Buyers are important. After all, it’s buyers who ultimately determine the market value for property nationwide. Too many buyers, however, make colossal mistakes when selecting a Realtor to represent them. Knowing what a buyer’s agent is, and how a buyer’s agent should be helping you will help you make a sound investment in your next property.
Q: What’s the deal with the agent’s name on the sign in the yard?
A: That agent was hired to represent the seller. The seller is paying their commission and they have an opportunity to double that commission when representing you as well purchasing that property. Most truly ethical Realtors and brokerages will appoint another agent to represent you on the sale of a property where you purchase a property where you saw the sign in the yard.
Q: Why do Realtors put their name on the sign?
A: Simply put, only about 1% of buyers will buy a house they found with that Realtors sign in the yard. Realtors put their name on these signs for their own personal marketing, hoping that you will call them and that they can represent you as a buyer’s agent on another property.
Q: So, what is a buyer’s agent?
A: A buyer’s agent is an agent that works completely and 100% on behalf of the buyer. They help buyers weigh the pros and cons of each property, educate them on owning that property by providing them information on resale values, taxes, insurance and all instruments related to home ownership.
Q: How do I find a buyer’s agent?
A: First of all, remember, that the company counts. Choose a Realtor like you would choose another skilled professional. Interview with at least three Real estate professionals. To view credentials visit independent websites like Homegain.com to have different Realtors send you proposals geared toward what you want.
Q: What should I expect from a buyer’s agent?
A: The best buyers agents will demand that you have a financing approval prior to showing you homes. Why? Because taking buyers to visit homes prior to having a financing approval from a mortgage company is irresponsible. Buyers should already have an idea about what they can afford and how much home they are approved for. It isn’t right for a Realtor to take a buyer to house that they can’t afford in the end, or take them to houses that are too low for their projected price point. If you don’t know where to get an approval, talk to your Realtor. Skilled professionals have a network of lenders that they can refer you to.
Q: What should I look for in a buyer’s agent?
A: Buyer’s agents should be up to date on all educational requirements. Ask to see your Realtor’s recent educational undertakings. If you are speaking with a Realtor that hasn’t taken any courses in six months, you might be in trouble. The best Realtors are always continuing their education. Your Realtor should be taking at least four classes per year to stay up to day on all items in the industry.
Buyer’s agents with designations such as the ABR (Accredited Buyer’s Representative) are also very sought after. They specialize in buyers, and being able to negotiate the best deal for them.
Q: What company has the best buyer’s agents?
A: Many real estate brokerages have great buyers agents. However, on a national level, no other brokerage can compete with the designations and educational levels quite like RE/MAX international. Begin your search at www.remax.com.