Why Use a Buyer's Broker

A buyer’s broker (also referred to as a buyer’s agent) is a real estate agent that represents the buyer. Often people think it is only necessary to use an agent if you are trying to sell your home but there are many benefits on the buying side as well. A buyer’s agent will connect you with a wider variety of homes, help you negotiate the right price, and negotiate terms & conditions that serve you.

COMPETITION

In a strong real estate market there are many buyers competing for homes. This has been especially true in our market over the past several years. A buyer’s broker will always be working to find the right property for you. They will likely know about listings first, often before they hit the market. If you are relying on Internet home searches and Craigslist, offers may be put on your dream home before you’ve even been able to get in the door for a look.

PAPERWORK

There is a lot of paperwork in the world of real estate. Until you’ve been through several transactions, you may not realize how many documents you’ll end up signing just to put an offer in. It makes a big difference to have a professional walk you through this process. Once an offer is submitted, it’s far from the end. There can be counter-offers, state required disclosures, inspections and contingencies, all things that your agent will go over with you to make sure decisions are being made in your best interest. With a buyer’s agent, you have someone on your side advocating for you.

PROFESSIONAL RECOMMENDATIONS

During the process of buying a home, buyers often need a mortgage broker, home inspector, movers, etc. You can always Google search these things, but personal recommendations will get the best, most reliable service. Most real estate agents have been in the business long enough to be able to give you a name and number of other professionals that do good, trustworthy work.

TIME

We live in a fast-paced world where time is precious. You don’t want to waste your time searching through hundreds of homes on Zillow and Trulia. With a buyer’s agent you can have one meeting, tell them everything you are looking for in a home, and have them do the rest. They will scour the market, set up the appointments and get the inside information on what might be going on with a particular home. This can save you a ton of time and will get you into your dream home faster than if you were buying on your own.

BUYER'S AGENT FEES

Under the recent NAR settlement, buyers must enter into a written agreement with an agent before viewing properties. Sellers can still offer cooperating fees to a buyer’s agent, but it cannot be advertised on MLS. In the event a seller offers a co-op fee the buyer incurs no commission costs. If the seller is not offering this, it is up to the buyer and their agent to determine compensation for the work they will be doing. This could be a flat fee, hourly rates, or something written into the buy sell agreement.

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