What Does a Real Estate Agent Do For a Home Buyer?

by Richard Morrison
January 13, 2020
Buying
0

What Does a Real Estate Agent Do for a Buyer

Purchasing a home is likely the biggest investment you’ll ever make. Having the right real estate agent by your side can make all the difference between finding your dream home or ending up with regrets. But what exactly should you expect an agent to do for you as a buyer?

Key Takeaway: A skilled buyer’s agent will guide you through every step of the home buying process, from getting pre-approved to negotiating offers and inspecting the property. Their expertise and connections can help you avoid costly mistakes.

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When interviewing potential real estate agents, make sure they are willing and able to provide the full range of services buyers need. This includes helping secure financing, identifying homes in your preferred neighborhoods, attending showings and inspections with you, and negotiating the best possible deal on your behalf.

The top real estate agents make the home buying journey smooth and stress-free. They use their knowledge of the local market and networks to get you the keys to your new home while protecting your interests along the way.

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Guidance Through the Mortgage Process

One of the first things a real estate agent will do is connect you with lenders to get pre-approved for a mortgage. This shows sellers that you are financially qualified to purchase a home in your price range. According to CREA, 77% of buyers work with a real estate agent to obtain financing.

Pre-approval involves the lender verifying your income, assets, employment, and credit history. It’s more than just plugging numbers into an online calculator. A good agent will refer you to reputable lenders that can efficiently handle the pre-approval process.

The right agent will also discuss your budget, ideal monthly payments, and prepare you for likely closing costs. This helps set realistic expectations when you begin searching for your new abode.

Realtor Assists With Property Search To Find A Home

Once pre-approved, a buyer’s agent will tap into their market knowledge and MLS access to find homes that match your “must-haves” and preferences. The Multiple Listing Service (MLS) contains additional listing details and photos not available to the public.

Rather than simply sending you links to houses for sale, an exceptional agent will provide insights on neighborhoods, school districts, typical utility costs, and more. They can schedule showings and attend them with you, providing feedback on each property.

According to real estate veteran Richard Morrison, over 90% of buyers say their agent’s knowledge of the area impacted their home search. Your agent should take time to understand your lifestyle and funnel the options to make your search efficient.

Negotiates With Seller On Behalf Of Home Buyer

After you find a home you want to purchase, your real estate agent will help determine an appropriate offer price. They will analyze similar homes recently sold and current comparable listings to estimate the property’s fair market value.

Skilled negotiators know when a lowball offer will backfire and when a seller may accept under asking price. They can advise you on crafting terms favorable to a buyer, such as home inspection and appraisal contingencies. If there are multiple offers, your agent will help yours stand out.

The best agents are able to control emotions during offer negotiations. Buying a house is personal – having a trusted advisor to remove feelings from the bargaining can lead to the best deal.

Home Inspection Help

Another key role of a real estate agent is connecting you with a reputable home inspector. They may attend the inspection to hear the findings first-hand. Afterwards, the agent may explain what is normal wear versus concerning issues in a home.

If serious problems are uncovered, the buyer’s agent may negotiate repairs or credits on your behalf. Their familiarity with home systems helps determine which inspection findings are worth pursuing and which may not be worth a reduction in sale price.

In my experience, having an agent present at the inspection gives me peace of mind. They advocate for your best interests at a critical juncture of the transaction.

Paperwork Guidance

Real estate transactions generate reams of paperwork. Your agent will ensure you understand each document requiring your signature. This includes the purchase agreement spelling out contingencies, property disclosures from the seller, and any necessary addendums or amendments.

At closing, the buyer’s agent double checks that the legal documents match the negotiated terms of sale. They also monitor the progress of your loan up until you receive the keys. Keeping tabs on financing details prevents last minute surprises that could delay closing.

Emotional Support

Let’s face it, buying a house is stressful! A real estate agent provides guidance at moments of uncertainty. When there’s a snag in the home inspection or appraisal, they find solutions to keep the deal together. If something comes up impacting your financing, they work to get you back on track.

A good agent understands this journey is emotional. They reassure anxious buyers and temper expectations when warranted. Having an experienced professional in your corner makes the buying process significantly smoother.

Referral Network

Beyond the seller’s agent, mortgage lender and home inspector, several other professionals get involved in a real estate transaction. A great real estate agent has referrals for reliable attorneys, appraisers, contractors, and more.

These connections come from years of working with other trusted experts. I’ve found buyers have greater confidence knowing their agent can recommend skilled local professionals.

Market Advocate

At the end of the day, a real estate agent is your advocate. They put your needs front and center. A buyer’s best interest is obtaining the ideal home at a fair price. This means an agent must listen closely to your goals and guide you accordingly.

Can You Negotiate a Real Estate Agent Commission?

If you’re looking to buy or sell a home, a real estate agent can help you find the best deal possible. They can help you find the perfect property to buy and negotiate on your behalf when it comes time to sell your home. The agent works with both buyers and sellers, so if you need a buyer’s agent, they can help you find one who’s right for you. Hiring a great buyer’s agent is key when it comes to finding the perfect property at the right price.

Researching real estate buyer’s agents in your area is important – ask around for recommendations and look into their experience and fees before deciding who to hire.

