How to Get the Most Value from a Buyer’s Representative
The value of a professional real estate broker is ‘rarely or at best poorly understood’ by most home buyers. That needs to change for the good of the home buyer and the industry. I’ve always loved the quote by “Rich Dad Poor Dad” author Robert Kiyosaki saying “Find the best agent in your marketplace and pay them more”. It’s the ‘pay them more’ that usually gets the attention. The fact is, there is a very minimal fee for the outstanding services they provide to buyers. We all know that finding your DREAM home at the best price takes some time, effort and dedication. That is what our agents commit to with each and every buyer. The remainder of the agent’s compensation is paid by the seller at closing. Home buyers should consciously choose their agent to represent them and not leave this important decision to chance.
The real estate representative you choose will either ‘add value and clout’ to your home purchase or they will subtract from your benefits when buying a home. There is no middle or neutral ground. This is not the time to choose an agent for sake of friendship, relatives or a friendly face you just happen to run into during home searches. Choose an agent based on expertise and their level of success to gain the most value. If you were having surgery, you should want the best surgeon. Likewise, buying a home, seek the highest level of success you can find to be on your team. The lack of conscious choice in choosing the right agent to represent you when buying a home is the single most costly mistake I’ve seen repeatedly in over 26 years of selling over 10,000 homes in Raleigh and Cary NC.
To gain the most value from your agent – choose wisely. But by all means – consciously choose! The second biggest challenge to gaining the most value from your agent is to understand the role the agent should play. Here are helpful questions and answers to help you understand buyer’s representation. Study to show yourself approved for the single most expensive purchase of your life! Then enjoy the results whether you are buying your first home or your 10th home.
What is a Buyer’s Representative?
A Buyer’s Representative works for you and only you. He or she has NO legal or other responsibilities to the Seller*. When working with a Buyer’s Representative, you have the advantage of personal representation, independent counseling, loyalty, confidentiality and trust. This differs from a general real estate agent. Although he or she can help you present an offer, then negotiate and close a transaction—he or she also has certain fiduciary responsibilities to the seller and agent of any property you choose to buy.
*If the property your agent is representing is also that agent’s listing, dual agency applies. Talk with your agent and discuss dual agency and designated agency in detail.
Why do homebuyers need the help of a Buyer’s Representative?
When buyers work with a real estate professional who is 100% loyal and committed to their
interests, the entire home-buying process delivers a higher level of buyer satisfaction. Marti recommends to never buy a home without support from a qualified Buyer’s Representative.
Can a Buyer’s Representative show me any property?
Yes. A Buyer’s Representative can show you every home listed in the REALTOR®’s Multiple Listing Service (MLS), Real Estate Owned (REO) and For Sale By Owner (FSBO) properties. PLUS, a Buyer’s Representative can show and represent you when you’re considering a model home, or building a custom home and all new home communities and even unlisted homes.
Will a Buyer’s Representative disclose more information to me?
Absolutely. A Buyer’s Representative’s fiduciary responsibility is to you and he or she can be far
more forthcoming with any negative aspects about properties that you are considering. This is where the experience of our team really counts and continues throughout the inspection periods.
Does a Buyer’s Representative make decisions for me?
No. As the one advocating for your best interests, a Buyer’s Representative is obligated to
provide you with specific information about buying a home—that may include disclosing specifics
about location, property values, offering price, negotiations, counteroffers, contingencies,
financing and closing. Armed with this vital and detailed information, you’ll be able to make decisions that are right for you and your family.
What about negotiating the details?
The negotiation process is often when your Buyer’s Representative proves to be most valuable.
He or she is fully qualified and highly skilled in the complicated negotiations and financing queries that precede the closing of most real estate transactions.
What is an “ABR?”
It is the official certification for professional Buyer’s Agent. ABR stands for an “Accredited Buyers Representative”. This designation indicates significant training and experience in the specialized field of Buyer’s Representation. Only a fraction of agents have an ABR designation.
To hire a Buyer’s Specialist from the #1 Team in the Triangle, contact us now.