Why Should I Hire a Buyer’s Agent?
If you’re buying a home, you don’t technically need to hire a buyer’s agent. But you will very likely find that a buyer’s agent will offer you a huge advantage in your home buying process, if not becoming absolutely essential to closing the deal on your dream home.
A buyer’s agent is here to advise, guide, and assist you through the process of buying a home using their professional credentials, licenses, and expertise. Their work of supporting home buyers can include:
- Helping you make a wish list, a realistic collection of home characteristics you would like to shoot for within your budget
- Identifying homes that fit these qualities, and taking you or directing you to see them
- Landing on an offer price, writing your offer, and taking it to the seller’s agent
- Advocating for your best interests in the sale, including on price and other contract negotiations.
- Managing the transaction throughout the process
- Negotiating repairs or price adjustments that may be feasible as a result of appraisals or inspections
- Walking with you through the final walkthrough before you get the keys
- Standing by for any necessary advice and support at the closing table
- Ideally, handing over the keys with a smile, a warm congratulations, and an offer to take that first photo of you in front of your new home!
First and most importantly, a buyer’s agent knows and understands exactly what their home buying client is looking for in a home or property and keeps that criteria in mind and at the forefront during the search.
Understanding the buyer’s budget, lifestyle, home style preferences, and what they want in a neighborhood is vital. A buyer’s agent will help the home buyer understand the current housing market, and what they can expect from a property and its neighborhood with the finances they’re working with.
Once everyone is on the same page on where to start looking, it’s up to the buyer’s agent to find property listings for their client, set up tours, and compile information about those particular properties (the details about the houses, the area schools, crime rates—really, all the important stuff you need to know before investing any more time and energy on a place you could end up living in for a long, long time). If the buyer has any questions or concerns, they would direct those to their agent, who will do their best to answer everything and provide all necessary info.
After an offer is made—the buyer’s agent will handle every single transaction on behalf of the buyer—the agent will be the one who walks the purchaser through the entire process, which includes helping find a loan officer, making sure all paperwork is turned in, obtaining disclosures, and working with any kind of professional (like an inspector or appraiser) who’s evaluating the condition or value of the home. The buyer’s agent is also in charge of all negotiations, making the process as clean and seamless as possible.
The buyer’s agent is there from start to finish—they’ll even sit with you as you sign your closing documents.
Who Pays the Buyer's Agent Commission?
(Spoiler alert: it’s you - the homebuyer)
As a buyer, your agent and the seller’s agent split a commission fee – typically 5-6% of the purchase price of the home. And while this fee is technically paid by the seller, it’s factored in to how much sellers list their home for.
Since these fees get baked into a home’s listing price, and you’re the only one who has to pay money at closing, the buyer's agent commission gets passed onto you when you buy a home. In other words, it comes from your mortgage/loan on the home.
A good buyer’s agent can ease your way to homeownership—and a bad one can result in a bumpy ride.
You should not just take the first buyer’s agent you meet (as two-thirds of home buyers do), or blindly accept the recommendation of a friend (more than half do this). Instead, it’s best to interview at least three agents and ask them a few questions, including the following:
What neighborhoods do you specialize in? Real estate requires local expertise, so you should find an agent who’s extremely familiar with the areas you’re interested in.
What’s your schedule and availability? Part-time real estate agents who are committed can do a fine job, but if the house of your dreams pops up or you encounter last-minute closing snafus, you want an agent who will be readily reachable.
How long have you been a real estate agent? You ideally want someone with a couple of years of experience, and a proven track record of selling homes.
Understanding who our clients are and your needs will help us match you with a fitting home in the budget you can afford. In addition, we are stellar at communication and negotiating.
If you live in the Bonney Lake area and need a buyer’s or listing agent, call Barrans Realty. Our team is here to help you find or sell your home. We will put our experience to work for you. It is our job to help you find your dream home, and do what we can to make your selling experience a smooth one as well. Call us today at (253) 315-1652!
Looking to get pre-approved? Our team has a variety of lenders that are just a call away. Reach out now to get in touch.