The dream of owning a home is not fulfilled by everyone as there are many obstacles that deter a person from one of the biggest investments of life; buying a home. From long-term planning, commitment to saving to dedication, there are many things that go into owning a home. But even if you subdue all these challenges and come to a point in your life where you are ready to buy your home, still the challenges will be waiting to knock on your door.
The real estate market is complicated and challenging and it comes with a long list of rules, regulations, limitations, and responsibilities. Many people who board the real estate train later find themselves surrounded by obstacles and rules that are arduous to fathom. But you don’t need to worry about these issues as a buyer’s agent can help you.
All those people who are familiar with the challenges of the real estate market already have a plan in place to work with an investment property buyers agent but if this term sounds alien to you and you want to step up to the plate while buying a property, you have come to the right place.
Who is a buyer’s agent?
A buyer’s agent is a real estate professional with the proper license to provide guidance to potential property buyers. It is the duty of the buyer’s agent to work for the benefit of the potential buyer and he might even take care of the deal, offer price, and counteroffer as well. So, their main job is to guide the buyer throughout the real estate transaction.
A buyer’s agent can guide you throughout the real estate purchase, right from finding the best listing as per your preference to garnering and submitting the required documents. Since a buyer’s agent is a representative of the buyer in a real estate transaction, as per the law, it becomes a duty of the buyer’s agent to always work in the interest of his clients.
Every buyer’s agent needs to make sure that the client always finds himself on the profitable side of the deal after the closing. There are some agents in the market who are specialized to work as an investment property buyers agent but the specialization is not a requisite for offering services to a buyer since most real estate agents can work as a buyer.
Are listing agents and buyer’s agents the same?
The buyer’s agent works for the buyer and does many things on their behalf during the real estate transaction while the listing agent works for the interest of the seller. Both get the same commission and later, the amount of commission is divided between the two agents.
On one side, the buyer’s agent helps the buyer to scour through all the potential listings or the buyers agent investment property, find a listing, and then guide the buyer till the closing. While on the other side, a listing agent lists the properties he is assigned to.
What are the 5 main roles and responsibilities of a buyer’s agent?
Combing through the listing
Before even getting in touch with his networks, the buyer’s agent will first try to fathom which type of property the client is looking for and on the basis of this, they will determine which type of ideal house the client is planning for.
The buyer’s agent then uses garners collected from the client to begin scouring his networks for finding a perfect listing that matches the needs of the client. And whenever a new listing arrives, the buyer’s agent will inform the client about it, especially if it fits the specifications mentioned by the client.
Organizing showings
The buyer’s agent even combs through the listing provided by their agent and then they pick the one which the client might be interested to visit. The agent then contacts the listing agent for further information about the property.
After finalizing and confirming the specifications that match what has been shown in the listing, the buyer’s agent schedules a meeting for the buyer to visit the buyer’s agent investment property and take a tour. The buyer’s agent might even inform the buyer regarding any type of other property options the client might be interested in.
Answering questions and even asking some
In most cases, the agent always accompanies the buyer on every property tour and even interesting properties that don’t match the specification of the client. The investment buyers agent even answers all the questions that the buyer has regarding the property and they even provide their own perception about the property on the basis of their own experience.
Also, the agent might even ask a couple of questions to the agent that the buyer might have missed as this gives a more detailed picture of the property, taxes, and its perks. This is what makes an investment buyers agent role crucial for getting the best deal.
Consultation for pricing
If the buyer gives a thumbs up for the property they have toured, the buyer will then ask the agent about any type of disclosure related to the property( like any type of issue related to the property that must be revealed by the seller) that might affect the possession and price of the property.
After this, the buyer’s agent might conduct a detailed investigation to determine a fair price of the property on the basis of similar properties that have been sold recently. Then the buyer’s agent will come up with an offer that the buyer will make to the seller’s agent.
Negotiating on your behalf
When the offer is made, the investment buyers agent will start the negotiation process for both the terms and the price. The buyer’s agent will then inform the buyer about any type of counter offer put on the table by the seller and they even guide the buyer regarding whether to deny or accept the offer with alacrity.
When the offer from both sides is accepted, the agent working on behalf of the buyer will garner all the required documents for finalizing the deal.
A buyer’s agent doesn’t only simplify the real estate transaction but they make sure that the buyer gets the best property at the best price as well. So, if you don’t want to deal with the challenges of the real estate landscape and wish to have a guide who can navigate through the roadblocks and subdue the challenges then start looking for the best buyer’s agent.