Why should I work with a Buyers Agent?

By
Real Estate Agent with Keller Williams Realty Boston North West MA-9081217

What is a "buyer's agent" in real estate?  A buyers agent is authorized to act in the best interests of a client and is obligated to place the client's interests before those of any other parties, including the agent's own interests. With increased education among both real estate professionals and consumers, buyer representation has grown to the extent that based on recent NAR research, nearly 60 percent of buyers work with a buyer's agent. The services provided by a buyer's representative include:

  • Counseling: Assistance in acquiring and interpreting information about the property and its condition as well as advice about financing options.
  • Negotiating: Development of a realistic offer and a negotiation strategy.
  • Managing the transaction: Guidance through the process and paperwork to ensure an on-schedule closing.

The initial counseling session for an Acton area buyer is a focused conversation between the buyer and the Realtor. For both the buyer and the real estate professional, the counseling session is an opportunity to build rapport. For the Realtor, the aims are to:

  •       Learn the buyer's needs, wants, goals, and motivation
  •       Define the buyer's parameters, price range, and timeframe
  •       Help the buyer form realistic expectations
  •       Obtain a representation commitment from the buyer
  •       Plan a strategy for finding the right property

 

      Agents May Avoid Some Buyers

      Real estate professionals may avoid some buyers because they drain time and other resources. Agents may try to avoid buyers who:

  • Have a lease that will not expire for another year, but want to go out on showings to get a "feel" for the future market
  • Are unqualified or do not want to get pre-qualified or pre-approved until a property is found that meets specific needs
  • Have persistently unrealistic expectations, are habitually late, miss appointments or are otherwise inconsiderate, hypercritical, overly demanding, or dishonest in their statements
  • Create a conflict of interest or legal liability such as a buyer who wants to purchase a property the agent owns 
  • Have a family member who is a real estate agent and will not sign an exclusive agreement
  • Want to work with several other agents
  • Try to negotiate directly with the seller's agent
  • Make demands that violate fair housing laws
  • Ask for rebates or kickbacks or make other illegal suggestions

Buyers agents work hard to find the right property for their clients and facilitate the process. They should be knowlegable about the community, able to pass along references for mortgage agents, real estate attorneys, moving companies, and many other types of service providers that a potential home owner may need.  Best of all, the seller's commission typically pays for the buyer agent, making it a win-win for the buyer!

     Betsy Purcell Realtor

                Betsy Purcell, SRES, CBR, GPS  betsypurcell@kw.com  978-758-7414                                                                  www.SearchingActonMAhomes.com

Serving both buyers and sellers since 2005 in Acton, Concord, Stow, Boxborough, Maynard and                                                         surrounding towns

 

 

 

Comments (1)

John Owen
Right at Home Realty Inc., Brokerage - Oshawa, ON
Broker serving Durham Region, Ontario

Hi Betsy, great post - one thing I try to point out to people when explaining the buyer agent relationship is that the listing agent represents the seller's interests only as stated in their contract.  

Jan 23, 2014 05:38 AM

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