Most buyers understand the benefits of having their own agent represent them in a real estate purchase. But still there are some who, for some mysterious reasons, insist on going it alone. This has always baffled me since having your own agent has many benefits, and few, if any, drawbacks. So I tried to think ... [Read More]
Most buyers understand the benefits of having their own agent represent them in a real estate purchase. But still there are some who, for some mysterious reasons, insist on going it alone. This has always baffled me since having your own agent has many benefits, and few, if any, drawbacks. So I tried to think of what would be the possible objections of these reluctant folks, and I have come up with a few answers for them.
I can search on my own, through newspaper ads and the Internet. Sure, that’s certainly an option. However, one of the main benefits of utilizing a Realtor is his or her knowledge of the local market. Realtors have access to the Multiple Listing Service (MLS), a database of all homes offered for sale by Realtors, some of which are not advertised in the papers and online. But more importantly, an active agent regularly visits homes for sale on his or her own and is always up to date as to where the best listings are. This thorough knowledge of the local market can save you valuable time, since your agent can steer you towards homes most likely to suit your needs and quickly alert you to any new listings that become available.
Aren’t real estate agents pushy? Good ones are not. A good agent wants you to be comfortable and happy with your purchase, if for no other reason than so that you can recommend him or her to your friends and relatives.
Can’t I just work with the listing agent when I see something I like? Again, that’s an option. But keep in mind that the listing agent is working for the seller, not for you. This means that his or her obligation is to get the best price and terms possible for the seller. The buyer’s agent, on the other hand, owes his or her loyalty to you. This will include negotiating on your behalf to get you the price and terms that you want. It also means that your agent may advise you against a certain purchase if the agent feels that such a purchase would be contrary to your best interests. A seller’s agent certainly would not be in a position to do that.
What about the paperwork? It’s a part of your agent’s job to prepare the written offer on your behalf, and to make sure that it is written so that your interests are protected. A buyer’s agent will also assist you with all the other paperwork involved, including any documents that your lender requires. And, if any issues come up with any part of the purchase process, your agent will use his or her problem-solving abilities to resolve the issues to your satisfaction.
How much does a buyer’s agent cost? There’s usually no cost to the buyer. Normally the buyers’ agents receive a portion of the commission that the seller already agreed to pay, so you most likely won’t have any out of-pocket costs for having your own agent represent you. (Cool, huh?)
Where do I find a good buyer’s agent? One way is to ask family and friends for recommendations. Or consider interviewing a couple of local agents and see which one you like best.