What Does It Cost To Have An Agent Representing Me?
There are numerous benefits that come having a realtor represent you during your real estate purchase! Buying a house can be a complicated, overwhelming process. A buyer’s agent has the knowledge and expertise to help keep you organized, and answer all of your questions throughout the entire process. They can let you know what to expect, problems to anticipate, and guide you through making the right decision in the long-run.... and it costs you nothing! Below is an infograph that simplifies who pays for what in a real estate transaction.
It is important to note that the owner of the home has already negotiated the commissions for both the listing agent (person representing the seller) and the buyer’s agent (person representing you, and putting an offer in for you). That means that the seller pays the commission for both agents from the selling price. Having your own agent representing you ensures that you are getting the best price for the home you want. More so, after an offer is accepted, you have their abundance of resources to help make your transaction as smooth as possible. A realtor has many contacts that they trust, and know they can rely on. This means you spend less time filtering through contacts, and let your agent refer you to people who have the expertise you need.
Here is a simple breakdown what a Buyer’s Agent does:
During the search process
- Searches for properties and provides information to the buyer
- Arranges property showings that meet the buyer’s needs
- Provides information that the buyer requests about the home or property, community, taxes, utilities and zoning, or refers the buyer to appropriate information sources
- Discloses any material facts about the property of which they have knowledge of
- Prepares a competitive market analysis of the property for the buyer
- Counsels the buyer on what price to offer to the seller
- Shows what other buyers have paid for properties in the area
- Assists in writing an offer with the buyer’s interest in mind
- Negotiates the best price and terms for the buyer
- Keeps the price capabilities and objectives of the buyer confidential
During the closing process:
- Monitors all dates, events, and requirements (fulfillment of conditions) for the buyer
- Attends the pre-closing viewing with the buyer.