Buying and selling a house is easy if you have plenty of experience. But if you are new, you see it as confusing and time-consuming. So, it would be best if you had proper guidance from some professionals. In real estate, that professional help is provided by a real estate (house buying) agent. That speeds up the process and saves you from scams and possible loss.
Real estate agents primarily work from both sides, i.e., seller and buyer. But some are specialized for only assisting the buyer side. The buyer agents are legally accountable for the buyer’s interest and find their clients the best real deals on the home.
But the question is, what does a buyer’s agent do for his client? If you, as a buyer, know it before hiring a realtor, you know his and your duties well.
What does a real estate agent do? – What to expect from buyer’s agent?
Not all buyer’s agents are alike, so you should select them sensibly. Our team prepared a list, which you can use to pick your realtor from a bunch of others available in the market.
1. Everything in your interest
Realtors do nearly everything in their buyer’s interest. But here is the thing, the agent only gets his commission if his client buys a house. Either you buy it at a higher or lower rate, he gets his commission. So, we advise you to hire a realtor on a flat-fee basis. In this way, they favor you in buying your dream home at the lowest possible rate.
Interview different realtors and choose one agent who better understands the market and better bargains the price with the seller.
2. Neighborhood knowledge
A local realtor finds you the best house and fulfills your wish list. It is his responsibility to find you a safe, clean, and near your workplace property to live. He should also tell you about the educational institute near you, their living standards and lifestyle, etc.
3. Experience lender recommendation
It would help if you had a pre-approval mortgage from a bank or some lender in the home buying process. Either you borrow capital from friends, family, etc., or you need a lender. Your realtor has resources and knows the potential lender in the area. They can offer several mortgage options. You can discuss details, get your pre-approval, and start house hunting confidently.
4. Discounts or exemptions you are eligible
You can expect from your buyer’s agent that he knows the possible discounts or exemptions (on which you are eligible) offered in the particular area. Some government plans like exemption from GST, first-time homebuyer plan, and many more benefit the buyer. A good and experienced realtor knows these plans and helps you save your capital.
5. Detailed market research
A good buyer agent educates you about the current market condition. He compares the properties or homes you are looking for and guides you about the best possible deal. He can provide information about the recent sales activity in the area. He also helps you narrow down the search until you find your dream home. With this information, you can understand the market trend and set the purchasing cost of your dream home.
6. Expert advice and legal guidance
The real estate agent serves as an adviser and your advocate during the home-buying procedure. He can advise you on buying a house that benefits you more in the future, which has minimum repair cost and many more steps.
Besides expert advice, he can also monitor the legal work and guide you about the clean legal contract to avoid any financial consequences.
7. Arrange expert inspectors
Your buyer’s agent arranges an inspection team to inspect the house. Typically, as a buyer, you have no contact with the inspector, but the realtor has. He can hire an inspector on your behalf. The inspector inspects the house for possible repair, damage, or any hazardous gas in storage and gives you a report. That report help buyer to better negotiate the price with the seller.
8. Negotiate repairs
By the inspector report and details, you can negotiate the asking price and ask for repair if it is enormous. A good and experienced real estate agent uses the house’s attributes and tries to bargain on these bases with the seller.
9. Advice on risk and contingencies
An excellent real estate agent tells you about the risk involved in the process if financial crises or any other reason occur. If something goes south, your buyer’s agent is the person who gives you better advice on the financial condition and home purchase.
10. Lead you through next step
Accompany of a buyer agent help a buyer to speed up the home buying process. He guides you at every purchase step and looks after the legal work. He will be by your side at the closing to ensure that all your interest is fulfilled. No doubt, a good buyer’s agent makes home purchasing easy and hassle-free.
