Why You Should Work With A Massachusetts Buyer’s Agent
Purchasing a new home, whether it is for the first time or if you are upgrading, downsizing, etc…. can be a very exciting time.
On the other hand, a real estate transaction is filled with many complexities. Some of those complexities can have legal ramifications.
A buyer and a seller that can also be very emotionally charged. It is good to have some objectivity that a real estate agent can provide.
There are certain mistakes that can be made by home buyers who decide to go it alone.
The good part is you do not need to go it alone. A competent, experienced Massachusetts Buyer’s Agent can be worth their weight in gold. Or a buyer’s agent in any state for that matter. Many buyers believe an agent finds them a new home.
Finding the homes is the easy part, anybody can do that. It also helps to have the objectivity of a real estate agent representing you to help identify good homes but a good buyer’s agent can and will perform a multitude of time and money-saving activities.
Before starting your home search do yourself a favor and read Understanding Real Estate Agency in Massachusetts. A Massachusetts real estate agent can work for you in several different capacities.
One of the bigger mistakes a home buyer can make is not understanding the capacity in which a real estate agent is working for them.
What Is A Buyers Agent In Real Estate?
A buyer’s agent works with a home buyer through the process of buying a home. An agent representing you as a homebuyer has a fiduciary duty to you. Meaning they have a legal responsibility to act in your best interest at all times.
They are there to make the home buying process work for you and work towards getting you the best deal for you.
A buyer’s agent represents the buyer, and the seller’s agent or listing agent represents the seller. It is a big mistake to expect the listing agent to work towards your best interest.
A Buyer’s Agent Has A Legal Responsibility To You
A buyer’s agent is in a legal relationship with you.
Remember a buyer’s agent represents the buyer, and the seller’s agent or listing agent represents the seller. It is a big mistake to expect the listing agent to work towards your best interest.
Here is the basic responsibilities of a buyer’s agent.
- Obedience- Your real estate agent should act according to your instructions.
- Loyalty- Your best interest should come first.
- Disclosure- They must share everything they know with you about the property, the neighborhood, the seller, etc…
- Confidentiality- Everything you share with your Buyer’s Agent is confidential…. during the transaction as well as beyond.
- Accountability- A buyer’s agent must always give you an accounting of the transaction.
- Reasonable Care- A buyer’s agent is to use their skills to guide you through the process.
A good agent representing a home buyer’s interests does not sell you a home but will counsel you and advocate for you on your behalf.
As mentioned before purchasing real estate is filled with many complexities, we do this every day and many of the aspects can be put on auto-pilot by us. Buying a home should be fun and not stressful.
What Are A Buyer’s Agents Duties?
A buyer’s agents duties can be quite varied depending on your individual needs as a homebuyer. Here are some of the task a buyers real estate agent can perform as a buyer’s agent.
Discuss and assess your individual needs.
A buyer’s agent can help you discuss and evaluate your needs. Your buyers agent can bring valuable insight to the table from the experience gained by working with hundreds before you.
Bring an objective view to the process.
As much as you don’t think so, buying a home can get emotional. Part of a buyer’s agent’s job is to remind you of your original goals and needs so you do not make a bad purchase.
Help arrange the professional you will need through the process.
A buyer’s agent has many professionals who you may need along the way who take a similar approach as themselves that can help you in every aspect of the home buying process. From arranging a pre-approval letter with a mortgage broker to walking you thru the home inspection to securing movers….They can help.
Provide you with the knowledge and experience gained through the closing of 100’s of transactions.
Experience counts. I can tell you you don’t know what you don’t know! But a buyer’s agent does. A full-time agent spends 40+ hours a week immersed in real estate. We have a handle on what is happening right now in the market. We have negotiated 100’s of deals. We know how listing agents think and sellers think. Draw on your buyer’s agent experience to make the most of your home purchase.
Educate you about current market conditions and trends and help you analyze the data.
Understanding current market conditions will set the stage of how you search for homes, structure an offer and negotiate terms. Most buyer’s view of market conditions are usually 6 months behind what is really happening in the real estate market.
Prepare you to buy.
A buyer’s agent job is a consultive one. They will educate you about buying a home, market conditions, what a homes fair market value is, etc… You will be able to move forward with confidence.
