Most people understand the value of working with a professional Realtor when it comes time to sell their home, but what about working with a professional when you are looking to buy? I come across this quite often where buyers think that they should negotiate directly with the selling agent. Is this true? Generally NO.
The selling Realtor has a FIDUCIARY DUTY to their client (the seller) not to the buyer. They have also likely been working together and are working to get them the best deal not someone that they have just met at an open house or a random phone call. The selling agent has a duty to represent the seller which means protecting their privacy, negotiating for the best price and coming to the best possible terms for their client. As a buyer if you disclose anything to the selling agent, by law they need to disclose it to their seller!
Having a Realtor work with you during the buying process will not only insure that you are saving time and energy through the process but it will also enable you to see properties before the public, have access to insider information, and help you negotiate based on what is realistic for each individual property.
Having you own Buyer’s Agent will provide additional services to help with the home buying process such as:
- Provide guidance in your selection (Buyer’s Agents have intimate knowledge of neighbourhoods, schools and communities plans).
- Arrange for private viewings of homes that may interest you.
- Help you determine current market value for homes of your interest.
- Provide information from the Listing Agent, City Hall, Strata corporation that may be integral to the offer.
- Help write up a contract that will protect you legally should anything happen (and things do happen!!!).
- Provide expert negotiation to get an agreed upon price as quickly as possible.
- Assist in finding inspectors, contractors, mortgage professionals and any other professionals that may make your life easier.
- Negotiate ideal completion and possession dates.
DOES IT COST TO WORK WITH A BUYER AGENT?
In most cases working with a buyer agent is free for you. Sellers agree to pay both sides of the transaction as they understand most qualified buyers are represented. In the odd case where there is a discount brokerage selling it may need to be negotiated but rarely will a buyer ever need to pay.
If you have any questions about working with a professional buyer agent or would like to discuss the process please give me a call 604-363-7858.