Property Buyer’s Agents – Their Role and Obligations
When you are buying a property, it’s always wise to have a buyer’s agent in your corner. They will represent your interest during the real estate transaction and make sure that the process goes favourably for you. Any real estate agent or broker is a property buyer’s agent who you hired to evaluate and negotiate on your behalf during home-buying endeavour.
Every buyer’s agent has their role and obligations toward the clients in order to guide and assist them while buying a property. With that in mind, here are the most important ones any responsible property buyer’s agent has.
1. They are familiar with current real estate market conditions
A good property agent will know the current state and trends of the real estate market, thus having the knowledge to help the buyer in the best capacity. They need to be familiar with neighbourhoods and know how the tides might shift in order to get the most appropriate offer for their clients. This will also allow them to have a unique insight into the prices and values of real estate which will come in handy during negotiations.
2. Do a thorough job
Research is the foundation of the buyer’s agent’s job. By being able to gather as much as information as possible on certain property, they will help their client come to a well-informed decision. Additionally, knowing all the parameters will help not only in negotiations but in finding the pros and cons of the property and its location.
Another reason why research is an integral part of their job is that they need to find a specific property meeting the buyer’s criteria. This means they will have to look in the active listings regularly to find a home that matches buyer’s needs and requests.
3. Follow client’s wishes and needs
Every client knows exactly what they want or they are not really sure of the specifics. In both cases, it’s buyer’s agent’s task to find out what the client needs and make that happen. But this is not an easy thing to do, however.
First of all, a good buyer’s agent will have to be patient and attentive in order to record everything a buyer expects of their new home. Of course, if buyers are confused and unsure of what they actually are looking for, it’s agent’s responsibility to present them with available options.
4. Negotiate in your best interests
When it comes to negotiations, the buyer’s agent should always represent the best interests of their client. It’s their job to get the best deal from the transaction that will include the most favourable price and even some additional stipulations not in the previous offer. Negotiating is not for everyone and lacking the skill to discuss and gain better deal can be detrimental for the buyer.
But with skilled, efficient and professional property buyer agents, it is possible to get more than you bargained for in the initial interactions. This is especially important if there are some works to be done on the property which buyer wants the seller to take care of, like structural or pipe damage.
5. They have a great network of local contractors
A home buying process doesn’t stop when a client buys their dream home. It will take some works to get the property in order and create a functional environment. This is where your buyer’s agent can be very helpful with their by referring you to local contractors like mortgage brokers, interior designers, attorneys, and others.
Therefore, when you look for a buyer’s agent, check their reference and network of local contractors so you can do everything in a fast and efficient way. Remember, buying of new property doesn’t end with a signed contract but with the moment you start living in your new home.
Property buyer’s agent has a responsible role and obligations towards their clients. They need to make sure that buyers’ best interests are taken care of, as well as to give counsel and help them come to a decision. Additionally, a good buyer’s agent will have a network of local contractors and be well-informed on the market conditions and trends.