Discover the value of hiring a Buyer’s Agent for your homebuying journey. Learn about the benefits, tasks they handle, and why the investment is worth every penny.
Americans have become accustomed to purchasing almost anything they desire with just a few clicks online. However, amidst this convenience, there’s one significant and intricate transaction that experts recommend not tackling solo – purchasing a home.
In 2023, statistics show that around 89% of homebuyers enlisted the services of a real estate agent or broker, revealing a preference for professional guidance in the real estate arena. While some may venture into the property market independently, the risks associated with doing so are manifold.
A buyer’s agent is a real estate professional who works specifically for the buyer in a real estate transaction. Although many people think of a buyer’s agent as someone who helps them pick a house, they do a lot more than that.
Let’s be honest: Purchasing a home is a far cry from buying a simple household appliance. It’s likely to be the most significant investment you’ll ever make. The entire homebuying process can span months, and without caution, mistakes could cost you a fortune or potentially lead to losing out on your dream home. With so much on the line, is it really wise to navigate this intricate terrain alone?
Partnering with a trusted professional is a secure and wise choice. Making such a substantial decision, with its array of intricate choices that require specialized expertise and extensive research, reinforces the necessity of having a knowledgeable advocate by your side. It’s not surprising that the majority of American homebuyers choose to work with agents, as 9 out of 10 express a readiness to engage a buyer’s agent once more.
100 Must-Do Tasks for Successful Homebuying
Highlighting the benefits of having a real estate agent as your ally, here are 100 essential tasks they handle to protect and simplify your homebuying process.
1. They prepare the buyer for executing a buyer representation agreement.
2. They explain agency relationships to the buyer and obtain state-required legal consent to represent, if needed.
3. They inform the buyer of the working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies.
4. They learn the buyer’s wants and non-negotiable needs.
5. They understand the buyer’s budget and financial requirements.
6. They help the buyer understand the property options within their chosen budget.
7. They suggest the buyer fill out a homebuyer’s checklist.
8. They assist the buyer in analyzing their affordability.
9. They provide quality lender resources.
10. They partner with the buyer to locate suitable properties for consideration.
11. They match the buyer’s needs with available properties.
12. They constantly re-evaluate the buyer’s needs and adjust property showings accordingly.
13. They obtain signatures on the buyer representation agreement after ensuring the buyer understands the process and benefits.
14. They explain compensation details and payment options to the buyer.
15. They explain Federal and State Fair Housing laws to the buyer.
16. They guide the buyer on what to look for in property disclosures.
17. They ensure the buyer that their personal information remains confidential.
18. They commit to disclosing all known material defects to the buyer.
19. They provide information on checking the sex-offender registry and crime statistics for the neighborhood.
20. They discuss available resources for the buyer to learn more about prospective neighborhoods.
21. They explain the timeline for house hunting, mortgage approval, and closing.
22. They explain the local market and its impact on the buyer.
23. They show statistics on list price percentages sellers are receiving in the area.
24. They inform the buyer about popular home features.
25. They identify the current average days on the market.
26. They advise against using the price per square foot as the sole determinant of home values.
27. They explain the concept of absorption rate in the buying process.
28. They indicate the current listing months of market inventory.
29. They share potential out-of-pocket costs to complete the transaction.
30. They help the buyer analyze loan estimates.
31. They qualify the buyer for the financial ability to purchase.
32. They assist the buyer in understanding the complete costs of homeownership.
33. They prepare the lender for listing agent calls.
34. They assist in comparing different financing options.
35. They help the buyer select homes that fit their needs for viewing.
36. They show homes that match the buyer’s must-haves.
37. They caution the buyer about posting information on social media.
38. They review the sample sales contract to prepare the buyer for making an offer.
39. They schedule showings and provide access to all listed properties as soon as they become available in their local MLS broker marketplaces.
40. They educate the buyer on the immediacy of new listings appearing in their local MLS broker marketplaces and the lag time for them to appear on some websites.
41. They collaborate with the buyer on properties they may have learned about through their sphere contacts.
42. They research and assist on all unlisted properties the buyer wishes to see.
43. They preview properties prior to showing if necessary.
44. They network with other agents to source properties not yet in their local MLS broker marketplaces.
45. They contact homeowners in focus areas to see if they are considering selling.
46. They set up an automated email alert system through their local MLS broker marketplaces that immediately notifies the buyer of properties that fit discussed requirements.
47. They arrange a tour of areas, schools, and key points of interest.
48. They provide resources containing neighborhood information on municipal services, schools, etc.
49. They inform the buyer of negative aspects like nearby venues or operations that may impact property value.
50. They collect and share any other vital information on available homes, while adhering to fair housing laws at all times.
