Agency discussions can be a little confusing to the consumer with listing agents, subagents, dual agency and buyer agency. But if you are a buyer, understanding the buyer’s agent role is key.
A buyer’s agent helps real estate buyers navigate the real estate market; they can also save a buyer time and money on the road to homeownership. Buyer agency agreements are entered into with a written contract between the broker and the buyer seeking representation.
The buyer’s agent helps the buyer evaluate properties, prepare offers and develop negotiation strategies – the buyer’s agent works in the best interest of the buyer. In more detail, a buyer’s agent will:
• Find the right property. After a buyer consultation, the buyer’s agent will schedule appointments to see properties, give insight into various property types and neighborhoods in their area of expertise, and help buyers decide which house is right for them.
• Negotiate the offer. The buyer’s agent is key in helping clients determine the appropriate price to offer and present it to the seller’s agent. The buyer’s agent uses their experience in negotiating deals to help a buyer save money and help avoid various pitfalls.
• Recommend other professionals. A buyer’s agent is also going to refer you to reliable mortgage brokers, real estate attorneys and title companies, home inspectors, movers, and other services needed throughout a real estate transaction. These details are key in getting to a successful real estate purchase smoothly.
• Help overcome setbacks. During real estate transactions, there can be home inspection hurdles, appraisal issues, buyer financing snags — and a buyer’s agent can advise you on how to proceed with the transaction. The buyer’s agent also acts as a buffer between you and the sellers or their broker. When it comes to real estate negotiations, it’s crucial to have an experienced professional who remains calm and offers productive solutions.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.