How a Buyer agent can help you crack a deal on a house
If you’re looking to buy a new home, chances are you don’t have a full understanding of the local real estate market. Also you don’t have the skill set needed to assess different properties, negotiate a home sale, and navigate intricate local real estate laws. That’s why many people choose to hire a BUYER AGENT. Essentially, they are someone who works closely with the buyer through all the relevant steps of purchasing a property. They are either fully licensed or act as a representative under a licensed agency. A Buyer’s Agent is employed to eliminate the stress and anxiety that is common when purchasing a property.
All buyer agents start their search by first finding out what a buyer’s needs are and what they can afford. The best agents keep information of hottest properties and by reviewing daily market activity reports. Once they have a list of potential properties, they’ll handle all contacts with the sellers and arrange for a viewing.
A Buyer’s Agent can provide end to end services to support a buyer’s search and purchase on the home. They can assist with:
Prospect for both seller and buyer leads, convert leads to appointments & close for buyer agency agreements.
Conduct a thorough needs analysis to ensure fiduciary service to all buyer clients.
Ensure that buyer clients are pre-qualified with mortgage lender.
Show homes to prospective home buyer clients.
Identify homes to show that meet buyers’ criteria.
Schedule showings of homes with buyer clients, listing agents and/or home sellers.
Refine buyers’ criteria and select additional homes to show as necessary.
Write & submit all offers to purchase homes for buyer clients.
Negotiate offers to purchase and oversee entire negotiation process.
Schedule and attend on-site property inspections with clients and vendors.
Negotiate all inspection repairs.
Provide buyer clients access to homes under contract as needed for measuring, inspecting & etc.
Promptly return all buyer client telephone calls, texts and/or emails.
Gather and answer buyer questions about potential homes and local community information.
Provide buyer clients pricing information and market research.
Educate buyer clients about home buying process.
Regularly assure buyer clients that lead agent is involved & informed – Promote the team concept
Keep lead agent informed on all client communications and developments (copied on all emails & update notes in CRM).
Close buyer clients to written offers to purchase.
Train, mentor and assist in the hiring of additional buyer’s agents and showing assistants.
Communicate diligently with administrative staff to ensure the highest level of service to buyer clients from initial contact through contract to close.
Regularly attend team meetings.
Attend all office training for working with buyer clients.
Although the buyer’s agents are no longer the gatekeepers of property information, but understanding, evaluating, and presenting that property information to home buyers remains an integral part of an agent’s job. If done properly, everyone benefits; if ignored or executed inadequately, everyone suffers.
BUYER’S AGENT JOB DESCRIPTION
Educate Their Clients on the Buying Process
When the buyers understand the buying process the agent’s job is made a lot easier. Depending on what type of property you’re looking for the buying process will be a little different. State laws will also vary depending on where you’re buying. A good agent will have a list of brochures and leaflets to explain every part of the buying process you need to know about. A great agent will have their own customized content to explain your own unique situation and what you need to be ready for. They’ll also explain the legal and real estate facts and answer any questions you have.
Walk You through Each Property
Once it’s time to start of searching a property your agent will prepare everything ahead of time. They’ll give you an information packet on each property that explains what you need to know about it. They’ll then walk you through it, point out good features and potential difficulties. As the buyer’s agent works only for you, not the seller. Any advice they give is meant to help you make the best decision for you. They have a duty to disclose all facts relevant to the transaction and maintain full loyalty to your interests.
Submit and Negotiate an Offer on your Behalf
Once you’re settled on what property you want to purchase, your agent will advise you the best offer price to make. This offer price will be based on the current market value of the property as well as the agent’s own feel for what the sellers are likely to accept. If this offer is met with a counteroffer then your agent will negotiate on your behalf to help secure the best deal for you. If an agreement is reached then a purchase contract will be signed and the buying process can begin.
Refers You to Reliable Professionals
The buying process requires the help of a home inspector to check for any problems with the property. Some states require that an attorney be present to close any real estate sale. If you need a mortgage then you’ll need a mortgage broker. Then there are the professionals you may need after the purchase such as contractors and architects if you’re planning on any renovations. Your buyer agent will have a list of reputable local experts that they can recommend you. They can then schedule these people and handle all communication and necessary documentation.
The first and foremost rule to negotiate property deals is to find out whether it’s a buyer’s market or seller’s market. In buyer’s market, Sellers are more & buyers are less whereas in a seller’s market, buyers are more & sellers are less. In a seller’s market, the probability of negotiating property deals is negligible whereas in a buyer’s market you can get good rates from the sellers. A buyer agent can help you with best offer that will match with your demand and expectations.