One of the most important decisions that someone who wants to purchase a home can make is deciding which real estate agent will best represent that buyer?s needs during every phase of the transaction. There is a right way and a wrong way to find buyer?s agent. Let?s discuss some pro-active steps to find the best buyer?s agent available.
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Remember Who Works For Who ? A great tendency of most inexperienced real estate buyers is to drive by a house they like and call the real estate agent with the sign in the front yard. Here is the real meaning of that sign. That?s the seller?s agent. It is very legal, common and ethical for the listing agent to also represent the buyer. Just remember that the agent also has responsibilities to the seller.
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Fiduciary Responsibilities ? Very early in the relationship, most likely at the first substantive meeting, the buyer?s agent explains his role in the transaction. The buyer?s agent owes his client loyalty, confidentiality, obedience, disclosure, full accounting and the duty to use skill, care and diligence. Simply stated, the buyer?s agent puts the client interest ahead of all other?s including the agent?s interest. If the buyer?s agent also represents the seller in the same transaction, get a clear understanding up front of how the agent will handle that. Once again, it is legal, common and ethical.
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Buyer?s Agent ? The buyer?s agent does a lot more than simply sell houses. A buyer?s agent provides information to the buyer about prospective houses. Information includes making suggestions about houses to preview, providing legal information such as plat maps, property tax information and so forth. After previewing the available inventory, the buyer?s representative might also contact a For Sale By Owner seller or builder about a house not in the MLS inventory. Those are only a few of the ways a REALTOR? adds value to the transaction.
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At various points in a real estate transaction, the buyer needs to hire experts. The key expert is finding a mortgage lender. Others include a home inspector, home warranty company, home inspector, closing attorney and so forth. Some buyers need contractors to rehabilitate a property, lawn care or swimming pool installation or care, and so forth. The buyer?s agent has a list of reputable local experts.
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If the buyer is new to the community, the buyer?s agent is a great source of information about schools, neighborhoods, demographics, market and community trends and so forth. It?s not uncommon for the buyer?s agent to provide a brief community tour or major points of interest. Another key recommendation some newcomers need is a recommendation for a reputable child care facility or even a piano or dance instructor.
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A buyer?s agent educates people how to buy a house with the minimum amount of risk and the greatest amount of success possible.
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Most Important and Least Appreciated Job ? There is one part of the transaction where the buyer?s agent provides invaluable advice. It?s when the buyer says, ?I want to buy this house, what would be a fair price?? Preparing a detailed market analysis that shows supply and demand trends is one of the main jobs of a buyer?s agent. The market analysis forms the general framework for negotiations.
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Negotiations mean that both the buyer and seller work hard. They each give up something valuable to gain something of greater value. There is one benchmark in successful negotiations. It?s bridging all the differences to arrive at the closing table. A skilled negotiator anticipates the moves of the other side and offers a compromise acceptable to all.
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Accredited Buyer?s Representative ? The Real Estate Buyers Agent Council awards REALTORS? who completed additional classroom training focusing on the buyer, passed a written examination, and have the prescribed amount of experience their Accredited Buyer?s Representative (ABR) certification. A REALTOR? with the ABR? certification differentiated himself from his competitors.??
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Andy Kalinowski is a REALTOR?, an Accredited Buyer?s Representative? and Short Sales and Foreclosure Resource with CENTURY 21 Doris Hardy and Associates, LLC in Columbus, Mississippi. He is also a member of the National Association of Realtors?. Contact him by cell (or text) phone ? 662.549.3421 or by e-mail ? andyk@dorishardy.com. He is also available for web video chat.
Source: http://www.trulia.com/blog/andrew_kalinowski/2012/08/why_hire_a_buyer_s_agent
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