Buyers
A good buyer's agent can act as a guide on your homebuying journey. They'll show you properties that fit your criteria, help you craft a competitive offer, negotiate on your behalf and generally provide you with knowledge and support throughout the homebuying process. Here's what you should know about working with a buyer's agent.
What is a buyer's agent?
A buyer's agent guides you through the homebuying process — from house hunting to closing. Among other things, a good buyer’s agent will:
Find homes for sale. A buyer's agent will help you understand the type of home you can afford in the current market, find listed homes that match your needs and price range, and then help you narrow the options to the properties worth considering. Additionally, a buyer's agent will dig up additional information on any listings that you find and forward their way. With access to the Multiple Listing Service, agents can see more information than you can using real estate websites and apps.
Know the area inside and out. If you're not a local, a buyer's agent can provide you with the inside scoop on schools, neighborhoods and more. Even if you're from the area, they may be able to provide you with details about zoning or taxes that you might not know about.
Set up tours. Scrolling through listing photos just isn't the same as viewing a property in person. Your agent will work with a home's listing agent or owners (if the property is for sale by owner) to schedule showings. They'll also fill you in on anything they learned about the sellers or the property from that communication.
Help you make offers. After you've found a home you want to buy, your agent will advise you on how much to offer and what contingencies to include in the contract, based on the property and an analysis of the market. A good agent will explain the contract terms, answer your questions and walk you through each step of the process.
Negotiate with the seller. The agent will inform you of the seller's response to your offer and advise you on the next steps, such as whether to accept a seller's counteroffer or negotiate on price and terms.
Refer you to other professionals. A buyer’s agent can refer you to other professionals, such as real estate attorneys and movers. The only pro you'll definitely want to find on your own is the home inspector, because you want to be sure the inspector will be completely impartial.
Buying a home is a major transaction and can be a lengthy process, so you want an agent who will be committed to you and who you'll be comfortable working with for the long haul.
Here are some questions you can ask:
Availability and schedule. Are they a full-time agent, or is real estate a side hustle? Ideally, you want the former. If you need to drop everything and see a house right away or if something comes up just before closing, your agent should be there to sort it out.
Communication and working style. Do they prefer phone or text? Will you work directly with the agent or with the agent's assistants? How often can you expect to hear from them? These details reveal a lot about working styles, so you can choose the agent with an approach that fits your needs.
House hunting. How will the agent find listed homes in your price range? What strategies do they use to guide buyers through a competitive market? What neighborhoods or towns do they work in the most? Ask how the agent helped other buyers like you find homes.
Making offers and negotiating. How will the agent help you make competitive offers and negotiate with sellers? What challenges could you face in your local market? A good agent will set realistic expectations.
Thoughts and feels. An agent may have all the qualifications on paper to be successful but might not be right for you. Does the agent's interpersonal style mesh with yours? Is this someone you could trust to look out for your interests? Good rapport can matter as much as the agent's experience and competence.
Source: Investopedia