Top Reasons to Hire a Buyers Specialist l The Role They Play
Published | Written by Erin Epperson
What is a buyers agent? Is that just another word for a real estate agent? Short answer, no. A buyers agent or buyers specialist specializes and represents the buyer in a real estate transaction. The agent is still licensed and knowledgable in all aspects of the real estate realm, but this specialization is what sets them apart and really makes them a great asset for anyone interested in buying a property. Continue reading for more on how a buyers agent elevates your home search.
Everyone's favorite word...but I know what you're thinking: "what's the catch?" There truly isn't one. 99% of the time a buyers agent's commission is paid for by the seller. Should you choose to buy from a For Sale By Owner (FSBO), do carefully read the contract because a seller may explicitly state that he or she will not pay any commissions. Otherwise, most contracts are written up with the help of multiple professionals in the industry and it's customary for the seller to pay such fees. A buyers agent not only operates free to save money for you, but is always working on the backend to spot any additional hidden costs that may arise.
"The Lake" is a generalized term comprised of 8+ areas all within 4 minutes to an hour+ of one another. Within those areas? Multiple school districts which have a high impact on home values and desirability. Simply put, you need someone who knows the lake, not "The Ozarks." A local buyers agent is going to know the pros and cons, ins and outs and market value of the homes sitting within each of these locations. You as the buyer will give your agent a list of desires you have within a given area and the agent will hone their skillset and knowledge to find exactly what it is you're looking for. Prices low? Too high? They know the market values, an important aspect of the home buying process.
EMOTIONAL CONTROL + NEGOTIATIONS
High-stress situations, like buying a home, have the ability to blur our vision and provoke us to act out of emotion rather than rational reasoning. A buyers agent, an outside source with only a piece of your pie, will keep those emotions in check and be the voice of reason you need. They have your best interests in mind and will always consult you before making any final decisions. Ultimately, having a calm, cool and collected voice interacting in the decision-making process ensures you are taken seriously and not taken advantage of. Their ability to remain calm and level-headed plays a vital role in the negotiation process. This includes anything from repairs to property pricing. Your agent will have a list of contacts he or she has made past connections with when it comes to repairs. They have worked with an abundance of outside service companies and a top priority is to keep cost low and reward high. As far as property pricing is concerned, an agent will jump on a negotiation conversation should you fall in love with a home they feel is overpriced. They utilize Comparative Market Analysis (CMA) to show seller's a price is too high and employ financial strategies you may not have experience with.
A buyers agent brings a network of connections to any transaction. These connections extend from other agents in the business to those service companies we indicated above. Your buyers agent has a relationship with most listing agents that allows them to reach out and discuss any specific questions about a property and troubleshoot potential problems they see before they arise. This keeps your emotions in control by being proactive and solution-based and keeps your experience a seamless one. These buyers agents have access to inside information about homes before they ever make it to market and are working tirelessly to find a property that hits all of your wants and needs criteria.
As a buyer, you will likely get lost in the picture you have in your head of making a home yours with your family...especially if your buyers agents matches all of the criteria you listed as your "dream home." This is not at all a bad thing and very common, but your buyers agent will see the red flags and warning signs that someone who's attached to a home will not. These warning signs are not always visible or easy to spot, so it's vitally important to have someone by your side guiding you to ask the right questions.
Are you looking for your next home or investment opportunity? Let us know if you have any questions on what else to look for in a buyers agent in the comments below! We just so happen to know a few ;)
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