I sometimes hear of people who when they are buying a home, feel they need to contact the listing agents directly. They believe that they will be able to save money or get better information if they do not use a buyer's agent. This is simply not true.
A buyer's agent's goal is to find the best home available to meet their client's needs. A listing agent's main goal is to sell their listing.
When a buyer's agent meets with a new client for the first time, they will ask the buyer questions to learn as much as they can about what the client really needs and wants, and why. They will discuss the current market, and come up with a realistic game plan and time frame for finding the buyer's new home.
The specific steps for getting a buyer that home include:
- Helping the buyer get pre-qualified for a mortgage by introducing them to a great mortgage broker
- Researching all available homes that meet the buyer's unique criteria
- Calling the listing agents for those properties to get more information and to set appointments
- Meeting the buyer and showing each of the properties
- Calling for additional information on homes that interest the buyer
- Researching homes that are comparable to the home the buyer chooses, to help determine an offer price
- Working with the buyer to determine the price and terms for an offer - Presenting the offer to the listing agent
- Negotiating to reach a price and terms that work for the buyer and are acceptable to the seller
- Arranging for an inspection and meeting with the inspector
- Explaining the inspector's findings to the buyer and arranging to get repair estimates and additional inspections if needed (by engineers, pest control professionals, general contractors, roofers, etc.)
- Negotiating for repair or other credits when warranted and appropriate
- Meeting with an appraiser and a surveyor when needed
- Coordinating necessary paperwork between the buyer and seller, buyer and mortgage company, buyer and title company, and so on, to help the transaction close.
Using a buyer's agent generally does not cost the buyer anything. (Occasionally an agent's broker may charge a small administrative fee, but this should be disclosed to you up front). The commission to both the buyer's agent and the listing agent is paid by the seller, and determined by the listing agreement the seller signs at the outset. And the buyer stands to gain from the buyer's agent's goal of finding the best property at the best price and terms for their client. So why wouldn't you want to have this person working just for you?
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