According to the National Association of Realtors, nine out of ten home buyers leverage an agent to help them in the search process. While some buyers may complain about their experience with tad too aggressive listing agents, they should not be confused with buyer’s agents.
Difference between a Listing & Buyer’s Agent
A buyer’s agent has ethical and legal obligations to help its clients, whereas a listing agent – one who represents the home listing – has a fiduciary duty to the seller. That is why you should look for a buyer’s agent who will work keeping your best interest in mind.
Think of it this way: if you were getting prosecuted, would you hire the same attorney as the person suing you? Probably not. You need someone who will fight tooth and nail for your rights & interests, and help you get your dream property for a bargain.
Now consider this scenario: you walk up to a listing agent at an open house and spurt out how much you adore the estate and that you want to buy it. However, you want things to move quickly because you are expecting a child or your lease will end in a couple of months.
A seller’s agent could inform the property owner that you are running out of time. This should not come as a surprise because they work for the seller. As a result, the seller might not budge too much on the asking price or even worse – not budge at all.
Make this confession in front of the buyer’s agent you have partnered with, and it is all fine. This is because they are on your side and know what needs to be shared with the seller and their agent so that your situation or needs cannot be used against you.
Benefits of using a Buyer’s Agent
There are many advantages that come along with the right agents. They not only guide you through the whole home-buying journey but also clear any doubts, questions, or concerns that you might have. Additionally, they can also help you in:
1. Finding the right property
After comprehending what you are looking for and your budget, the agent schedules a number of home tours of estates that fit the bill. Having years of experience in the real estate world, they explain all the ins and outs of the estate and suggest which neighborhood will work best for you. If you are someone with little to no knowledge of the property world, this is a big load off your chest.
2. Negotiating the offer
Once you find a suitable property that fulfills all your needs, the agent will then help you in fixating the offer price. It is one of the most crucial parts of the deal because if the offered price is too low, the seller might feel offended. If it is on the steeper side, it will have a detrimental effect on your ROI.
That is why it is better to let the pros do the bidding for you. They understand the market conditions and use their thorough knowledge of the sector to negotiate a fair price on your behalf. This way, you can avoid paying more than the property’s worth and save a few bucks, too.
3. Helping overcome setbacks
If a home inspector's report or an appraisal highlights some new issues such as damage which needs repair, a buyer's agent can suggest you the necessary course of action. They analyze the situation and let you know if you need to walk away from the deal.
If the negotiations take a hostile turn, it is truly a godsend to have an experienced professional on your side; the one who does not lose his cool in the heat of the moment and offers productive solutions. They do not let emotions take charge of the business.
4. Other merits
Apart from these, there are many small, yet significant benefits which are listed below:
- Act as an adviser as well as advocate throughout the buying process;
- Bring the buyer to speed on the current market conditions;
- Research homes in different regions in accordance with the buyer’s budget and needs;
- Manage the negotiation process, including preparation of paperwork for making an offer or counteroffer;
- Be present at closing to ensure that all the buyer’s interests are protected.
The Bottom Line
True to their name, buyer's agents assist you at every step of the way; bargain with the sellers, facilitate home inspections, negotiate contingencies, etc. While at it, they also save you loads of time & money by doing all the legwork themselves.
Shopping without an agent is like grilling beef tenderloin without a meat thermometer; you might not come across any problem until you are actually sitting at the table. If you’re an inhabitant of California, US, and want to avoid being in such situation, then you can always choose a professional buyer’s agent in Rancho Cucamonga and its nearby areas!