The Benefits of Buyer Representation
Purchasing a home may be one of the largest financial investments you'll ever make. Traditionally a REALTOR® was hired by the seller to act in the seller's interest, but as a Buyer's Agent, we work for YOU, our buyer, to help you find the home of your dreams and help you get the best possible price for the home you want.
How Can a Buyer Representative Help Me Buy a Home?
A buyer agent works to protect your best interests by providing complete and professional guidance to you.
To buy property, you need to:
- locate and evaluate properties in your price range,
- exercise a level of diligence on the proposed purchase,
- determine an offering price,
- document the contingencies you will need,
- and develop a negotiating strategy based on the competition.
You will then prepare an offer to purchase contract and enter into negotiations .
Going through this process with the help of a buyer agent will enable you to purchase the property at the lowest possible price and on terms that meet your specific needs.
Once you have the home under contract, you'll need an agent to recommend inspectors,
to walk through the property with the eye of a professional, and to provide options and guidance through the problems that often arise.
What Are Some Benefits of Using a Buyer Representative?
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 agency agreement.
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?
Why Should I Be Sure My Buyer Agent Is A Trained Buyer's Representative?
A recent survey completed by the National Association of Realtors shows that over 40% of the buyers are now represented in the real estate transaction. In some states, the figure is over 80%. Considering the rapid growth of buyer agency, it is imperative that a buyer find an agent who has been trained to professionally represent them in the transaction.
That, specifically, is the reason the certification mark CBR® Certified Buyer Representative was created. Issued in 1993 by the US Patent and Trademark Office, this mark allows consumers to identify a buyer agent who has been trained and who possesses the skills necessary to represent purchasers in a legal, ethical, and non-adversarial fashion.
Those agents who have acquired this designation have demonstrated their commitment to full client level service to the buyer. They are armed with forms, checklists, and disclosure documents to perform a level of diligence in the real estate transaction that is unparalleled in the industry.
When deciding on an agent to represent you, ask about their credentials and training. Many real estate agents attempt to practice buyer agency without acquiring the skills necessary to perform professional representation. The CBR designation assures you that the agent you hire has been trained and will perform to the level of the competent professional, working in your best interest to meet your personal needs in your next real estate transaction.
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