By Jaime Silveira

If you are a home buyer, once you have exhausted your online home search, you will likely look for a buyer’s agent as opposed to a listing agent. In its simplest form, a buyers’ agent represents the best interest of the buyer, and a listing agent represents the seller. The process can be stressful for even the most experienced buyer. If you are a first-time buyer, the unknown can be very daunting. Having a real estate agent by your side can be quantifiably beneficial. In addition to providing peace of mind, they can save you time and money. 

Once you have talked to a few agents you will get a feel for the individual you choose to work with to find the purchase of what is likely to be one of the largest in a lifetime. Buyer’s agents have a fiduciary responsibility to you and the collaborative relationship you build ensures finding the home that fits your wants and needs. They will also talk about your financial position to make sure your needs/wants and abilities are synchronized.  

Starting August 17, 2024, all buyers will be reviewing and signing a form called a Buyer Representation and Broker Compensation Agreement.  This is a required document that satisfies the obligation to have a written agreement with all buyers.  Written buyer agreements will clearly outline the services buyers will receive, and how much they will cost.  The settlement’s purpose and changes being enacted are to empower buyers and brokers to negotiate and agree to services and compensation that work for them both.  We will be diving into the new rule changes next month, so stay tuned.  There is a lot to unpack; both for buyer’s and seller’s. 

And, that is just the start. Once a home has been identified, the nitty gritty work begins. Your buyer’s agent will make suggestions and line up professionals that can help with financing to packing, and everything in between, depending on your transactional need. 

When searching for the right property, more than ever, there are many online search options with the convenience of being able to search 24/7. As convenient as that is, sometimes you need to get an in-person perspective view of the entire property. So, when you really want to see a home you are interested in, your agent will call and schedule appointments to tour homes or use the online scheduling options available. They will talk about neighborhoods, the pros and cons of the property, and any other nuance that applies. 

Finally, after months of searching, you found the perfect property, your finances are lined up, and now it’s time for your buyer’s agent to present your offer to the seller’s listing agent. With you, they looked at property comparisons, inspection reports, and any other report necessary to make sure they are presenting your best offer possible. The ultimate goal is an offer that balances the value of the home with any repairs that may be needed while making sure the offer is competitive. Depending on the real estate market, sellers sometimes have a few buyer offers to choose from so having an attractive offer makes sense.

Even with the smoothest transactions, and they do happen, there can be setbacks. Again, that is where your representative shows up! If an inspection or appraisal presents something unforeseen, your agent will advise you on the next steps. Often, these setbacks are where your buyer’s agent can calmly offer solutions since they likely have experienced a similar situation. This can be an emotional situation for a home buyer; your agent will help balance the facts.

Back to the question, “What is a Buyer’s Agent? Do you need one?” The answer is a very resounding YES! Hopefully, you have read enough to know that negotiating contracts, agreements, and the many forms required for a successful sale means your Realtor® is in your corner. Rely on them to help guide you to your new home. 

Resources: 

Realtor.com “What is a buyer’s agent? A trusted guide who’ll help you find a home.”

Rocketmortgage.com “What does a buyer’s agent do?”

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