Why Use a Buyer’s Agent?
What is a buyer’s agent?
A buyer’s agent is the real estate agent who represents your—and only your–interests when you are purchasing a home here in the Albuquerque, Rio Rancho or surrounding areas of New Mexico. This agent has no obligation or loyalties to the seller involved in the transaction. A buyer’s agent is your advocate for all the many details involved in the home buying process including:
- Negotiating the purchase price and other terms and conditions of the purchase
- Working to resolve any issues that might arise throughout the buying process
- Helping to ensure that all contractual obligations and deadlines are met
- Making sure you understand every step in the process
The seller wants to get the most profit out of the sale; you want to save as much money as you can and get the best price you can. If one agent is representing both you and the seller, no one is adamantly advocating on your behalf.
Issues often arise during the “escrow period”—the time between when all parties have signed the purchase agreement and when you close on the sale. These issues can involve inspection results, repairs, lender or title problems. Your buyer’s agent will work to ensure that the issues are resolved in a way that is best for you.
There are many steps involved in the escrow process, some of which will be your responsibility to complete. Your buyer’s agent will make sure you know about and understand these steps and complete them according to the contract requirements.
It is critical that you understand everything you sign, and that you never feel confused or anxious about what is happening or what is going to happen. A buyer’s agent will keep you fully informed and knowledgeable about the process.
Simply put, I tell my buying clients that I am their “mama bear” – I will fight for you and take care of you! I will do everything ethically and legally possible to ensure the best possible experience and outcome for you.
Why use a buyer’s agent?
- It makes your home hunting easier and doesn’t cost you anything.
- It does not put you at any disadvantage in the buying and negotiation processes.
- You need a personal advocate whose loyalties are undivided, who only puts your interests first.
First, working with your own agent doesn’t cost you a penny. The seller pays the commission for both the buyer’s agent and their own listing agent.
Next, a listing agent has no more useful knowledge about the seller or the property than your buyer’s agent will have. If they know something “adverse” (negative) about the property, they are required by law to disclose that, meaning that your agent—and you–will also know. Conversely, they must represent their seller. If, for example, the agent knows how low the seller will go on the price, they are required by law NOT to disclose that. So having your own buyer’s agent puts you at no disadvantage in the buying process.
Finally, and most importantly, you need to have your own advocate who ONLY puts YOUR interests first.
Many buyers drive by a home for sale and call the listing agent whose name and number are shown on the yard sign. This is not the best thing to do. That listing agent represents the seller. It is legal for them to also represent you, but think about this: buyers and sellers are opposing parties. They have opposite interests. The seller wants to sell the home for as much as possible and the buyer wants to purchase the home at the lowest possible price. Closing costs are negotiable: the seller wants the buyer to pay more, and the buyer wants the seller to pay more. Having a single agent representing both parties equally is virtually impossible. So, instead of jotting down the listing agent’s name and number, jot down the home address and find yourself a buyer’s agent. (If you haven’t done so already, this would be a great time to contact me!)
How do you find the right buyer’s agent for you?
- It doesn’t matter to you how large or small an agent’s brokerage is. The only thing that matters to you is the quality of the agent.
- The importance of customer service is often underestimated. Make sure an agent can demonstrate their commitment to providing top-quality service.
First, let’s think about the size of the brokerage (company) that an agent is affiliated with.
Some people first think to work with one of the huge, everyone-knows-their-name national brokerages. Of course, this is an option. But, the truth is, the size of the brokerage actually makes no difference to you. Here are some reasons why….
There are numerous Multiple Listing Services (MLS) throughout the country which contain information about properties for sale. Each MLS serves a particular geographic area. ALL brokerages in this area get their information about properties from the same MLS. A large brokerage has no more information about the market and available properties than does a smaller one.
The agents affiliated with a large brokerage do not necessarily have more experience than those in a smaller one. In fact, large brokerages often recruit people fresh out of real estate school. This is not to say that a new agent will not someday be a great agent, but they lack the knowledge and experience that is so critical in complex real estate transactions.
Although the national brokerages have more people affiliated with them, this provides absolutely no benefit to you and sometimes, in fact, introduces bureaucracy that you don’t need. The only person who matters to you is your agent and the service they provide to you.
And, speaking of service, think about what you need from your agent. Service matters more than you may think! The nature and level of service you receive will make all the difference in how pleasant and easy your home-buying experience is. You want your agent to return your calls and emails promptly. You need them to clearly explain all documentation that you will have to sign. You want them to inform you ahead of time about steps in the process and what to expect every step of the way. You want them to keep you completely informed as events occur. Bottom line: you should feel as if you are that agent’s only client, and you should never feel confused or anxious.
My commitment to you is that you will be 100% satisfied with my service. Many say it. I can prove it.
Every client of mine is anonymously surveyed following the closing of every buy/sell transaction. I have received a 100% client satisfaction score and a “5-Star” rating from EVERY client. And EVERY client has said they work with me again and refer me to family and friends. If you’d like, check out the survey and read a sampling of client testimonials.