Whether you’re buying your first home or looking to upgrade, finding the right buyer agent can be a huge help. The process of buying a home can feel stressful and overwhelming—there are so many details to keep track of! A buyers agent is someone who specialise in helping buyers navigate the sale process. Buyers agents have the best interests of their clients at heart—they’re not in it for themselves. They want to find you your dream home, and they know what to look for so they can help you find that exact place. They’ll work with you through every step of buying a new home and guide you through the various details and challenges along the way.
If you’re thinking about working with one, here are some things you need to know before you decide on getting started with a buyers agent.
What are their fees and how do they work?
There are many different ways buyers agents charge fees, but the general structure is that they receive an up-front commission from the seller of a home, which is then paid back to them by you (the buyer) when you close on your new home
The payment schedule should be outlined in detail in your contract with them. You’ll want to understand what will happen should any payments fall behind or get missed, as well as how much their fee depends on how quickly they help you buy a house. This can vary greatly depending on whether or not you find and purchase a house within a few months or if it takes several years for one reason or another.
Be sure they are licensed.
Buyer agents are regulated by state law. In order to legally represent buyers, buyer agents must be licensed by the state. They must complete an educational requirement and pass a certification exam before they can be licensed. The laws governing the practice of buyer agency vary from one state to another, but they all require that a buyer representative be properly trained and licensed to represent buyers’ interests. They may also regulate how much money a person can earn as a buyers agent.
How will they represent you?
When working with a buyers agent, they will negotiate on your behalf. They will educate you on the process and help you find the right house. In addition, they can assist with getting your offer accepted.
Do they know the local market well?
The local market is a unique place with unique factors that affect its property values. The real estate agent you work with should have intimate knowledge of these factors and be able to help you make informed decisions about where to invest your money as a result.
- What are the current economic conditions in my area?
- How quickly are homes selling in my neighbourhood?
- Are prices rising or falling? And if so, by how much?
What do recent trends say about the future of home values here (e.g., if prices have been increasing steadily over the last year or two, there may be no reason for them not too).
Do they have any special expertise or training?
Many agents will tell you they can do it all. But how do you know if they’re telling the truth? One way to find out is by asking them about their education and training. Here are some of the most important areas to check:
- Negotiation: Can they teach me how to negotiate with sellers?
- Finance: How knowledgeable are agents in financial matters related to real estate transactions (e.g., closing costs)?
- Appraisal: Are there any appraisers who work exclusively with your agent’s brokerage firm or team—and if so, what kind of fee structure does this entail for clients like you who need an appraisal done before purchasing a home?
- Home Inspection: What types of inspections do buyers typically request when buying residential properties–and what kind(s) might be recommended by your agent’s company before putting in an offer on any given property that comes up for sale
Are they easy to get in contact with and communicate well?
This is an important question, especially if you’re busy. You want your buyer’s agent to answer their phone when you call them and respond back promptly. If they don’t, it could cause problems down the line. They should also be responsive to emails and text messages (if that’s what you prefer). When meeting with your buyers’ agent, make sure they follow up after each meeting to let you know what happened or where things stand on a given project or negotiation. Lastly, your buyer’s agent should keep you informed of progress as they work through the buying process so that there are no surprises!
Find the best buyer agent for your needs.
When you hire a buyer agent, it’s important to consider what you want from them and how they can help. You should also decide how much time and money you want to commit. If this is your first home purchase, find out if the agent has experience with first-time buyers and their questions.
The bottom line is that buyer agents can be an excellent resource for homebuyers. But how do you find the right one? It’s important to do your research and make sure that any potential agent is licensed, trustworthy and has experience with this type of work before hiring them.
