8 Great Reasons Why You WANT To Hire an Agent When Buying A Home

Estimated reading time: 6 minutes

With some exceptions, most states now require that a real estate agent helping buyers find properties have a Buyer Agency Agreement in place. This agreement spells out how buyer’s agents are paid and creates a fiduciary relationship between the buyer and that agent. It also simply means that that agent is now working exclusively for the buyer and not the seller, ensuring that the buyer’s needs and preferences are prioritized throughout the process.

The concept of buyer agency is not new but how an agent representing a buyer gets compensated is an area of much debate these days, primarily because of a recent ruling by the National Association of REALTORS® (NAR) as part of an agreement with the Department of Justice (DOJ). The purpose of the ruling on August 17, 2024, was to ensure that the process of purchasing a property is transparent and, more importantly, that the Buyer Agency Agreement clearly establishes the agent’s fiduciary duties toward the buyer whose interests are now represented solely by that agent. In some states, agents aren’t even allowed to show a property to a buyer without a signed agreement! Prior to the ruling, however, there were several good reasons to sign a Buyer Agency Agreement, and this article discusses them.

You can learn more about “How Real Estate Agents Get Paid “, but understand that a few states do require fair and unbiased treatment of both buyer and seller with or without a separate Buyer’s Agency Agreement. However, those situations are exceptions and not the norm. Meanwhile, know that an agent working under a Buyer Agency Agreement will be able to provide for you the following:

MARKET KNOWLEDGE
Knowledgeable buyer’s agents have a deep understanding of the local real estate market, including current trends, pricing, and neighborhoods. They can provide insights and information that a buyer might not have access to, such as a comparative market analysis (CMA) and an area’s potential for future developments.

NEGOTIATION SKILLS
Buyer’s agents are skilled negotiators who can help buyers secure the best possible deal. They have experience in negotiating terms, prices, and contingencies, which can be particularly beneficial in a competitive market. In many cases, a buyer’s agent may be able to negotiate to have their commission paid via savings to you in the form of seller concessions, closing costs, and other outlays associated with buying a house.

ACCESS TO LISTINGS
Agents who belong to an MLS often have access to listings that may not yet be publicly available or might be exclusive to certain real estate networks and portals. With a Buyer Agency Agreement in place, however, a buyer’s agent may now be on the active lookout for properties that have not yet hit the market because they are working exclusively for the buyer. This gives buyers a broader range of options and increases the chances of finding a property that meets their criteria.

GUIDANCE THROUGH THE BUYING PROCESS
The home-buying process can be complicated and overwhelming, especially for first-time buyers. A buyer’s agent will guide buyers through each step, from property searches and viewings to submittal of offers as well as navigating inspections, financing, and closing. In each stage of the process, the buyer’s agent will be working to get the buyer the best possible outcome.

HANDLING PAPERWORK
Real estate transactions involve a significant amount of paperwork and legal documentation. A buyer’s agent is experienced in managing this paperwork, ensuring that everything is completed accurately and in compliance with local laws and regulations. With a Buyer Agency Agreement in place, a buyercan ask the agent to compare properties and even provide a Comparative Market Analysis (CMA) on a property that the buyeris seriously considering.

A NETWORK OF SERVICE PROVIDERS
Most experienced agents have a network of trusted professionals, such as mortgage brokers, home inspectors, and contractors. They can recommend reliable experts to help buyers make informed decisions throughout the purchasing process. The Buyer’s Agent, however, knows which ones are more beneficial to a buyer rather than a seller. For example, mortgage brokers can more easily incorporate closing or other costs into a loan, inspectors willreally look for those things that may cause a buyer additional expense, and a home repair contractor will work with the buyer in mind.

AVOIDING CONFLICT OF INTEREST
Without a Buyer’s Agent, a buyer might inadvertently find themselves in a conflict-of-interest scenario, especially when dealing directly with the listing agent, who represents the seller. A Buyer’s Agent ensures that the buyer has someone exclusively advocating for the buyer’sbest interests.

EMOTIONAL SUPPORT
The home-buying journey can be an emotional rollercoaster. The Buyer’s Agent canprovide support and reassurance, helping buyers stay focused on their goals amid the ups and downs of the process, which can be significant for the buyer’s well-being as well as the outcome of the transaction.

You have a choice of representation in the purchase of a home, and the best way to protect yourself is with an exclusive Buyer Agency Agreement. As part of a Buyer Agency Agreement with me, I will:

  • Tirelessly work to find you the right property and represent your best interests with a fiduciary responsibility to you, not the seller.
  • Structure your offer to your advantage and negotiate on your behalf, ensuring that the amount offered is in line with comparable properties so that you do not overpay.
  • Make the effortto structure your offer to allow the seller to pay the buyer brokerage fee.
  • Provide you with additional assistance with mortgage, title, and insurance requirements.

Additionally, I will benefit from being your exclusive Buyer’s Agent. I will feel confident that the efforts I put into finding you the perfect home will not be lost to another agent who happened to be in the right place at the right time if you happen to comeupon the perfect property without me. Simply put, that other agent doesn’t have that fiduciary responsibility to you like I do.

With this mutual commitment to each other, along with my expertise, resources, and advocacy, you and I can work together to find you the home you have always wanted at the price you are willing to pay. Your best interests will always be at the top of my mind!