What Is a Buyer’s Agent and Why Are They Important?
When someone mentions a buyer agent, the first thing that probably comes to mind is what is a buyer’s agent and what’s their job? A Buyer’s Agent is someone that represents the person, people, trust, or company purchasing real estate. Before hiring a buyer’s agent they may ask you to sign an agreement allowing and confirming they are able to represent the buyer ( which would be you in this case).
Now, why would you want to do that? Read on to understand why hiring representation when purchasing real estate is a very smart thing to do…
Distinguishing the Types of Agents
When dealing with real estate and everything that comes with it, there are numerous names that real estate professionals go by. It’s easy to get confused with the jobs of each agent, so I’m going to give you a brief explanation of the main ones so that you’ll at least be able to distinguish the difference between a buyer’s agent and some of the other agents.
Seller’s Agent ( Listing Agents)
A seller’s agent, also known as a listing agent, is the real estate agent that represents the person who is wanting to sell their property. These agents are working directly with the sellers, so this means that they have their best interest at heart. This also answer the question of what is a buyer’s agent? As a buyer’s agent they understand the terms and process to fight the listing agent to get you the best deal possible in your real estate transaction.
Selling Agent
I know you’re probably thinking, “isn’t a selling agent basically the same thing as a seller’s agent?” It’s easy to throw these two terms together and say they’re the same, but they actually aren’t the same thing at all.
Like I mentioned above, a seller’s agent is someone who represents the sellers and markets properties for them. A selling agent is one who helps buyers find new properties. So the big difference here is that the two represent different parties.
Why Having a Buyer’s Agent is Significant
For starters, a buyer’s agent can help you get qualified for a mortgage. Not only do they have a wealth of knowledge and experience in what it takes to get a mortgage, but they also typically have many connections to reputable mortgage officers that may best suit you in one of the most important purchases of your life.
Once you get pre-qualified for a loan so you can buy a house (unless you are paying cash, of course), they can show you homes. Many- if not all –real estate agents have memberships to the Multiple Listing Service, called “MLS” for short. This system enables them to customize searches for homes tailored to your specific needs and wants.
Realtors will conduct a search based on the criteria you provide, then send you options to choose from, then once you choose a few you like, they can schedule tours of these homes for you. All you have to do is meet them at each destination, then they will be able to let you in for a private showing!
After you’ve toured a few homes (or however many it takes!) and have found the one you like, your agent will guide you through the offer process. This requires reviewing property disclosures and going over the contract to write up an offer. This is where a Realtor’s grand negotiating skills come into play, as well as their current market knowledge so you can make an offer that will make the most sense to the actual value.
What is a Buyer’s Agent Involvement During the Due Diligence Period?
Now you hopefully have an accepted offer, if so, congratulations! Next comes the home inspection, appraisal (if using a mortgage), possible repair negotiations, underwriting on your loan process, and then the attorneys or title company finalize deed transfer work for you to make the home yours.
During all that, your agent will be with you every step of the way, working in the background. They will monitor everything happening with your loan to make sure things are moving along on schedule, communicating with the agent on the other side and making negotiations with them on your behalf as needed, and then making sure you make it to the closing table on time with any and all information you need in order to move into your new home.
That may sound like a lot, and- believe us –there is actually so much MORE that goes on, you will just have to experience it to truly understand what a buyer’s agent does! Looking for a good and reliable agent? Give us a call at 336-600-1052, or meet our agents and see who looks like the right match for you! Hopefully this clears up what is a buyer’s agent and why they are important to use in a real estate transaction. Want to know more check out our other blogs on what is a seller’s agent? Or check out our videos on the same topics plus more.