Help you find the right home.
A buyers agent can take your wants and needs, combined with some tools and help you find just the right home. They can provide you with daily email alerts, a mobile app as well as the most up to date access of the homes for sale.
Determine if your target home truly suits your needs.
When you do find the right home, your Massachusetts buyer’s agent will help you analyze if this is the right home. If it is not the right home they will remind you of past discussions and we will decide if your criteria has changed.
Analyze market value of the home.
Think you found the right home? Your buyer’s agent will prepare a Comparative Market Analysis to help you determine fair market value of the home and structure a negotiating strategy based on other factors as well.
Help you prepare an offer.
Real estate agents understand buyers, listing agents, current market conditions and can help you structure an offer that gets accepted. We do this every day.
Negotiate the offer in a timely manner.
Time is of the essence when negotiating an offer, especially in a hot real estate market. An experienced agent knows how to negotiate and will help you develop a negotiating strategy to suit your needs. Or in a hot sellers market we can help you compete with multiple offers.
Help co-ordinate the closing between all the involved parties.
Once you offer is accepted there are dates, lawyers, paperwork, inspectors, etc… that all need to be co-ordinated. A buyer’s agent has systems in place that bring us smoothly thru to the closing.
Makes sure you are comfortably settled in your new home.
After you close on your home a buyer’s agent is always available to answer questions.
The true role of a Massachusetts buyer’s agent is really one of a coach or consultant. You are always in control, but it is their job to help you in a manner that suits your needs and desires. A lot of what they do is listen, educate and present options that might be best for your situation.
In the end, the decisions are yours.
The second part of their job is ministerial. They track dates, contracts and contingencies, making sure contractual obligations are kept on track. You worry about finding a home that you like and your buyer’s agent will take care of the nitty-gritty. A missed date in a contract could cost you your good faith deposit.
Buying a home is as easy as 1,2,3! with a Massachusetts Buyer’s Agent
How much does a Buyer’s Agent cost? It’s FREE!!
Most if not all sellers have already agreed to pay a fee to a buyer’s agent in their agreement to list their property. A buyer’s agent fee is paid out of the gross real estate commission on the home that is paid by the seller.
If you are looking for a Massachusetts Buyer’s Agent, contact me for your free, no obligation buyer consultation. I am confident I can help you make the most of your next home purchase.
Other FAQ’s About Byer Agency
What is the difference between a REALTOR And A Buyers Agent?
A REALTOR can be a buyers agent and a buyers agent can be a REALTOR. The difference between a REALTOR and a buyer’s agent is membership. A REALTOR is a member of the National Association of REALTORS.
What Is A Seller’s Agent?
A seller’s agent represents a seller. Much like a buyer’s agent has a legal responsibility to a buyer, a seller’s agent has a legal responsibility to the seller.
Do I need A Buyer’s Agent When I Buy A House?
No you don’t need a buyer’s agent. But to go it alone if you are a first time home buyer or don’t have a lot of experience is not prudent.
What Is Dual Agency?
First, off I hate dual agency, don’t do it. Dual agency is where an agent represents both parties in a transaction, meaning both buyer and seller. If you are represented by a dual agent you are giving up many rights. It is impossible to serve two master.
Other Resources About Buyer Agency:
- Forbes- What does a Buyer’s Agent Do?
- Bill Gassett- What is Dual Agency and Why You Should Avoid It
- Paul Sian- Why You Need A Buyers Agent Representing You
- Kyle Hiscock- 10 Reasons Why You Need a Buyers Agent
What Can I Buyers Agent Do for You? was provided by Kevin Vitali of EXIT Group One Real Estate of Tewksbury MA. If you would like to buy a home and would like the assistance of a buyers agent. call me. We can sit down and discuss your upcoming purchase and see how I can best help you. 978-360-0422
Buyer Agency Services in the following areas: Northeast Massachusetts, Merrimack Valley, North Shore and Metrowest. Including the following communities and the surrounding area- Amesbury, Andover, Billerica, Burlington, Chelmsford, Dracut, Groveland, Haverhill, Lowell, Melrose, Merrimac, Methuen, Middleton, North Andover, North Reading, Reading, Stoneham, Tewksbury, Tyngsborough, Wakefield, Wilmington, Westford
