What is a Buyer's Agent?
A real estate buyer's agent represents the buyer who is purchasing property in a real estate transaction. Research by the National Association of REALTORS has shown that when a buyer's representative is used, the prospective buyer found a home one week faster and examined three more properties than consumers who did not use a buyer's representative.
The buyer's agent works for, and owes fiduciary responsibilities to, the real estate buyer and has buyer's best interests in mind throughout the entire real estate process. A buyer's representative will:
q Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
q Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
q Assist in viewing properties -- accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met.
q Research the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property.
q Advise the buyer on structuring an appropriate offer to purchase the selected property.
q Present the offer to the seller's agent and the seller on the buyer's behalf.
q Negotiate on behalf of the buyer to help obtain the identified property -- keeping the buyer's best interests in mind.
q Assist in securing appropriate financing for the selected property.
q Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed.
q Most importantly, fully-represent the buyer throughout the real estate transaction.