Top 5 Benefits of Having a Buyer’s Agent Represent You
Having a professional Buyers Agent represent you in your next home purchase is always a sound decision. Here, we will take a look at how Colorado views a Buyers Agent, and then we will discuss the Top 5 Benefits of having a Buyers Agent.
According to the Colorado Definitions of Broker Relationships (25-5-04 DEFINITIONS OF WORKING RELATIONSHIPS, Colorado Real Estate Commission):
“A buyers agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the buyer…”
And, according to the Colorado Buyers Agency Agreement (No. BC60-04-05 EXCLUSIVE RIGHT-TO-BUY CONTRACT, Colorado Real Estate Commission):
“Broker shall exercise reasonable skill and care for the Buyer, including but not limited to the following:
1. Performing the terms of any written or oral agreement with Buyer;
2. Presenting all offers to and from Buyer in a timely manner regardless of weather Buyer is already a party to a contract to Purchase a Property;
3. Disclosing to Buyer adverse material facts actually known by Broker;
4. Advising Buyer regarding the transaction and to obtain expert advice as to material matters about which Broker knows but the specifics of which are beyond the expertise of Broker;
5. Accounting in a timely manner for all money and property received; and
6. Keeping Buyer fully informed regarding the transaction.
Broker shall not disclose the following information without the informed consent of the Buyer:
1. That Buyer is willing to pay more than the purchase price offered for the property;
2. What Buyers motivating factors are;
3. That Buyer will agree to financing terms other than those offered;
4. Any material information about Buyer unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealings; or
5. Any facts or suspicions regarding circumstances that could psychologically impact or stigmatize the Property.
In what is the largest investment most people will ever make, having a real estate professional on YOUR side is a very smart move. In case you needed even more incentive, here are the Top 5 Benefits of Having a Buyers Agent represent you in the purchase of your next home:
1. Full Representation- A Buyers Agent owes 100% of their dedication and loyalty to you, the home buyer. They have no reason or motivation to “sell” one house over another, and can thoroughly put YOUR interests above any sellers wants or needs. Furthermore, a Buyers Agent can help you find competent lenders, home inspectors, landscapers and anyone else that you, a future homeowner, may need, once you find a home that you want to buy.
2. No Loyalty to Home Sellers or Listing Agents- Because of the 100% loyalty to you, their Buyer Client, a Buyers Agent does not need to look out for the best interests of the Seller, whatsoever. Their job is to get YOU – the Home Buyer, into the best home for the least amount of money and hassle possible. The Sellers and the Listing Agents wants and needs have nothing to do with the level of service provided by a Buyers Agent to you, their Buyer Client.
If you were to come a home, as an unrepresented buyer (no Buyers Agent) that is listed by another agent, the only duty that the listing agent has is to not lie to you. That is it. They owe nothing else to you. They are not on your side. When you arm your self with a Buyers Agent, you will have someone working hard for YOU at every point in the home buying process.
3. Great Knowledge of the Market- A Buyers agent knows “what is out there” better than anyone else. They spend much of their time looking at houses (both online and in person) and fully understand what is available and where all the good deals are. They are the ones setting appointments and viewing hundreds of homes every month. In many cases, a Buyers Agent has already seen a home that you may be interested in, and can share with you many details before you even go inside!
4. Access to ALL Available Properties- A Buyers Agent can show you ANY property that is available – regardless of the sign in the yard. They have access to every home that is for sale, the minute it becomes available, and have no loyalty to one listing agent or company over another. Also, in many cases they can effectively represent their buyer clients in the purchase of a home from an unrepresented seller (FSBO). A Professional Buyers Agent will leave no stone unturned when finding the perfect home for you, their Buyer Client.
5. Effective Negotiating Skills – A Buyers Agent is an effective negotiator, as one main part of their job is to write solid offers that get you, their Buyer Client in the best possible situation. They do this for a living and know all the tips and tricks to use and avoid when dealing with different listing agents and sellers. They completely understand all the details of a Buy-Sell Contract, and are able to explain and walk through the contract and any counter offers to you, their Buyer Client, in a way that makes sense. They will maintain the contract and all necessary dates, making sure that it all works out in YOUR BEST INTEREST.
What is the best part? In most cases, representation by a professional Buyers Agent will cost you nothing – Its FREE! The compensation that they receive is built into the costs paid by the Seller at the time of closing. Wow!
(Now, Buyers Agent Representation is not readily available in all states. But it IS readily available in Colorado. In fact, we actively recommend it to anyone considering looking to buy a home.)
Posted By: Mariana Wagner – Colorado Springs Real Estate Agent