A few months ago, we shared our seven insider tips for choosing the best buyer’s agent. And today, we want to show you what you can expect from your buyer’s agent.
Here are five things buyers should expect from their real estate agents.
1. Understanding and Support
Having your agent understand your needs and support your real estate goals is critical. Good real estate agents know how to objectively evaluate properties without allowing their own tastes and preferences to interfere. Good buyer’s agents also respect your budget. You should expect your agent to prioritize listings that meet all of your needs, include several of your wants, and fall within your price range.
Having said that, this only works if your budget is reasonable for the items on your needs and wants list. If your agent suggests properties that don’t suit you well or are too expensive, it may be because there is nothing on the market that meets your needs in your price range. Having a frank discussion with your agent about what your budget can get you in today’s market can help you avoid confusion and frustration.
2. Lots of Behind-the-Scenes Work
While you might only see your buyer’s agent for a few hours at a time, you can expect them to be investing many hours of work that you never see. Here are just a few of the many things buyer’s agents do for you when they’re not showing you homes:
Combing the MLS (Multiple Listing Service) to find homes that could meet your needs
Contacting other agents to find out about listings that aren’t on the market yet, but are coming soon
Previewing homes so they are personally familiar with many of the listings on the market
Contacting their network of potential sellers to find off-market deals for you
“Running comps” to see if listing prices reflect fair market value
Providing feedback to sellers on why you are or are not interested in their listings
Working with the many professionals involved in the due diligence process once your offer is accepted
3. Availability and Communication
In a competitive market, you often need to tour homes within a few days of listing to have a chance at making an offer. So, while you can’t expect your agent to always be available without notice, you do need an agent who can be available within a day or two. Some agents will even work as a team or will hire “showing agents” to make sure someone is available to assist you, even if your agent isn’t personally available.
You should expect all communication from your agent (and their team) to be prompt, honest, professional, and clear.
4. Market Knowledge and Negotiating Skills
Your buyer’s agent should know the market inside and out. They should be able to explain current market trends, advise you on locations, and help you make a competitive offer when you find the right home.
In a hot seller’s market like we’ve seen over the past few years, buyer’s agents have very little leverage when negotiating with seller’s agents. So you can’t expect your agent to negotiate a reduced price or concessions to help pay your closing costs. But you can expect them to advise you in creating an offer that will appeal to sellers and presenting your offer to the listing agent in the most favorable light.
5. Transaction Management
Completing a real estate transaction requires several industry professionals. You need a listing agent who can coordinate with the:
Lender,
Seller’s agent,
Home inspector(s),
Appraiser,
Tile rep,
Surveyor (if necessary)
Escrow officer,
Attorneys (if necessary)
And any other professionals needed to smoothly close on your new home.
Good buyer’s agents know how to keep your deal moving smoothly forward, despite the many moving parts.
How to Find the Best Buyer’s Agent
Whether you have general questions about the home buying process or you’re ready to start your home search today, contact the experts here at Sequoia Real Estate. Our experienced real estate agents are ready to exceed your expectations!