In this market it is more important than ever to have a buyer’s agent. Some buyers believe in the myth that it is better to work with the listing agent directly because you will get a better deal. Nothing could be further from the truth. It would be like going to court as a defendant and not having attorney. Buyers need to realize that listing agents are contractually bound to act in the best interest of their seller. Not you the buyer! Of course when you meet a listing agent they will tell you that they can take care of you and give insight that no other agent could. What they don’t mention is that they are getting the full commission since they don’t have to share it with a Buyer’s agent. That is why is doesn’t cost a Buyer anything to hire a buyers agent as the commission is already set between the seller and the listing agent.
Please do not get confused into thinking there is something wrong with working with an agent as your buyer’s agent if they just so happen to be from the same company as the listing agent. If the listing agent and the buyers agent are two different people and they are in a designated office like ours; meaning one agent is designated to work as the listing agent for the seller and one agent is designated to work as a buyer’s agent for the buyer then there is nothing wrong with that. But what you don’t want is to buy directly from the listing agent who tells you point blank he or she is representing the seller.
You cannot just hire any buyer’s agent you need to hire a good one. The wrong agent with a lack of experience could cost a buyer tens thousands of dollars during an offer negotiation. They need to protect your position and help you pay as little as possible. There are a lot of agents out there who just want to sell a home and they will do anything to talk a buyer into making an offer. If your agent treats you this way you should find a new one immediately. Buying a home is a huge decision that cannot be taken lightly. You the buyer need to be prepared and comfortable prior to making an offer. Never let your agent talk you into a house. Of course they should answer your questions and lay out the process to make you feel comfortable but they should not push you into making an offer.
To find an agent like this keep some things in mind;
- You should not work with a part time agent who does real estate on the side. Any agent who does this cannot be that good because if they were they’d be doing it full time.
- Do not be so fast to just work with a family agent or family friend who is in the business. Treat it like anything else and interview them. Ask how many homes they have sold in the last year.
- Buying a home is probably the biggest purchase you will ever make. When you go to the hospital for surgery do you want the best surgeon or just anyone?
- Does that agent have an automatic email system that will automatically send you homes matching your criteria on a daily basis? If they don’t that is a problem.
- Make sure to hire an agent who has experience with all kinds of sales including foreclosures and short sales.
All of these things need to be thought out and taken into careful consideration when hiring your agent.
That is all for The Importance of having a Buyers agent when buying a home thanks very much for watching!
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