6 Reasons For Hiring A Buyer's Agent

Do I Really Need A Buyer’s Agent?

Many people question why they need a buyer’s agent when purchasing a home. They wonder if there is any value in it. Purchasing a home is probably the most significant financial decision you will make in your lifetime and a buyer’s agent will save you money and time.

There’s a belief among buyers, particularly first-time home-buyers, that going directly to the listing agent or the builder’s agent will give them an advantage, especially a financial advantage. This is so wrong! The listing agent works for his/her seller, not for the buyer. They have a legal and ethical contract with the seller throughout the entire listing process. The same applies in new home construction. The agent on the construction site is protecting the builder’s interest, not the buyers. The goal of the listing agent is to get the seller or the builder the most money possible. Their agent cannot advise you whatsoever – EVER.

Is A Dual Agency Right for Me?

Dual agency is a common practice in real estate. This is where one agent represents both the seller AND the buyer and has to remain a neutral party. The agent cannot give advice to either party. They are legally prohibited from doing so. If you encounter an agent who offers you dual agency, RUN! This only benefits the agents and offers nothing for the buyer or seller.

Sherry & Co. Real Estate does not practice dual agency. As a buyer, you will have a dedicated buyer’s agent. When buying a home, having an agent with your best interests at heart is invaluable. With that in mind, there are several reasons why you need a buyer’s agent to assist you.

6 Reasons For Using A Buyer’s Agent

Their commission is paid through the listing agent’s commission. The listing agent splits their commission with the buyer’s agent. You as a buyer have no out-of-pocket commission expenses.  You may encounter a different situation with a For Sale by Owner (FSBO) property. In this case, the owner may agree to pay your buyer’s agent a commission or they may expect you to pay it. Have your agent check with the owner beforehand to negotiate the details of the commission.

A buyer’s agent has a fiduciary responsibility to put YOU first. He/she is more concerned with putting your best interests first over making the sale. The opposite is true for the listing agent who works strictly for the seller and has the goal of making the sale.

Your buyer’s agent is YOUR advocate.  As a buyer, YOU need someone on your side. While you’re on the hunt and falling madly in love with a house, your agent will stay focused on the facts and less on the emotions. She doesn’t want you to go through the painful experience of buyer’s remorse in a year’s time. She’s also going to know what influences the sale of a house and will keep resale in mind. You may think this is your forever home, but your agent knows this is unlikely to be the case.

That’s all well and good for someone looking at resales. But what if you’re considering new construction? You definitely don’t need an agent, right? Those nice sales agents in the model home are on your side, right? WRONG! They are trying to meet their sales goal for the month. They work for the builder. When looking at new construction, you need to take your agent along starting with the initial visit. Having that support when considering new construction can help you avoid:

• Overpaying for the home and the upgrades
• Selecting a bad lot
• Choosing a bad location/neighborhood
• Signing a shady contract
• Letting your emotions take over
• Blowing your purchasing budget

A buyer’s agent knows the market. An experienced agent knows your local real estate market. That knowledge will help you make the best purchase possible. The resale value of a home is always on the mind of a good buyer’s agent. By doing some research, your agent will know what homes are worth and how they are appreciating. You can’t rely on Zillow’s estimate of a home’s value. Your agent will pursue sound financial facts before advising you on what to offer.

Your buyer’s agent serves as your negotiator. Whether you dread negotiating price and terms or love it, market experience and knowledge are what count. A good buyer’s agent possesses both and can effectively negotiate for you. They become your voice. Having this voice speaking on your behalf is extremely vital after the inspection. If there are repairs and/or concerns, this is where a buyer’s agent shines! While you as the buyer has the final say, your agent will handle the back-and-forth discussions for you.

Your buyer’s agent has extensive insight into financial options. A good agent will have experience and knowledge of different financing options.

Choosing the best financial institution for a mortgage is critical in the home-buying process. An inexperienced home-buyer will often go with one of the big bank corporations but that’s not always wise. Using a local mortgage broker is best if possible. They have an understanding of your local market, are easier to work with and can be very helpful with the process. Your agent will have a network of brokers and lenders that he or she likes to work with and can support you with recommendations.

An Experienced Buyer’s Agent Saves You Time & Money

Bottom line, buying a home is likely the largest single purchase you will ever make. It’s a long-term commitment of your time, resources, and money. Don’t set yourself up for buyer’s remorse. Call an experienced buyer’s agent. You won’t regret it.

Sherry & Co is the number one real estate team in North Atlanta. Our agents, on average, have over a decade of experience in the local market. If you’re considering buying or selling, let’s talk. Give us a call at 678-744-8206. You can also email inquiries to info@sherryandcorealestate.com. Find us on the web, too!