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A Complete Guide to Buyer’s Agent

Real estate agents play a number of roles in a day. They have to don several hats. If at one time, a real estate agent is the buyer’s agent, at the same time, he/ she must be someone’s seller agent. Not just this, the real estate agents also have to shuffle between several other roles like being an advisor, researcher, auctioneer, administrator, and so on.   

 

Today, in this blog, I will explain to you all about the role of a buyer’s agent, why is it important for you to have a buyer’s agent, how to look for the right real estate agent for yourself. So, let us get started.   

 

What is a Buyer’s Agent?

buyers real estate agent

 

A licensed real estate agent is one who specializes in searching, evaluating, and buying a property on the behalf of the client. The buyer’s agent is also called the buyer’s advocate as he/she negotiates on the behalf of the buyer. Some real estate agents offer their services exclusively as buyer’s agents while others play all other roles too in their day-to-day life. An agent who is an exclusive buyer’s agent represents home buyers and property investors in buying properties. There are different types of properties a buyer can purchase like residential, commercial, or investment property. Some real estate agents also classify their roles based on the type of property a buyer has to purchase.  

 

Roles and Responsibilities of a Buyer’s Agent  

 

A buyer’s agent is responsible for carrying out the number of activities as described below:  

 

Strategizing  

Strategizing of real estate agent

 

A buyer’s agent will help the buyer in setting goals. He listens to the needs and requirements of buyers and according to that, real estate agents help in formulating a buyer’s brief. Communication is the key. Without it, the real estate agent may fail to understand what a buyer is looking for. Based on the conversation, the buyer’s agent will help in identifying the best suburbs that not only will fit your budget but will also bring the desired change in lifestyle.   

 

For instance, if you are a buyer and looking for a large family home that has schools, shops, and other facilities in its vicinity. The buyer’s agent will look into all the factors and find you one in a suitable location that too within the budget you desire. The buyer's agents are able to bring profitable and satisfactory deals for their clients with the help of wide contacts.   

 

Conducting Research 

Conducting Research

Another role a buyer’s agent plays are of a researcher – the one who looks into the possible opportunities for their clients. The property buyers’ agent always has a wealth of information on the cities and suburbs. They are well updated with every move or the changes that take place in the property market. Due to their knowledge, and wide network, the real estate agents are able to close the deal in less time.   

 

Shortlisting the Potential Opportunities  

Shortlisting the Potential Opportunities

 

After conducting research, it is the responsibility of the buyer’s agent to look for potential properties for their client. They look for properties that meet the key criteria that best fit the needs of the buyer.   

 

Evaluating  

 

 

Once the ideal property is found and agreed upon by the buyer, the buyers’ agent will complete the property’s appraisal and give a clear indication of the current market value.   

 

The seasoned real estate buyers’ agents will offer valuable market insights about the true value of the potential purchase.   

 

Negotiating   

Negotiating

 

This is the step where the property buyer’s agent shows their real expertise. By negotiating well, a buyer’s agent can get you a great deal as well as save you a lot of dollars. They prevent you from making impulsive decisions. Not just this, it is also the duty of a real estate agent to coordinate the inspections in the building. These small but important chores also take the stress away from the mind of the buyer.   

 

Other than the above roles, the buyer’s agent can help you with the following:  

  • Creating a list of most suitable properties and then sourcing those   

  • Suggesting if the property needs an inspection or not.   

  • Providing an accurate market value of the property’s worth.  

  • Reviewing and preparing the documents of the contract.  

  • Negotiating and making settlements - like to have access to the property before making any settlement.   

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Why Do You Still Need a Buyer’s Agent?  

 

There is no doubt we all have easy access to the internet and loads of information is available on it. You can go and search for anything that you are looking for. But that information will not give you practical knowledge on real estate and how it works.   

 

One can only get such real-time knowledge from a real estate agent i.e., a buyer’s agent if you are looking to buy a property.  

Hiring a real estate agent will give a number of benefits; like;  

  • Save you time, money  

  • You get an accurate appraisal  

  • Access to off-market properties  

  • Access to the latest market data   

  • You stay stress-free   

  • You get a better deal   

  • They save you from making any mistake (financially or emotionally)  

  • Guide you at every step right from researching to closing the deal  

  • You build new contacts which are also good for longer-term.   

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How to Find a Right Buyer’s Agent for Yourself?  

 

After looking at the benefits a buyer’s agent provides, you must be looking for the right real estate agent for yourself. Well, there is no right or wrong but you should certainly consider some of the most important factors before hiring a real estate agent before buying a home.   

  • Look for the total number of years. The more the experience, the more will be the contacts and knowledge.  

  • Check the buyer’s agent’s recent record.  

  • The suburbs the buyer’s agent specializes in.   

  • Understand the fees and its structure.   

  • Check the testimonials, feedback, reviews.  

  • Does the agent have a license or not.   

  • Check if he/she is a member of REBAA or any relevant industry association.  

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Apart from all of the above, a buyer’s agent must also possess certain qualities like they should have an easy-going personality. The agents must be open to conversation, always on-their-toes, and should be available to answer buyers’ queries.   

 

Jasmine real estate agents in Lyndhurst have all the above qualities. If you are looking forward to buying a property, contact us now and let the work begin.  

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