What Is a Home Buyer’s Specialist?
You may have heard of a home-buying specialist, but still be fairly unfamiliar with what exactly stands behind this title. So, what is a buyer’s agent, and more importantly, do you need to find a reliable agent to help you in the whole process?
To put it simply, a home-buying specialist is a professional who helps home buyers find and purchase the right property. This buyer’s agent is an expert in the real estate market and can help negotiate the best price for the new home. While many people are perfectly capable of finding a home on their own, working with professional house buyers can save you both time and money.
A property buyer’s advocate is usually a real estate agent, but it can also be a loan officer, mortgage broker, or another professional who works in the real estate industry. This specialist will help you find the right home for you, negotiate with sellers, and get the best deal possible. They can also help you with the paperwork and financing of your new home.
The benefits of using a real estate agent or other professional specialized in this home buying field are many and we are all going to discuss it all later in the article.
Home Buyer’s Agent vs. Listing Agent
When you’re ready to buy a home, you’ll likely work with many different types of real estate agents. A listing agent and a buyer’s agent are just some of them. Here’s a quick overview of what both types do:
A listing agent is an agent representing the seller of a home. Their job is to market the home and negotiate with buyers on behalf of the seller.
A home buyer agent is the one representing the buyer of a house. Their job is to help the buyer find homes that fit their needs and budget and to negotiate with sellers on behalf of the buyer.
So, which type of agent should you use? If you’re working with a limited budget or you’re not sure what type of home you want, it may be beneficial to work with a buyer’s agent. They can help you narrow down your search and find homes that fit your needs.
If you have a specific home in mind or you’re working with a large budget, it may be beneficial to work with a listing agent. They can help you get familiar with the seller’s offer and maybe even negotiate on it just a bit.
Additionally, it also depends on which side you are on. If you want to sell the property the listing agent is the one you should call. In case you are on the market for purchasing a house, the buyer agent is the one for you.
Home Buyer’s Agent vs. Selling Agent
Both of these terms are fairly popular on the real estate market, but do you know the difference between buyer’s agent vs seller’s agent? And what duties does a buyer agent have to the seller?
A home buyer’s agent is someone who works exclusively with buyers. Their job is to help you find the right home, negotiate the purchase price, and coordinate the closing. A home buyer’s agent typically works for a real estate brokerage that represents buyers only.
On the other hand, a selling agent is someone who works with both buyers and sellers. In most cases, selling agents work for the listing broker, which is the real estate brokerage that represents the seller. Selling agents show homes to prospective buyers and help negotiate the purchase price on behalf of their clients (the sellers). They can also present the sellers with offers from their clients and guide them through closing once an offer is accepted when working on the behalf of buyers.
In short, a buyer’s agent represents the buyer and all their needs and the seller’s agent is usually there to help the seller prepare and list the property.
There are pros and cons to working with each type of agent. Some people prefer to work with a home-buying specialist because they feel like they will get more personalized attention and service. Others prefer to work with a selling agent because they have access to a wider selection of homes. Ultimately, it’s up to you to decide which type of agent you want to work with.
Benefits of Using a House Buyer Agent When Buying Real Estate
If you’re like most home people, you’re probably wondering if you really need a real estate buyer agent. After all, with all the information available online, can’t you just do it yourself?
Well, the answer is maybe. If you’re confident in your research abilities and you’re comfortable negotiating with sellers and their agents, then perhaps you don’t need an agent.
However, if this is your first home purchase or you simply don’t have the time or inclination to do everything yourself, then working with a buyer’s agent may be a good idea.
Real estate buyer agents’ responsibilities are to work on behalf of the home buyer to help them find the right property and negotiate the best possible price. They will have access to MLS listings that are not publicly available, which means they can often find homes before they hit the market. They are also likely experienced with a whole negotiating process and will get you the best possible price for their clients.
Here are a few things to keep in mind in case you’re thinking about using a buyer’s agent:
- Make sure you interview several agents before making a decision. Ask about their experience, what kind of properties they specialize in, and whether they’re familiar with the area where you’re looking to buy.
