Should You Hire A Buyer’s Agent?

How’s “That depends,” for an answer?

A good buyer’s agent can be the greatest asset you will have in navigating through the real estate marketplace, and a poor one can be a burden. So the right answer is “Yes, but only if you do your homework first and then choose carefully and wisely.”

Some real estate firms have instituted a nasty habit of insisting that new customers become clients at the first meeting. If you’re the customer, that means before you’ve had an opportunity to get acquainted with the agent or find out anything about his or her personality or work habits, you’re locked in.

You could end up with a great agent, or you could get stuck with someone who lets you go do all your own looking and just shows up when its time to pass “go” and collect the money.

It’s kind of like getting married when a blind date meets you at your door.

A buyer representation agreement is a legally binding contract between the buyers and the agency. Unlike a marriage, it does have an expiration date, but if you want to get out of it early, everyone has to agree.

If you’re a buyer, it ties you to that agent. So if you buy through another agent, you still have to pay your buyer’s agent.

Why would you do that?

If you choose the right buyer’s agent, you will get far more service than you can expect from a seller’s who may be showing you property.

You can expect:

• Confidentiality - your buyer’s agent cannot disclose any information about you or your financial situation to the sellers, the seller’s agent, or anyone else.
• An objective market analysis of any home or property you are considering.
• Help with negotiations. No one can absolutely know what the other party to a transaction will decide, but an experienced real estate negotiator will help you make good decisions based on market conditions and any information he or she has been able to learn about the sellers and their situation.
• Exposure to more choices. Your buyer’s agent will search out properties that others might not even know are available. Buyer’s agents keep an eye on “For sale by owner” properties and keep a list of homes that are coming on the market but are not yet advertised.
• Immediate notification of new properties on the market - all agents should do this, but many don’t take the time.

In short, when you have a good buyer’s agent you have a valuable ally on your side.