A buyer’s agent is a real estate professional who can guide a buyer through the process of purchasing a home. Being a representative of purchasers in real estate transactions, a Buyer’s agent has a legal obligation to protect the interest of the buyer. They work to make sure that they are getting the best deal possible. Even though some real estate agents specialise in working with buyers, most agents work as buyer’s agents or listing agents depending on the specific transaction.
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Functions of a Buyer’s agent
A real estate professional that is a buyer’s agent is fully responsible for acting as a resource for their clients by guiding them through each step of the home buying process. A buyer’s agent should be able to handle the following tasks:
- Finding listings: The Buyer’s agent would ask about their preferences and needs to decide on the ideal home concept of the client. They would then make use of that information to begin looking for appropriate properties. Once new listings enter the market, the agent would send the buyer any properties that would match their needs.
- Scheduling showings: The buyers would look into the listings the agent sends them and pick out the right ones they would like to view in person. The agent would then coordinate with listing agents and schedule a time for the buyers to tour the property. The buyer’s agent would also inform buyers regarding any open houses that they might be interested in viewing.
- Asking and answering questions: The buyer’s agent would typically go with buyers to showings and particularly interesting open houses. While the buyers are taking a tour of the property, the buyer’s agent would be present to answer any of the queries and to provide thoughts regarding the property based on their expertise. The buyer’s agent would also ask the listing agent various questions the buyers might not know and gain more insight into the sellers’ circumstances, taxes, property conditions and so on.
- Pricing consultation: Once the buyers find a property they are interested in, the buyer’s agent would ask the listing agent if there are any disclosures on the property which might affect the desirability or pricing of the home. The agent would then proceed with a comparative market analysis to decide on an appropriate offering price for the property based on a similar property which was sold out recently in the area. The agent would then recommend that the buyer should make a particular offer based on the analysis and specifics of the property.
- Negotiating with a listing agent: After making an offer on the behalf of the buyer, the buyer’s agent would negotiate the terms and price. The agent would inform the buyers regarding the counteroffer made by the seller and would consult them on whether to accept it or amend the same. The buyer’s agent would also inform the clients regarding various possible ways to make their offer more competitive. As soon as an offer is accepted by the seller, the buyer’s agent would work to draft the contracts.