Typically Buyers don’t pick buyer agents. The majority of the time the Buyer agent tries to “pick” a client and this happens either through an online inquiry, phone inquiry or open house, etc. On occasion a Buyer will be referred to an agent and still fewer cases a buyer goes actively looking for a buyer agent themselves.
The value the buyer agent brings to a Buyer, generally speaking, is as follows:
- Buyer agents make it easy for Buyers to look at multiple homes and keep their identity private rather than having to contact multiple sellers or seller agents. Which generally means the agent needs to be available.
- The Buyer agent makes it easy to write an offer on a property and this can be the difference between missing out on a great property or securing a property with a more favorable contract. Which again means the agent needs to be available.
- They give advice and have a fiduciary duty regarding contractual subjects and conditions on any one property. In this respect Buyer agents give Buyers assurance backed up with actual liability insurance usually up to $3 million dollars.
- They give advice about general market conditions as well as specific advice down to a single segment and single property, ideally speaking, helping the buyer ultimately find the right property for them so that the buyer can have the best chance of building wealth.
- The buyer agent can connect the Buyer with reputable sub contractors, mortgage specialists, and home inspectors to help ensure that the home buying process goes as smoothly as possible with little or no stress.
The first two points are probably the most important practical values a buyer agent can bring to the table and these two points also require the least amount of knowledge/experience. Just by doing these two points, a lot of Buyers appreciate the services of the agent. Just these two points can mean the difference between securing a great property or getting stuck with a not so great property or renting. These are the passive things an agent can help a Buyer with.
The last three points generally require more knowledge and experience to do well. The agent becomes more of an advisor than a passive observer. These points require more of an active approach. Where the agent tries to actively ask questions that can help them better understand the needs of a Buyer and actively tries to match their needs with the right property. Outside of being available, typically the biggest difference between one agent and another one has to do with these last three points.
Picking the right agent can save you a lot of time and be the difference finding an excellent property you want to hold on to and build wealth or buying a property that could literally cost more money than it is worth and lead to financial trouble.
Are you in the market to buy a property in the next 6 months or do you know someone that is? Contact me today and I will help you find the property that meets your needs and keep you in the “loop” in the meantime.