A Realtor’s a Realtor … right? Wrong!
Five Reasons Why a Buyer Needs Their Own Agent
We recently asked a number of people how they would go about buying a house. The results were very surprising! The majority of the people we talked to would look through ads, find a house they liked, drive by the home, and then call the number on the sign. Sounds right?
When it comes to residential real estate, there are two sides to every transaction … the seller and the buyer. The seller has a “Listing Agent” while a buyer should have a “Buyer’s Agent”. The name and phone number on the lawn sign represents the seller … not You the buyer. It would be the same as calling the other guy’s lawyer for advice. Bottom line, they don’t represent you!
Here are five reasons why you should get your own representation when buying a house:
- It’s FREE to you! Let me repeat that … it’s absolutely FREE for you to have a your own agent when buying a house. Why? Because the seller pays ALL the realtors in a transaction.
- Having your own agent to negotiate the best price for you, and you alone. If you’re going through the listing agent, they have the burden of trying to maintain the seller’s best interest while trying to negotiate a reasonable price for both parties. Having your own agent gives you the advantage of having one person who is focused completely on your interest in the transaction.
- Find homes that meet your wants and needs much faster and better! All realtors have access to the MLS (Multiple Listing System). But having your own agent gives you a leg up on finding the perfect property because she’s not distracted with the seller. A buyer’s agent will focus on what you want in a home including price range, bedrooms, acreage, amenities, location, etc.
- Verify the value of the property. A seller can ask whatever they want for a home, and the seller’s agent has to respect their wishes. Having your own agent will ensure that someone is fighting for the best price by verifying the market value of the home you’re looking at buying. Buyer agents should conduct a Comparative Market Analysis (CMA) which is an unofficial appraisal based on the sales prices of similar homes nearby. Would a seller’s agent sacrifice their commission by telling you the house is overpriced? Probably not!
- Negotiate contract terms and conditions other than the price of the home. Negotiating a home purchase is much more than getting a fair price. There’s closing costs to deal with, the closing date, possession date, earnest money amount (and who holds on to it), inspection terms, and a vast number of other variables. Having your own agent will guarantee these terms and conditions are in YOUR best interest.
The bottom line is that you have nothing to lose, and a lot to gain. A buyer’s agent is FREE to you (I can’t say that enough times). You could potentially save money, get better terms, protect your interest much better, and so much more.
If you want to talk to us more about buying a house, give us a call today at (801) 829-1678 or you can email us at nhunt@thefamilyrealtor.com.
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