Wanted! A buyer that is organized, decisive, an effective communicator and either a cash buyer or pre-approved!
If only it was that easy, then being a buyer’s agent would be the easiest job in the world. Unfortunately, I have come to realize that buyer’s agents are the unsung heroes of the real estate world.
Buyer’s agents are tasked with the lion’s share of the work in real estate. The buyer’s agent is the one responsible for vetting the leads, searching for a house, referring the buyer to a lender, organizing a property tour, offering, negotiating, following up with everyone involved to insure a smooth deal, property walkthroughs, coming up with creative solutions when title or survey abnormalities are encountered, and finally making sure everything is where it needs to be at closing.
I have worked with quite a few clients in the last few months where some have been perfect clients and others not so much. For someone that is in the market to buy a house, how can they become a perfect client?
Before beginning the home search and interviewing agents, the buyer should determine what their needs and wants are. Everyone wants a three bedroom two bathroom house in a great neighborhood with excellent schools. There are probably thousands of houses meeting those criteria in Austin.
A good agent will respond to a lead with lots of questions in order to determine the in-depth criteria a prospective buyer wants. The more criteria the easier the home search will be.
If a prospective buyer contacts me, then ideally I want to know as much about the buyer’s housing preferences as possible: Do you want large trees? Are you an entertainer? Do you like to cook? Do you want an outdoor living area? Do you want a view? Do you garden? Do you need large closets? Do you want dual sinks in the master bath? Do you prefer a certain architectural style?
If a client effectively communicates this information then I can find you a house in your price point that you will love. It is important after identifying your wants and needs to speak with a lender to determine what you qualify for.
One of the main goals at this point of the home search process is to establish an expectation of performance between the potential buyer and the Realtor. Writing back-and-forth is a good sign. It means that both parties are working well together and communicating. Signs of a good agent are that an agent that is responsive to inquiries and has an answer for most questions. The buyer should set the stage for the level of responsiveness required.
Now comes the fun part -- the property tours! Your Realtor will likely ask you to pick your top 5-10 homes from a list of homes that have matched your criteria, and then setup appointments as needed.
When beginning the home search it is very important to have realistic expectations. Here in Austin, TX we currently have a seller’s market. This means that we have homes that are selling in days, sometimes hours after hitting the MLS. There are certain neighborhoods in Austin, TX particularly Milwood, Crestview, and The Villages of Western Oaks where if a house doesn’t sell in days, something is seriously wrong with it. The same is true for leasing. Certain neighborhoods, particularly 78745 have a limited supply for rental housing and strong demand for them.
If you are searching for a home to either buy or rent, then you are highly likely to encounter multiple offers or multiple applications. I wrote an excellent blog the other day about handling multiple offers that can help with these scenarios.
Once the buyer has found the perfect house, then they need to be decisive and make an offer. There is saying in real estate that “The house that you looked at today, another person saw yesterday and made an offer today”. My job as a buyer’s agent is to position the buyer to be the best possible candidate for that house.
After making the offer, the buyer’s agent will provide the buyer with a calendar of all of the important dates. These may include the option date, the closing date, the underwriting date, the inspection date, date of receiving the seller’s disclosure statement, date of receiving the HOA docs, the appraisal date, and date of borrower credit approval, etc.
Keeping an effective pipeline of communication is imperative here. The buyer’s agent is going to do everything possible to ensure that buyer’s earnest money is protected and that they are able to back out of the contract if necessary. In order to do this the buyer has to do their part by doing the required items on or before the dates in the contract. If the buyer doesn’t perform, then their earnest money is in jeopardy.
Finally after all of everyone’s hard work and communication, the buyer closes and is proud owner of the house of their dreams!
If you would like more information about buying a home in Austin, TX please contact me at jordan.gouger@kw.com or 512-693-9297. To begin your home search and learn about Austin, TX neighborhoods please visit Jordan Gouger the Tech-Friendly Realtor
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