What are Buyer’s Agents?
A buyer’s agent helps potential buyers find homes and negotiates a fair price with the seller. There are different buyer agents, but you shouldn’t mix them up with listing agents to help people sell their homes.
Their licenses are what set them apart from each other. With a license, a real estate agent can rent, buy, or sell many different kinds of properties. A realtor has the same license as real estate agents, but they are also members of a specific real estate industry, which has a code of conduct that agents must follow.
Duties and Responsibilities of a Buyer’s Advocate
An agent’s job as a buyer’s representative is to be a helpful resource for clients throughout the entire home-buying procedure. Therefore, a professional buyer’s agent is responsible for the following:
Locate Properties
A buyer’s agent’s first step is to learn about the client’s wants and goals so that he or she can better narrow down available properties. Afterwards, they’ll utilise that data to start looking for suitable properties. The right buyer’s agent will keep them apprised of all available properties that meet their criteria as soon as they hit the market.
Set up Viewings
Potential purchasers will look over the listings sent to them by their agent and select the ones they want to see. The agent will then organise a time for the buyers to visit the property with the property manager and the listed selling agents.
Engage in Question-and-Answer Exchanges
A good buyer’s agent usually attends all open houses and showings the client is interested in. The buyer’s agent will accompany the prospective purchasers on tour and be available during the entire time for any questions or comments they may have.
The buyer’s agents will also inquire about the seller’s situation, the property’s condition, taxes, etc., by questioning the listing agent.
Advise on Costs
When prospective buyers locate a house they like, their agent will ask the listing agent if any property disclosures could affect the home’s desirability or asking price.
The agent will then conduct a comparative market analysis (CMA) to establish a fair asking price for the property in light of recent sales of properties with similar features and locations. The agent will suggest an offer amount to the purchasers based on the property research and characteristics.
Collaborate with Listing Agents
The buyer’s agent’s job is to make an offer on the client’s behalf and then negotiate the price and details of the deal. If the seller makes a counteroffer, the buyer’s agent will let them know about it so they may discuss whether or not to accept it.
The buyers’ agent will also advise their client on making their offer more appealing to the seller for an easy property purchase process, such as by removing stipulations or moving the closing date. The purchaser’s agent will work on the contracts as soon as the seller accepts an offer.
Advise other experts in the field of real estate
Before, during, and after the closing process, the buyer’s agent will be there to answer any questions or offer advice. They may suggest that the purchasers consult with real estate lawyers, inspectors, etc., before the closing date to help safeguard their interests.
Tips for Finding Buyer’s Agent
Australia has more licensed estate agents than you might think. Their knowledge of the quality of homes in different neighbourhoods, connections in the industry, and negotiating ability can make your experience much easier. To find the right real estate agent or broker, use these tips:
Look into neighbourhoods and homes
Some real estate agents focus on specific price ranges or areas. Before you meet with agents, research the real estate market and try to narrow down what you’re looking for, such as the neighbourhood, school district, style of architecture, yard size, access to public transportation, price range, etc. Your wants might change, but you should have a good idea of what you want.
Talk to multiple agents about the job
No matter how much you like the first real estate agent you meet, you should meet with a few more to compare and contrast. Ask about recent sales and recommendations. Talk to the agent’s past clients to find out how it was to work with them and how they handled different situations.
Ask about the people they know
Ask real estate agents about their relationships with other agents because those relationships can lead to early access to properties. Ask them if they know any appraisers, home inspectors, real estate lawyers, etc., because you’ll probably need their help putting together a team to close a deal.
Hire someone you genuinely like
Even if an agent works for a successful company, that doesn’t mean they’re the best choice for you. And if purchasing a home is new to you, it’s important to find a partner you enjoy spending time with.
Talk about what could go wrong
If you’re a first-time home buyer investing in your dream home, you need to feel like you’re making a smart real estate deal and not taking a chance. But things can go wrong, and you must be ready for them. Talk about possible problems, like the seller changing their mind, a bad home inspection, or other problems you didn’t expect. So you can be ready and know how your agent will act in those situations.
Talk about how to negotiate and how to win
Everyone involved in the home-buying process, including you and your real estate buyer’s agent, must be on the same page. Share stories of the toughest purchase price-point negotiations you’ve ever had to make.
Final Thoughts
Now that you know all about what a buyer’s agent is and what they do, it’s time to find one! Luckily, we have some tips for locating a buyer’s agent who will be the perfect fit for your needs.
Remember, you want an agent who understands your wants and needs, so take the time to interview several agents before making your decision. And don’t forget to ask lots of questions!
The more you know about working with a buyer’s agent, the better-informed decision you can make. So what are you waiting for? Start finding agents today!
Image source: Depositphotos
