Typically Buyers don’t pick buyer agents. The majority of the time the Buyer agent “picks” a client and this happens either through an online inquiry, phone inquiry or open house. 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.
- 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 secure contract.
- 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 own the property for a long time and build 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.
The first two points are probably the most important practical values a buyer agent can bring to the table and they also require the least amount of knowledge/experience. Just by doing these two points a lot of Buyers appreciate the services of the agent. 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. Typically the biggest difference between one agent and another one has to do with these last three points.
Picking the right agent, just like picking the right house, can be the difference between not only a lot of time but also 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.