What Are Some Benefits of Using a Buyer Agent?
When a relationship is created between the purchaser and the real estate agent, the agent must work in the buyer client's best interest at all times, thereby providing purchasers with the same level of representation traditionally given only to the seller. Here are just a few of the benefits you will receive from having your own personal representative when seeking to purchase property:
- Confidentiality. The agent you hire to represent you will not disclose confidential information regarding motivation, price and
terms, or anything else of a personal nature to the seller or seller's agent without your permission to do so.
- Loyalty. The buyer's
agent must work in the buyer's best interest at all times, even if it is not in the agent's personal best interest
to do so. This means that the agent will virtually do for you what they would do for themselves in the transaction.
- Full disclosure. The
agent you hire to represent you will fully disclose any information gained from the seller or the seller's agent
that could be used by you in the transaction. In addition, the buyer's agent will undertake a level of diligence
and discovery that will give you the necessary information to make an informed decision as to the property you
wish to purchase.
- The buyer's agent will search for all available properties for sale by owner, unlisted properties, new construction,
foreclosures, and others and will not limit their showings to properties they have listed. A listing agent's job
is to move the inventory of their seller clients. A buyer's agent's job is to locate
satisfactory properties for their client. Any limitations on this search will be documented in the buyer
- As the buyer's agent goes through the properties with you, they will assist you with analyzing the properties
and determining their strengths and weaknesses, allowing you to make informed comparisons. A lifestyle
analysis will be performed to determine whether or not the property would suit your particular needs.
- The agent you hire to represent you in the transaction will do a market analysis on the chosen property and will provide you with an offering range for that particular property. They will then
set a negotiating strategy for you to assist you in acquiring the property at the lowest price and best terms possible
for your situation.
- The buyer's agent will complete an offer to purchase that is "buyer friendly" and contains the contingencies and protective clauses you need
These are just a few of the benefits received from having your own personal buyer agent when purchasing. Considering that the majority of buyer agents are paid through the transaction or by the seller's agent, doesn't it just make good sense that you have the representation you deserve?