The buyer’s agent is a real estate professional who represents the interests of the purchaser when it comes to a real estate transaction. A property buyer’s agent identifies suitable properties for sale depending on the goals of the buyer and the price range. He would then guide you through the complex process of negotiating with listing agents and sellers to fix the best deal for the buyer. Most of the traditional real estate agents work with both buyers as well as sellers, even though the agent would represent either the buyer or seller during a single transaction. When the property agent represents the buyer, he is legally responsible to act in the best interests of the buyer.
Be careful of Dual agency
Some States might allow dual agency where the agent would represent both the seller and buyer in the same transaction. This type of arrangement should be completely avoided if you wish to have someone who helps in negotiating on your behalf to get the best deal. The dual agency might sometimes mean two agents from the same brokerage, one representing the buyer and the other, the seller. The terms used to describe agents and their responsibilities would differ by country or even state and could be confusing. You could ask a prospective agent if they would represent only your interests and not the sellers throughout the home buying process and request a written description of the relationship. The buyers agent Melbourne could begin their job with a written description.
Responsibilities of a Buyer’s real estate agent
A buyer’s agent can guide you through the entire process of home buying, right from house hunting to closing the deal. Among many other things, a good buyer’s agent would:
- Find homes for sale: A good agent would help you understand the type of home you would need in the current market. They can help you find the listed homes that would match your requirements and price range and then help you narrow down the options of properties that need to be considered.
- Helps you make offers: Once you find a home you wish to buy, your agent would advise you on how much to offer and the contingencies that need to be included in the contract, based on the property and an analysis of the market. A good agent can explain the terms of the contract, walk you through each step of the process and answer all your queries.
- Negotiate with the seller: The agent would inform you about the seller’s response to the offer you have and advise you regarding the next steps you should implement, whether to accept a seller’s counteroffer or negotiate on the terms and price.
- Refer you to other professionals: A buyer’s agent would refer you to other professionals like home inspectors, movers and real estate attorneys.
How to find a Buyer’s Agent?
- Get referrals: You can ask for agent referrals from people you trust. If you are planning to move to a new city, request a reference from any of the contacts you have there. Future colleagues could help you move in the right direction if you are planning to relocate for a new job or in similar cases.
- Look for experience and training: You should look for a full-time, licensed agent who demonstrates a commitment to professionalism. Check for training, experience and strong professional ties in the community that would enable an agent to negotiate effectively on your behalf.