In today’s market many people opt to try their luck at viewing properties on their own and trying to get a better deal. Many internet savvy people have asked me “do you need a buyer rep agent” and without a doubt my answer is always YES! I get the notion that people do not want to be strapped down to a realtor or have had bad experiences in the past, but what they rarely ask themselves is what they are missing out on without representation….. and it’s a lot.
Now I am not going to toot my own horn, but I negotiate on a regular basis at work, I am also the only man on my house so I further sharpen those skills:) Any seasoned agent can sniff out a new realtor and read them AND they certainly can read a couple who is looking to buy their first house even better. That experience and the ability to negotiate can sway the price you pay for a home quite drastically and guess what? 99 times out of 100 you would actually be SAVING MORE money having a buyer rep agent work on your behalf.
This is before even considering the fact that a buyer rep agent has knowledge of the local market, will have an indication of what similar homes are selling for and what they look like inside. They know what problems to look for inside a house and they know how to protect your interests when preparing an offer and they offer a very objective view which help people from making mistake…… why wouldn’t you want your interests protected by someone?
Most buyers use the “well I can save 2.5% buying on my own” but how do you know that? People assume the listing agent is automatically going to cut the commission down, which in most cases is not the truth. A listing agent will usually offer a lower overall commission to the seller, but will rarely wipe out the 2.5% altogether. You also have to beg the question, do you really think the listing agent is going to be working for your best interests if you are not their client?
The keys to choosing a good buyer rep agent are:
Make sure they have time to devote to taking you out. The last thing you need is someone who is too busy to really give you personalized service
Ask for their track record on list/sale price. The best agents rarely pay asking price and if their average buying price is between 95%-97% of asking, then you re going to save money.
Ask about “cash back options”. Didn’t think you could? I’ll let you in on the secret, just like listing agents, buyer agents will negotiate to get your business.
I hope this read was helpful and if you have any questions related to this blog post or any other real estate related questions I am available to help out. Have a great week.