For home buyers or vacant land buyers deciding to hire a licensed professional real estate agent is the first step. The next step is to invest the time to research who would be the best agent to support you as the buyer.
The role of professional real estate agents goes beyond the above graphic as there are nuances within each role. And, not all agents embrace all of these nuances.
For example, before even finding the right home or vacant land, there should be a discussion specific to your bottom line. This discussion would look at the cost of:
- Mortgage
- Property taxes
- HOA or POA fees
- Possible future assessments
- Utilities
Once the bottom line is determined this sets the potential buying price point. Then discussion can determine specific needs such as location, schools, local amenities, road access if rural, etc.
Now the professional real estate agent has enough information to ensure the time invested in seeking that residential property or vacant land is both efficient (doing things right) and effective (doing the right thing). Here is where market expertise comes into play.
From the outside, buying real property appears to be straight forward and almost simplistic. However, this is far from the truth. Guiding buyers through making the offer to purchase has many twists and turns.
No two real estate transactions are the same.
Through the expertise of professional real estate agents they have the ability to negotiate what is in the best interests of their clients. Negotiation begins by:
- Reading the listing
- Requesting any documentation
- Researching comparative market analysis
- Making sure the buyer's have all necessary documentation including zoning, permits, flood plain reports, Covenants Conditions and Restrictions CCRs, etc.
- Responding to all questions as well as any counter offers
The goal of any successful negotiation is to secure the desired results for the buyer or buyers.
Negotiation Is More Than Dollars and Cents!
Finally, the last role is to manage the accepted offer transaction. This may also have many twists and turns such as duplicate to triplicate requests from the loan underwriters to cautioning the buyers not to make any unusual purchases that may affect their debt to income ratio.
Of course, there are inspections which often are more than just the house inspection such as well, solar, electrical, roof, plumbing, mold or radon, survey, etc. Each of these inspections more often than not may require the real estate agent to be present.
Additionally, Escrow and Title firms send out a preliminary title commitment. This is the first research the Title firm takes specific to the property under contract. Not all real estate agents read these reports as they expect the buyer(s) to read them.
In my opinion, the buyer or buyers do not know what they don't know. I read all Preliminary Title Reports, download any links and save them as PDFs. Then I read those PDFs. Finally I sent the Preliminary Title Commitment to the buyer(s) along with all the downloaded PDFs. In this email I note any concerns such as easements, liens, etc. Then we have a conversation about this document along with any other question that may have surfaced.
Of course, there are often endless questions, sometimes duplicate ones that have to be answered. Professional real estate agents recognize the stress the buyer(s) are under and answer all questions with care and compassion.
If a loan is being used to purchase the property, then weekly loan status updates must be received and reviewed. Again, this is to ensure the transaction closes on time. In AZ, the weekly loan status updates are part of the purchase contract.
It's Not Over 'Til the Fat Lady Sings
Close of Escrow is when the accepted purchase contract for the residential property or vacant land parcel is finalized. Often real estate agents will attend the close of escrow with their clients. Sometimes with out of state sellers or buyers documents are signed electronically or in person with a notary.
Then and only then is the compensation for the buyer's agent received. The real estate industry is one of the few industries where payment for services rendered happens after countless hours are incurred.
Understanding the roles of the buyer's agent is critical for any buyer who is considering purchasing a residential property or a vacant land parcel.
P.S. Buying a home or a piece of vacant land is one of the biggest financial decisions you’ll make, so having a buyer’s agent on your side can make all the difference. A great buyer’s agent is your advocate, your guide, and your expert in a complex market. They help you understand your options, avoid costly mistakes, and negotiate with confidence—so you don’t have to navigate the process alone.
#LetsGetBackToRealConversations #WeDoThingsDifferently #BuyerEducation #RealEstateGuidance #LandOfferPocess #ArizonaRealEstate #TheHelpfulAgent #GoldenValleyAZHomesAndLand #KingmanHomesAndLand #buying #selling
Leanne M Smith, The Grit and Gratitude Agent Who Goes the Extra Mile Because Life Begins Where the Pavement Ends.
Feature Photo Courtesy of ListReports.com
Any reproduction of Leanne M Smith’s blog for use by any AI or GAI, distribution or reproduction including but not limited to electronic newsletters e.g. PDF’s Internet sites or physical products e.g. newspapers, CDs without prior written permission and consent by me, Leanne M. Smith (Leanne Hoagland-Smith) is strictly prohibited.
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