Why do I need to hire an agent when buying a new property?
You’re headed for the Super Bowl against a team with a world-class coach. Would you go into it without a world-class coach of your own?
The answer most likely is no. The same principle applies to real estate transactions.
The listing agent has a fiduciary responsibility to the seller. Period. They are not allowed to provide the buyer with the critical information they need to make an informed decision, for instance, an analysis of the market looking at comparable properties. It is their job to market the property they represent in its best light and downplay any potential defects.
Unfortunately, many buyers, in expressing their needs, often inadvertently divulge information that can be used against them in negotiation.
Why does the listing agent use this information against them? Because their fiduciary responsibility is to the seller.
On the other hand, the buyer agent’s fiduciary responsibility is to the buyer. It is their responsibility to provide the buyer with in-depth data analysis to make informed decisions and ultimately negotiate the best deal for them.
The buyer’s agent will look around the corners to discover any hidden information about the property and its surrounding area, review the pros and cons of all properties in consideration and assist the buyer in determining and arriving at an appropriately priced offer.
The agent will support the buyer every step of the way; from providing options for lenders, attorneys and inspection companies to negotiating any subsequent issues that may arise while keeping the transaction on track to meet all deadlines. Look for an agent with a powerful firm behind them, which may provide helpful and complimentary resources, such as a “Buyer’s Guide” outlining the buying process, start to finish.
Your buyer’s agent is your world-class coach. You are a team and by working closely together, they will put your interests first and help you find the property that is right for you.