BUYER'S AGENT
Buyer’s Agent - a trusted guide to assist you to find your home
Are you ready to start looking for your ideal home? If you are not used to buying a property it can be quite an anxious process. There is a lot of information and many documents, many buyers competing for the same properties, and other challenges, before you get your hands on those house keys. The process can be complex and stressful—especially if you are a first-time buyer. Having a Buyer's Agent, a real estate professional like me by your side can make all the difference.
There are different types of Real Estate Agents such as buyer’s agents, seller's agents, listing agents, and so on. If you are a buyer, you require a buyer's agent. A buyer's agent assists a real estate buyer navigate the real estate market, and in the process save the buyer time and money on their way to their new home. Especially making sure that there are no surprises once you get the keys to your new home.
Benefits of using a buyer’s agent when buying real estate
A buyer’s agent will guide you through the home-buying transaction and be at your disposal for any questions or concerns. Here are some of the things a buyer’s agent will do:
- Find the right property. After determining what the clients are looking for and what they can afford, the agent will schedule appointments to tour homes that fit the bill. The agent can also explain the ins and outs of various properties and neighborhoods, to help buyers decide which home is right for them, by explaining the pros and cons of various options.
- Negotiate the offer. The buyer’s agent will advise clients on an appropriate price to offer and present it to the seller’s agent. Then they will negotiate on your behalf and write up the contracts for you. This is where the agent’s experience in negotiating deals can save you money and help you avoid pitfalls like a fixer-upper that’s more trouble than it’s worth.
- Recommend other professionals. A buyer’s agent should also be able to refer you to reliable mortgage brokers, real estate attorneys, home inspectors, movers, and other real estate professionals. This can also help expedite each step of the process and move you to a successful real estate sale all the faster.
- Help overcome setbacks. If the home inspector's report or appraisal brings new issues to light, a buyer’s agent can advise you on how to proceed with the transaction, and then act as a buffer between you and the sellers or their broker. If negotiations become heated or hostile, it’s extremely helpful to have an experienced professional keeping calm and offering productive solutions.
Buyer’s agent vs seller's (listing) agent: What’s the difference?
Buyer’s agents are legally bound to help buyers, whereas listing agents—the real estate agent representing the home listing—have a fiduciary duty to the home seller. That’s why it’s in the buyers best interest as a buyer to get an agent who is there to represent them.
However, you may still not be comfortable after signing an agreement saying you know someone is a double agent. You might want to hire an agent who is not representing the owner, and who is looking out for your best interests.
How to find a buyer’s agent
A good buyer’s agent can ease your way to homeownership—and a bad one can result in a bumpy ride.
You should not just take the first buyer’s agent you meet (as two-thirds of home buyers do), or blindly accept the recommendation of a friend (more than half do this). Instead, it’s best to interview at least three agents and ask them a few questions, including the following:
- What neighborhoods do you specialize in? Real estate requires local expertise, so you should find an agent who’s extremely familiar with the areas you’re interested in.
- What’s your schedule and availability? Part-time real estate agents who are committed can do a fine job, but if the house of your dreams just gets listed or you encounter last-minute closing issues, you want an agent who will be readily reachable.
- How long have you been a real estate agent? You ideally want someone with a couple of years of experience, and a proven track record of selling homes. However with me as the buyer's agent you get 2 decades of solid experience in Alberta.
The agent/buyer contract
Once you agree to work with someone, you will have to sign a contract called an “exclusive buyer agency agreement,” outlining the agent’s services and compensation. This contract also means that this person will be your sole representative and that you won’t work with other buyer’s agents.
How much do buyer’s agents cost?
Home buyers don’t need to worry about the expense of hiring a buyer’s agent in Canada. Why? Because the seller pays the commission for both the seller’s and buyer’s agents. Typically, the commission is the equivalent of about 3.5% of first $100,000 and 1.5% on balance, which is split evenly between both agents (on a $300,000 home, that would be $3,250 for each). However with 2% Realty the seller only pay 2% of the sale price (on a $300,000 home, that would be $3,000 for each), a saving of $500.
As a Buyers Agent I can assist you by seeing through the beauty of the fall colours