51. They check applicable zoning and building restrictions.
52. They help the buyer decipher public property and tax information.
53. They collect and share pertinent data on values, taxes, utility costs, etc.
54. They compare each property shown to the buyer’s wants and needs list and remind them of their criteria.
55. They help the buyer narrow down their search to identify top choices.
56. They assist the buyer in securing the best property at the best price.
57. They suggest that the buyer research the neighborhood before making an offer.
58. They prepare a comparative market analysis (CMA) before making an offer.
59. They help the buyer craft the most attractive offer in the current marketplace.
60. They explain common contract contingencies and include approved protective clauses in the purchase offer.
61. They ensure the buyer receives and understands all state and federally required disclosure forms.
62. They prioritize the buyer’s contract negotiation goals.
63. They help create a negotiating strategy for the buyer.
64. They use strategies like an escalation clause to maintain a competitive offer.
65. They prepare the buyer for a multiple offer situation and develop negotiation strategies.
66. They write an offer that has a reasonable chance of being accepted.
67. They recommend optional contingencies and explain the pros and cons of using them.
68. They provide information on purchasing incentives that may be available.
69. They discuss financing alternatives with the buyer.
70.They negotiate the buyer’s offers to arrive at the best price and terms.
71. They utilize hyperlocal expertise and strong communication skills to assist the buyer in securing a successful offer.
72. They advocate for the buyer throughout the entire process.
73. They encourage the buyer to fully investigate their options for home inspectors, title companies, appraisers, mortgage lenders, and other services.
74. They present a list of required and optional inspections such as environmental, roofing, and mold.
75. They review and discuss home inspection concerns with the buyer.
76. They negotiate repair requests resulting from the home inspection.
77. They guide the buyer in meeting all contract deadlines.
78. They assist in coordinating communications between parties involved.
79. They advise the buyer to review the settlement statement.
80. They inform clients about transferring utilities to the new residence.
81. They schedule the final walkthrough for the buyer.
82. They accompany the buyer during the final walkthrough.
83. They assist the buyer in questioning the appraisal report if it affects their financing.
84. They confirm clear-to-close status with the lender.
85. They ensure all parties have the necessary forms and information required for closing.
86. They remind the buyer of the closing location, date, and time.
87. They confirm the closing details and notify relevant parties of any changes.
88. They attend the closing briefing and explain the process to the buyer.
89. They ensure the buyer understands and has verified all closing costs before closing.
90. They review the settlement statement with the buyer to ensure accuracy.
91. They provide copies of all closing documents to the buyer for their records.
92. They facilitate the signing of all closing documents and monitor the progress of the process.
93. They confirm all closing requirements have been met.
94. They coordinate the transfer of the property keys to the buyer.
95. They congratulate the buyer on the successful closing and provide further assistance or resources if needed.
96. They thank the buyer for their trust and business and request feedback or referrals.
97. They follow up with the buyer after closing to ensure satisfaction and address any concerns or questions.
98. They inquire about the buyer’s experience with the home purchase process and address any issues that may have arisen.
99. They provide ongoing support and guidance as the buyer settles into their new home.
100. They send periodic updates and relevant content to the buyer to stay top-of-mind.
1 Main Goal: Simplify Your Homebuying Process
After knowing all the tasks that a buyer’s agent will handle, it becomes clear that hiring one is crucial to pursue the ultimate goal of finding and securing your dream home.
The advantages of hiring a buyer’s agent are numerous. Firstly, they are solely focused on your best interests, unlike a seller’s agent who represents the seller. This ensures that your needs and preferences are prioritized throughout the process. Buyer’s agents possess extensive knowledge of the local market, have access to valuable resources, and can expertly guide you through every step of the homebuying journey.
One of the biggest perks of working with a buyer’s agent is the time-saving aspect. Searching for the perfect home can be laborious and time-consuming, but with a buyer’s agent, you can delegate this task to a professional who will conduct thorough research and present you with curated options that align with your criteria. This streamlines the process and eliminates the need to sift through unsuitable listings.
Furthermore, the negotiation skills of a buyer’s agent are invaluable when it comes to securing the best deal. They have experience in negotiating with sellers and agents to ensure that you receive optimal value for your investment. Their expertise in navigating the negotiation process, handling counteroffers, and advocating for your interests can make a significant difference in the outcome of the transaction.
In essence, a buyer’s agent simplifies the house-hunting process by understanding your specific needs, providing access to resources, simplifying property viewings, offering specialized knowledge, and ultimately saving you time and effort. Their role is essential in helping you make informed decisions, avoid costly mistakes, and negotiate favorable terms.
Thinking about buying a home but not sure where to start? Feeling unsure about what to consider in your homebuying journey? Gain valuable insights and tips to make informed decisions and secure your dream home. Dive into our new article: Ultimate Guide: Unlock Homeownership Success with Our Comprehensive Buyer Checklist
Investing in a Buyer’s Agent: Worth Every Penny
Considering the multitude of benefits that come with hiring a buyer’s agent, you may be pondering the financial aspect. Buyer agents typically operate on a commission basis, receiving compensation based on a percentage of the home’s purchase price.
Commission rates can vary depending on the local market and the agreement between the buyer’s agent and client. It is essential to have a transparent discussion about the commission structure upfront to fully grasp the associated costs.
While there is a cost associated with hiring a buyer’s agent, it is crucial to recognize the value they bring to your homebuying journey. Their time, expertise, and dedication can ultimately save you money by guiding you through the process, preventing costly mistakes, and negotiating the best possible deal. The investment in a buyer’s agent is truly worth every penny.
When you’re prepared to embark on your homebuying journey with the expertise of a skilled buyer’s agent, Xcellence Realty is here to help. Our agents will expertly guide you through each step, tirelessly searching for the ideal home that meets all your requirements. Visit xcellence.com and begin your search for the perfect agent to assist you in finding your dream home.
