Engaging with buyer’s agents to facilitate your home search and more importantly, securing it as your home, involves a careful consideration of the pros and cons.
In recent years, the landscape of home buying has transformed, providing individuals with unprecedented access to information.
With the ability to identify homes for sale, connect with listing agents directly, explore neighborhoods, attend open houses, and utilize online resources for home value estimates, many homebuyers find themselves adept at managing the initial home search process independently.
In this DIY era, however, where consumers have the power of choice in various aspects of their lives, some still hire a tax professional for their taxes, get a financial advisor to manage their portfolio, hire a mover or a painter; many still consider hiring a buyer’s agent in one of the biggest financial transaction in their lives.
Let’s discuss the advantages and disadvantages of using a buyer’s agent to help you purchase a home.
Pros to using a buyer’s agent (a good one!)
- Real Market Knowledge: Buyer’s agents typically have a good understanding of the local real estate market. They can provide valuable insights into neighborhood trends, property values, and and new communities in the works.
- Negotiation Skills: An experienced buyer’s agent can be a skilled negotiator, working on your behalf to secure the best possible deal. They can help navigate the offer, counteroffers, repairs negotiation, and others.
- Pre-offer Investigations: The buyers agents that enjoy the most success, don’t get that way by accident. These agents are skilled at uncovering details about competing offers in order to give their clients an edge. Additionally, these agents also learn the motivations and preferences of the home seller, in the event that offers can be prepared in such a way to be most appealing to the seller, increasing the probability of getting acceptance.
- Agent’s Peer Reputation: Reputable agents are known for being great to work with, which is why listing agents prefer to work with them and their buyers. This can make a critical difference in getting purchase offers accepted. These great buyers agents go above and beyond in protecting their clients’ interest.
- Access to Listings: Real estate agents through their network often have access to a broader range of listings, including those not yet publicly available online – or those listing where the seller opted out of online advertising altogether out of privacy concerns. This can give buyers more options and a better chance of finding a suitable property.
- Paperwork and Contracts: Buying a home involves a significant amount of paperwork and legal documentation. A buyer’s agent can assist with this process, ensuring that all documents are properly completed and submitted on time. A good buyers agent will take the time to explain the what and why of each item, as well as talk about the options available to the buyer. For example, some sellers can be inaccurate with their disclosures about the home; a buyer’s agent will help you in navigating seller disclosures owed to you. If you happen to fall in love with a home whose seller does not seem to be in the know of their duties or on the up and up, maybe even represented by an inexperienced listing agent (check their license status), it would behoove you to have an experienced buyer’s agent on your side.
- Guidance Through the Process: Purchasing real estate can be a complex process, and not just for first-time buyers. Repeat buyers who haven’t bought and sold a home in decades are not necessarily updated with the process and need “hand-holding” from a professional they they trust. We take it for granted that everyone uses technology but some may not be comfortable with technology nor trust it. A buyer’s agent can guide you through each step, from finding a property to closing the deal using communication methods that you are comfortable with.
- Managing emotions – Having an intermediary to buying a house, can be helpful. As human beings, buyers and sellers go through many emotions, not just the highs, but the lows. Common feelings are anxiety, confusion, frustration, and sometimes anger. If each party where to express their raw feelings directly at each other, negotiations can fall apart quickly. A buyer’s agent can listen to their buyer clients, respond accordingly and in a timely manner before things fester, and diplomatically express their client needs to the seller’s side and hopefully achieve satisfactory agreement between parties. It is imperative to have a buyers agent who has the skill of keeping everyone calm during the process, as this state fosters more clear thinking on both sides of the transaction.
- Explain and educate you with your options – A good buyer’s agent can help explain and educate you with your options to help you with your decision making, this includes explaining the pros and cons of each so you can make an educated decision.
- Save you time – for those who are planning a move a year or two in advance, having a buyer’s agent assisting them in transitioning from strictly online research to real world/ local real estate market situations can be a time consuming process. Having a buyer’s agent guide a buyer in piecing things together, help figure things out, will ultimately save buyers a lot of valuable time.
Not all buyer’s agents are the same of course. The pros of using a buyer’s agent mentioned above apply to hiring a buyer’s agents who have demonstrated experience, talent, and expertise in their local market. And to qualify a buyer’s agent even more, the advantages to using a buyer’s agent apply to agents who are professional, ethical, and provide great customer service.
Cons to having a buyer’s agent:
- Cost: One of the primary drawbacks is the cost. Real estate commissions are always negotiable, including who pays for it. The seller may agree to pay for the real estate commission for the buyer’s agent along with he listing agent or the buyer may pay for their own buyer’s agent. The buyer and seller may split the commission costs as well, depending on their negotiation. The key here is transparency among all parties.
- Decision Dynamics: For those who prefer a more independent approach, partnering with a buyer’s agent might feel like having an unwarranted sidekick in a quest where they intended to be the sole protagonist.
- Navigating Interests: A common concern is the potential conflict of interest. Questions arise regarding whether the agent is advocating for a property based on its merits or due to the financial dance awaiting them upon a successful transaction.
- Limited Control Over Timing: Real estate agents may be juggling multiple clients, and the timing of property viewings or negotiations may not always align with the buyer’s schedule.
- Finding a Trustworthy Agent: Not all agents are equal in terms of competence and ethics. It’s important to thoroughly research and choose a trustworthy and qualified buyer’s agent. Find qualified buyers agent by reviewing their client testimonials, as well as their peer testimonials from other professionals in the real estate business. Buyers should also check a real estate agent’s license status to see if there are any disciplinary actions against them.
Contact Jean and Ken Tritle, a husband and wife real estate broker/agent team at DreamWell Homes Realty.
Call or Text: 760-798-9024
Email: jeanken@dreamwellhomes.com
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