Until about a year ago estate agents represented home sellers.  Whether they were the ‘listing agent’ or the agent who brought the buyer to the contract, both were legally bound to represent the seller’s interests.  This meant that if the agent working with the buyer knew that the buyer would be willing to pay more for the home or other points of negotiation, the agent was bound to disclose that information to the seller.

That has all changed; today homebuyers can hire a professional Buyer’s Agent or Property Finder, who will be representing only their interests.  This is known as a buyer’s agent.

When you hire and sign a contract to have a buyer’s agent represent you, you’ll receive a list of benefits, which will cost you around 2% of the property value.  Your buyer’s agent will;

- Gain a full understanding of what you are looking for in a home.  They will ask you questions about neighborhood, community, along with specifics about the style and size of home that meets your criteria.

- Search for homes that meet your specifications and in many cases will even preview the homes.  You will spend less time looking at homes that do not meet your needs or fit your price range.

- Monitor listings and make sure you are informed about new properties meeting your criteria, as soon as they come on the market.

- Network with other agents and stay informed about homes that are anticipated to come on the market before they are advertised, giving you the jump on other buyers.

- Research and inform you of information about the seller and property, letting you know the reasons for selling, timetable, whether the seller might accept a lower price or make concessions, how long the home has been on the market, advantages and disadvantages of the property, and if there have been previous offers and counteroffers.

- Help negotiate a contract with the best price and terms for you, not the seller, keeping your motivations confidential.

- Advise you as to which inspections and investigations are required and recommend a team of professionals to complete them.

- Monitor the progress of the transaction and advise you through the contract and closing process.

A good  agent should; Placing the client’s interest above anyone else’s, keeping the clients information confidential, obey the clients lawful instructions, report to the client anything that would be useful.

Cost & Benefit

A buyer’s agents working you receive their fees from you as a percentage of the property price (around 2%).  This means that as a homebuyer you have to utilise the training, experience and professional representation of a buyer’s agent

Remember, when you contract to work with a buyer’s agent, the agent should provide you with care, confidentiality, full disclosure and accurate accounting.  They work solely on your behalf and can save you hours of time and thousands of dollars on your home purchase.

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