Everything you Should Know about a Buyer’s Agent
As a Buyer, your Realtor is here to Help!
When it comes to buyers wanting to purchase something, the first thing they do is search the Internet and conduct research about the product, service or in our case, North Dallas real estate. This is exactly the case with buyers who are looking to find a good home. Searching the Web does not necessarily mean that a buyer does not need help with the process, well before an offer to purchase is submitted to the selling agent.
This is where a buyer’s agent or a Realtor near you should come in. However, the question is what do they really do and what can you expect by working with one? Follow along as we review.
What is the Job of a Buyer’s Agent?
A Realtor, including both the seller and buyer’s agents are required to go through a process that is mandated by the state, Texas in our case, which allows them to take part in a real estate transactions and support all the related steps that facilitate the opening and closing of escrow to complete a transaction. A selling Realtor lists homes for sale, while a buyer’s agent supports your home search and assist you in qualifying the right opportunity based on your requirements while handling all the necessary contracts and escrow documentation in coordination with the selling agent and sellers. In addition, it should be mentioned that Realtors do not work independently, they must work with a broker.
Keep in mind that when a Realtor is supporting both sides of a transaction, the real estate broker will represent both the buyer and the seller in the transaction. In this case, the broker must act as an intermediary which must approved by both parties in writing. An intermediary status will limit the level of disclosure and each side may be left limited representation.
A buyer’s Realtor that exclusively works for them are focused on the priorities of the buyer only with no risk of a conflict of interest. Once the home buyer comes in contact with the Realtor, the agent will start looking for a home in accordance to the preferences and requirements laid down by the client. Since the Realtor will only be working for the buyer, you can be assured that there would be no conflict of interests.
New Home Construction Considerations for Buyers:
When you are buying a new home from a new construction builder, they are acting as a duel agent in the transaction, both as the seller and supporting you as the buyer. With new construction, the rules can be a little different, which is why it is important that you also have your own Realtor when purchasing a new construction home that has 100% of your interest in mind. As a new home buyer, your Realtor will be there to support your interests and ensure that any problems that arise are addresses. Even new construction can have problems and a great buyer’s agent will know what to look for as construction proceeds throughout the process.
How Can your Realtor help?
Buyer’s agents will be of great help throughout the entire buying process. Getting the right buyer agent will prove a blessing in many ways that will relieve stress and ensure that the buyers’ interests towards their future home is maintained. A great buyer’s agent will have a fiduciary duty to the buyer.
- Will help you find a home according to your preferences and requirements
- Will help you with the process of qualifying a lender
- Will negotiate on your behalf regardless of you buying or selling
- Will connect you with appropriate vendors to support the transaction. A home inspection professional is one of the most important.
- Will support you with the Title and Escrow company once an offer has been accepted.
There are specific everyday responsibilities that a buyers’ agent will focus on during the entire process from searching, discovery to contract and escrow. Below are some of those activities and what the average day looks like.
Some of the Responsibilities of a Buyer’s Agent
1. MLS Activity Report
Buyer agents tend to work with several potential selling Realtors looking for the perfect home for their buyers. With the help of their connections and reviewing daily activities from the MLS, they are always out on the hunt for the hottest properties and opportunities. Fortunately, there are automated update capabilities that will help a good buyer’s agent stay aware of the latest properties that match their client’s home and pricing criteria.
2. Qualifying the Buyer and the Realtor
Experienced Realtor’s tend to interview potential buyers in order to verify whether they are able to purchase a home for sale. An interview goes both ways and a buyer should take their own steps to determine if the Realtor has the experience and the skill to support their needs. A transaction for a $400,000 home can be very different than a $ 4 million dollar estate transaction.
This brings benefit to both parties i.e. the buyer and the buyer agent to prequalify their means and ability to buy and at what price. In terms of the buyer, they are getting personally in touch with the Realtor will be able to determine if the agent is good enough for the job, whereas for the buyer’s agent, it would be easy to determine whether the client is actually capable of executing on their requirements and home desires.
The amount of work put in by the agent will ultimately depend on the sophistication of the search and final transaction. As stated previously, a first time home buyer that is searching for a $200,000 condo is very different than a multi-million dollar estate. In some cases, buyer’s agents will ask the buyers to sign an exclusive agreement, which ensures that the agents shall receive their commission from the broker, once the home sale transaction closes.
3. Plan and Show Properties
A buyer’s agent will carefully listen and keep extensive details on their clients home requirements which goes way beyond just price. Once the home buyers preferences and demands are determined, narrowing down potential homes for sale will help both the Realtor and the client save time while reviewing potential properties. A great North Dallas Realtor should have extensive property search capabilities (not just MLS) that allows the buyers to stay aware of new properties as a self-service and assist the Realtor on what they like and don’t like in different neighborhoods as new homes become available while still in search mode. For example, the best school district and individual school rankings in a specific zone can be just as important as the home itself.
GamerRealEstateGroup.com offers a state-of-the-art advanced property search capability that is updated every 15 minutes with the latest homes for sale available.
Once a North Dallas home for sale has been found and an offer has been submitted and accepted by the home seller, you are now in escrow and days aware from a new home.
A Realtor’s Fiduciary Responsibility
A Realtor can help you significantly with securing a good property deal. Once you can find someone that has the experience that you like to help you with the buying process, you can be sure that the commission you will be paying would be worth it at the end of the day.
- An experienced buyer’s agent knows how to negotiate and present information present to all sides that get things done.
- An experienced buyer’s agent knows how to read and explain a purchase contract. While the selling agent can, they will not offer options for things that could become sticking points.
- An experienced buyer’s agent will have suggestions and advice throughout the entire process and transaction; contracts, inspections, mortgages, unforeseen issues, and more.
- An experienced buyer’s agent will be able to analyze the trends and sales data in the area and offer advice that has your best interests at heart.