Why You Should Hire A Buyers Agent
Having a Real Estate Agent represent you as a Buyer is a WIN-WIN!
A lot of consumers in the real estate market wonder if hiring an agent can be beneficial to them. It would seem as though that you don't need to when you can look up most properties yourself so easily via Zillow, Trulia, Realtor.com, ect. I'm telling you right now that you should absolutely hire one! Let's go over the reasons why.
It doesn't cost you a dime!
I feel like there is a general misconception that you would have to pay for such a service. The way an agent makes a commission on a purchase is through the seller of the property. A commission percentage is set in an agreement between the listing agent(seller's agent) and that commission is split between the selling and buyers agent.
So does that mean that if you the buyer contacts the selling agent directly, that you will get a lower price or better deal? No! The commission agreement between the seller and that listing agent is still the same so that agent just receives that full commission. In the same scenario that listing agent might start the role as what is called a Dual Agent. So now that agent is representing both clients and is supposed to act in the best interest of both? That really just results in the agent giving ZERO advice to either party.
Why not hire a real estate professional to assist you when it is absolutely free for you to do so?!
Agents are constantly monitoring the market
As agents who are in the market everyday, we notice what areas are up and coming. Property value typically appreciates with time but also is dependent on what's going on in the neighborhood. Is there new construction? New markets and restaurants? Maybe new residential development? We notice what's going on because we are constantly looking.
Agents do a lot of research for you
Purchasing a home is one of the biggest decisions you can make. That being said, there is so much research to be done when you think about purchasing a property.
Your agent will research the neighborhood for crime statistics, school zoning, value of similar properties, and stuff like flood zones.
Then there's research on the property itself. When selling agents list properties they attach what is called a property disclosure which could bear crucial information that the buyer alone doesn't see without asking for.
For example, some sellers are notorious for not getting required building permits required for renovations they have done in their homes. This is a big no-no that could cause problems for a buyer once it’s time for them to sell.
A buyer’s agent will research at the local town building department when there are suspicions that permits have not been pulled.
Have an expert negotiator on your side
Some might dread the thought of the negotiating period and some might feel they are really good at it. Regardless, an agent representing you will be your voice for all these matters.
A good agent will perform a comparison market analysis on properties you are interested in. This gives us a good idea on what kind of offer to give by comparing similar properties and what they sold for preferably in the immediate area.
Then during the inspection period negotiating terms is available once more. There may be defects that were unseen by the buyer and an agent can then use that to request that the defect be repaired or a credit be given to the buyer.
Just remember that you have the final say in all negotiations. An agent advises but ultimately the calls are yours to make.
Your agent will organize all showing times
Scheduling to see the properties you're interested in can easily become a juggling act. Some require 24hr notice, some require the listing agent to be present, some are vacant and require an agent to open a lockbox, and some can be as simple as show and go. Let a agent help you in this matter.
Vast network of professionals
In the process of your buying experience you will need help from other professionals. The big 3 includes inspectors, lenders, and title companies.
Instead of you taking the time to research which have good ratings and which is the most cost efficient, your agent should already have a list of trusted individuals to recommend to you.
A part time therapist
Buying any kind of property can be emotionally exhausting!
Making such a big commitment is scary, stressful, and exciting all at the same time.
A property you love may go under contract with someone else before you put an offer in.
You may find something incredibly wrong during the inspection that is too much to handle.
Maybe a lender doesn't give you as much as you need to close on a house.
Your agent will be there to help you stay focused and sharp during the process.
Bottom line
There is no reason not to hire a buyers agent. Take the time to sit down with a couple different ones to select which is the best for you. You'll be glad that you did.