In this information age, everything is at our fingertips. Younger, more “internet savvy” buyers think they can just search real estate websites, or use their iPad Trulia App and call the listing agent about each house they are interested in. Sounds easy enough, right? Wrong! There are a few problems with that strategy.
First, what you see on the internet is NOT up to date. I’m always getting calls from people who saw a listing on Trulia or Zillow, and it is either 1) under contract; 2) sold last week; or 3) sold many months or even YEARS ago!
The ONLY way to have a clear, accurate picture of what’s on the market, (and AVAILABLE) is to talk to a REALTOR who has access to the local MLS (Multiple Listing Service).
The second problem has to do with Buyer Agency. In Colorado, we do not have dual agency (meaning, one agent cannot serve as both ”Listing Agent” and “Buyer’s Agent”). What we do have is “Transaction Broker” in which the agent facilitates the deal and doesn’t represent either side.
So what does this mean for the Buyer? That agent will not represent his/her best interests. There could be issues that come up during the home buying process and could cost the buyer money, if those issues aren’t negotiated properly.
Buying a home is the largest investment that most people will ever make. Having a real estate professional on YOUR side is a very smart move. For more information regarding this, here are the Top 5 Benefits of Having a Buyer’s Agent represent you in the purchase of your next home:
1. Full Representation- A Buyers’ Agent owes 100% of their dedication and loyalty to you, the home buyer. They do not have a reason or motivation to “sell” one house over another, and can thoroughly put YOUR interests above any sellers’ wants or needs.
2. No Loyalty to Home Sellers or Listing Agents- Because of the 100% loyalty to you, their Buyer Client, a Buyers Agent does not need to look out for the best interests of the Seller, whatsoever. Their job is to get YOU – the Home Buyer, into the best home for the least amount of money and hassle possible. The Sellers’ and the Listing Agents’ wants and needs have nothing to do with the level of service provided by a Buyers’ Agent to you, their Buyer Client.
If you were interested in a home, as an unrepresented buyer (no Buyer’s Agent) that is listed by another agent, the only duty that the listing agent has is to not lie to you. That is it. They owe nothing else to you. They are not on your side. When you arm your self with a Buyer’s Agent, you will have someone working hard for YOU at every point in the home buying process.
3. Great Knowledge of the Market- A Buyer’s Agent knows “what is out there” better than anyone else. They spend much of their time looking at houses (both in the MLS and in person) and fully understand what is available and where all the good deals are. They are the ones setting appointments and viewing hundreds of homes every month. In many cases, a Buyer’s Agent has already seen a home that you may be interested in, and can share with you many details before you even go inside!
4. Access to ALL Available Properties- A Buyers Agent can show you ANY property that is available – regardless of the sign in the yard. They have access to every home that is for sale, the minute it becomes available, and have no loyalty to one listing agent or company over another. Also, in many cases they can effectively represent their buyer clients in the purchase of a home from an unrepresented seller (FSBO). A Professional Buyers Agent will leave no stone unturned when finding the perfect home for you, their Buyer Client.
5. Effective Negotiating Skills and Contract Knowledge - A Buyers’ Agent is an effective negotiator, as one main part of their job is to write solid offers that get you, their Buyer Client in the best possible situation. They negotiate and write contracts for a living and know all the tips and tricks to use and avoid when dealing with different listing agents and sellers. A Buyer’s Agent thoroughly understands all the details of a Buy-Sell Contract, and is able to explain and walk through the entire contract, disclosures and any counter offers to you, their Buyer Client, in a way that actually makes sense. They will maintain the contract and all necessary dates, making sure that it all works out in YOUR BEST INTEREST. Furthermore, a Buyer’s Agent can help you find competent lenders, home inspectors, landscapers and anyone else that you, a future homeowner, may need, once you find a home that you want to buy.
BONUS BENEFIT … In most cases, representation by a professional Buyers’ Agent will cost you nothing – It’s FREE! The compensation that a Buyer’s Agent receives is built into the selling costs paid by the Seller at the time of closing. Wow!