FAQs – Why Do I Need a Buyers’ Agent?
Why do I need a buyer’s agent?
Good question!
When you engage a REALTOR® as your standard agent, you have a professional advocate working on your behalf. Your REALTOR® can offer you the benefit of solid business experience and training. REALTORS® have access to timely market information, can negotiate solely on your behalf, reduce your stress and save you money.
Why shouldn’t I call the listing agent?
In real estate, who works for whom is a really big deal. It is called agency, and it means that your agent looks out for you 100%, above anything else including their own interests (of course!) The listing agent has an agency relationship with the Seller. So while the Code of Ethics requires honesty and fairness to the other party, the listing agent works exclusively for their party, the person selling the home. You really need someone with whom you have an agency relationship to look after you. You need your own representation to make sure that you have someone advocating specifically for you.
How does a buyer’s agent look out for my best interest?
Your REALTOR® does more than just open doors.
They offer:
- Area insights
- Market data analysis
- Negotiation
- Transaction coordinating
- And more!
Your REALTOR® will point out what’s good about the house, but also potential things that will need to be addressed or examined further.
- Is the HVAC nearing the end of its life expectancy?
- Is the electrical box made by a company with known issues?
- Does it have enough amps for how you use electricity?
- Are the pipes polybutylene?
- Is the crawlspace wet?
- Should you hire an engineer to inspect the foundation?
Your REALTOR® will negotiate on your behalf
- They will work to get the price that’s best for you, not the seller.
- They will advise you on what they think the house will appraise for – this is important if you are financing the purchase.
- If the home inspection finds problems, they will negotiate with the seller to fix the problem or grant concessions towards closing.
- They will guide you throughout the process and beyond.
Do I have to pay them?
The MLS is a cooperative system between agents and brokers in a given area. If a property is placed in the MLS, it is normal that the Buyer Agent is paid for by the Seller as part of the transaction. So under regular circumstances, in a publicly offered property sale where the owner is represented by another REALTOR®, you will not have to pay to have a Buyer Agent that works specifically for you. It is built in! Exceptions do exist, the most common one being For Sale By Owners – but even they often do pay your agent to assist you in purchasing their home. It just needs to be worked out in advance. There is no issue with that most of the time, but it is case by case.
Do you need an advocate in your home search? Contact us to learn more!
