As the real estate industry continues to evaluate the impact of the proposed NAR settlement, the importance of selecting a buyer’s agent continues to increase. In the near future, there is a very real chance that home buyers will need to pay for their agent’s services directly as part of the transaction. Therefore, buyers will need an evaluation process to determine who will best represent them.
Just as sellers have had to undergo a process to find the right agent to represent themselves and their home, buyers will need to be much more diligent about who they choose as their agent. The decision will be more than just finding someone to open a door for them and write an offer.
There is value that comes with hiring a buyer’s agent. Ultimately, the right buyer’s agent will make a significant difference throughout the course of your home search and final real estate transaction. They can help you make better purchasing decisions and potentially save thousands. They can provide you with more leverage and knowledge to ensure you aren’t getting yourself into a bad buying situation.
So, how do you select the right buyer’s agent? Here are a few helpful tips:
Define Your Own Goals
It always helps to have a plan going into a home purchase. You may want to have a budget in mind. You may have already consulted with a mortgage lender to get pre-approved and have a rough idea of your price range. If not, a good buyer’s agent will have strong connections with local lenders and can help you get started with that process. Otherwise, having at least a basic plan for when you want to move, where you want to buy and how much you want to spend will be a good place to start
Interview Real Estate Agents
Just like you might invite Realtors® to your house for a listing presentation when selling, you can take a similar approach to interviewing buyer’s agents. Some real estate professionals only specialize in sales. Some actually specialize in helping buyers. Many will have experience managing both sides of the transaction, and this can be beneficial. Take some time to speak with several agents in the area where you are looking to buy. Make sure they have knowledge of that market and experience in working with buyers. Don’t be afraid to ask a lot of questions and get all the information you need to know before making your final decision. It’s important to do your own investigation to find the right buyer’s agent for your specific needs and goals.
Ask them how long they have been licensed and what percentage of their business is representing buyers. Ask for references and learn their processes for home searches, home tours and writing offers. Remember, you are hiring them to represent you and you want to make sure they check all the right boxes for your desired criteria.
Ask for Honesty
A good buyer’s agent will be honest and upfront with you. Ask for their advice during the home search process and when you are getting ready to make an offer. A buyer’s agent should be there to provide you with objective guidance and expertise. If you don’t feel they are looking out for your best interests, they are probably not the right agent for you. Otherwise, take advantage of their knowledge and experience. Let them help you make good decisions about when to make an offer and what that offer should include in terms of price, contingencies, seller credits and other details. They should help you avoid bad situations and contractual problems that could come back to haunt you later.
If you are looking to buy a home in Southeastern Pennsylvania or Northern Delaware, contact The Cyr Team for an introductory buyer consultation. We work with many home buyers in our area and bring years of experience on both sides of the transaction. We can use our experience to help guide you to the best home buying results based on your needs, goals and budget.