- Be clear about what you want and need in a home. Your agent should take the time to understand your must-haves and nice-to-have.
How Much Does a Buyer’s Agent Cost?
Real estate buyer agent usually works on the commission. They typically charge around 2-3% of the purchase price of the home. This is then split between the buyer’s and seller’s agents. So, if you’re buying a $300,000 home, you can expect to pay around $9,000 in commissions. However, some agents may also charge an hourly rate or flat fee. So, be sure to ask about this before hiring one.
While this may seem like a lot of money, it is important to remember that a buyer’s agent is providing a valuable service that can save you time and money. Just find the real estate agent you can trust.
How to Find a Buyer’s Agent
In addition to the ones we already talked about, here are some other things you should look for when trying to find a buyer’s agent.
- It’s crucial to work with an agent who is committed to helping you find the right home. They should be patient and understand that it may take some time to find the perfect property but also be willing to answer any questions you have about the process.
- Additionally, you want to make sure you feel comfortable working with your agent. This includes feeling like they have your best interests at heart and that they’re someone you can trust. If you don’t feel comfortable with an agent, it’s probably not going to be a successful relationship.
And to answer how to find a buyer’s agent in the USA, that’s fairly simple and all you have to do is a simple online search.
Signing a Contract
This is a big decision that should not be taken lightly. Many things should be thought through before you sign on the dotted line. Look once again into the terms of the contract, what you are agreeing to, and whether or not you can afford it.
An agent will also help you understand all of the legal jargon so that you know exactly what you are signing up for. If you are thinking about buying a home, it is worth considering hiring a home-buying specialist to help you through the process.
Who Covers the Buyer’s Agent Commission
There are a few different ways that the buyer’s agent commission can be covered. In some cases, the seller of the home will agree to pay the buyer’s agent commission as part of their negotiations.
Another, more common option, is for the buyer to cover the commission themselves. This is often done in situations where the buyer is working with a real estate agent that they have found on their own, rather than through a referral from another party.
Either way, this is something you need to ask about before you agree to work with an agent.
A home-buying specialist is a professional who helps you with the purchase of a property. They are experts in their field and can save you time, money, and stress during what is usually a very complicated and emotional process. With that being said, they are not someone you can’t work without. If you think you will be better in the whole negotiating and closing process on your own or just don’t want to spend money on an agent, we suggest you work by yourself.
Whether or not you need one depends on your individual circumstances but, if you do decide to use one, make sure to choose someone who is reputable and has your best interests at heart.
FAQs About House Buyers Agent
While by now you probably got a good idea of what a buyer agent is, we would like to once again answer some of the most important questions you may have. In this frequently asked question segment, we will answer what they do, what fees they charge, and do you actually need one.
What does a buyer’s agent do?
A buyer’s agent is a real estate professional who represents the buyer in a real estate transaction. The role of a buyer’s agent is to negotiate the purchase of a property on behalf of the buyer and to protect the interests of the buyer throughout the process. They typically work with those who are looking for properties in their local market.
Real estate buyer agent responsibilities include finding the right property, negotiating the purchase price, and coordinating the closing process.
What is a typical buyer’s agent fee?
When you hire a buyer’s agent, you can expect to pay a fee of around 2-3% of the purchase price of the home. This fee is typically paid at closing and is in addition to any other fees or commissions that may be charged.
While 2% may seem like a lot, keep in mind that you’ll have the peace of mind of knowing that someone is looking out for your best interests throughout the home-buying process. And, at the end of the day, if you end up buying the house of your dreams this fee may be well worth it.
Do I really need a buyer’s agent?
While you are not required to use a home buyer’s agent when purchasing a property, it can be beneficial to have someone on your side who is experienced in the real estate market. The agent will help you find the right home, negotiate the price, and handle all the paperwork involved in buying a home.
Without one, you’ll be at a disadvantage when it comes to finding the right home and getting the best price. A good agent will save you a lot of time and money, and make the process of buying a home much less stressful.