Help you find a Home Inspector

Your real estate agent to help suggests qualified inspectors and explains any concerning findings that could lead to renegotiation. Their involvement arms you with knowledge and bargaining power.

Pros and Cons of a Buyer’s Agent

The pros of having a real estate agent to help you buy include better negotiating, more home options, smoother process, local expertise, confidence builder, free service covered by seller. Research diligently to find an optimal real estate agent to represent you.

How Real Estate Buyers Benefit from Having an Agent

Talented buyer’s agents provide many benefits like pre-approval guidance, ideal neighborhood insights, expanded home search, strategic offer help, adept negotiating, paperwork handling, inspector recommendations, contract explanations, and complete support until closing. Buyers with agents have an advantage.

Questions To Ask Before Hiring a Buyer Agent

When you’re looking to buy a home, it is important to have an agent to guide you through the process. Real estate agents help people buy and sell a home, so it is important to find an agent who knows the real estate market. A licensed buyer’s agent should help you purchase the right home, but they also play an important role in helping you get from point A to point B during the purchasing process.

Questions to ask before hiring a buyer’s agent include: what experience do they have with buyers or sellers? Do they specialize in a certain type of real estate? What can they do to get you the best deal? How can they get your home sold quickly? It is important to find a real estate expert that will represent and protect your interests as a buyer.

So in summary, here’s what you should expect an awesome real estate agent to provide buyers:

Mortgage guidance including pre-approval and cost estimates
Property search services leveraging their market expertise
Schedule and attend home showings & open houses
Determine fair offer prices using comparables
Negotiate the offer and any necessary terms or contingencies
Recommend inspectors and attend inspections
Explain disclosures and contracts before signing
Regular status updates and stay on top of financing details
Emotional reassurance and expectation management
Referrals to trusted service professionals
Work as your advocate for a ideal home at a great price

Finding the right real estate agent for your needs is critical. Make sure they have extensive experience assisting home buyers in your local area. Pay attention to their responsiveness and communication style.

Q: What do real estate agents do for buyers?

A: Real estate agents help buyers find a home, negotiate the purchase price, and complete the paperwork. They can also provide helpful advice on pros and cons of different properties and answer questions about the local real estate market. Aside from getting an agent to find a home an agent knows about the area and include real estate market information.

Q: How can a listing agent help buyers?

A: A listing agent is a real estate agent who lists homes for sale. They can help buyers by providing information about properties, showing available homes to potential buyers, and helping them negotiate a purchase price with the seller.

Q: How do I buy a home?

A: To buy a home you should hire an experienced real estate broker or attorney to help you through the process. You should also work with a good buyer’s agent who will have your best interests in mind when negotiating with sellers and other agents. Finally, it’s important to keep up with the house hunt in order to find the right property.

Q: What is a buyer’s agent?

A: A buyer’s agent is a real estate professional that helps buyers find and purchase properties. They are responsible for helping clients find homes that meet their needs and budget, negotiating with sellers or their agents to get the best deal possible, assisting with paperwork related to purchasing a home, and representing their client throughout the process of buying a home.

Q: What should I expect from my real estate agent when buying?

A: When working with an experienced realtor or buyer’s agent you should expect them to be knowledgeable about current market trends, help you compare different properties against each other so that you can make informed decisions regarding which one is right for you, provide insight into pros and cons of different neighborhoods/properties/areas based on your needs and budget, act as an advocate for you during negotiations with sellers or their agents.

Q: How much does an agent charge when buying?

A: The commission paid to an agent depends on many factors such as location, type of service provided (e.g., full-service vs limited services), etc., Typically commissions range between 3-6% of the final sales price of the property. It’s important to note that both buyers and sellers pay commissions in most cases.

Q: How do I find a good buyer’s agent?

A: To find a buyer’s agent you can start by asking friends or family members if they have any recommendations for good agents in your area. You can also research local agencies online or contact your BCREA Realtors® association for more information on local agents.

Conclusion

A real estate agent can be an invaluable asset to a buyer. A good real estate agent should be able to help you find the right home for your needs and budget, as well as negotiate a favorable price. An experienced real estate agent will understand the local market, know what to expect from a real estate transaction, and have contacts with other agents or a real estate attorney who might be helpful. Hiring an agent also means that you don’t have to pay their commission; the seller typically pays the commission. When searching for a buyer’s agent, many agents will work with buyers for free if they’re helping them buy a home listed by their broker.

Working with an agent might help you find a home faster or get more information than if you were doing it yourself. The main role of a buyer’s agent is to assist buyers in finding and negotiating the purchase of their new property. If you’re a buyer looking to purchase property, it is highly recommended that you work with a buyer’s agent who understands your goals and objectives. If you don’t have a buyer’s agent yet, search for one who has experience in the area in which you plan to purchase and who’s familiar with the process of buying property in your state. A buyer’s agent can help guide you through the entire purchase process so that you can make informed decisions and get into your dream home without any hassle.

Ready to turn your real estate dreams into reality? Contact Richard Morrison, Vancouver’s top realtor with 20+ years of experience. As a Medallion Club member and RE/MAX Hall of Fame award winning agent, he’s the expert you need on your side. Whether buying, selling, or investing, Richard’s personalized approach and deep market insights ensure a successful transaction. Reach out to Richard today at (778) 900-2235 and make your real estate journey seamless and rewarding.

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