You’ve probably heard of terms like buyer’s agent, listing agent, seller’s agent, co-operating agent, realtor etc… Let’s get one thing straight:
Buyers agents are realtors who are working on behalf of the buyers; listing agents are realtors who are working on behalf of the sellers. Agents are licensed to help you on both sides of the transaction, but their title changes depending on who’s corner they are fighting in.
The real estate market is quite a jungle– bidding wars, over-priced listings, and unprofessional agents– and navigating that jungle is extremely challenging without a seasoned buyer’s agent.
A good buyer’s agent prepares you for the search, helps find the right property, negotiates a fair price, and facilitiates a smooth closing.
Below is our personal take on our jobs when we are working as a buyer’s agent.
How Do Buyer’s Agents Prepare Clients To Buy?
We educate our clients until they can walk through the threshold of a home, and know that the home is priced well, and that the home will fit their needs for the next 5 years. At that point, our clients can buy without regret. While educating you on the value of real estate, we help arrange financing and inform you of the offer process.
During this part of the search, we help our clients build and cut their wants/needs list. Our job is to help you realize the home you need, and can afford within your budget.
What Do Buyer’s Agents Do During The Home Search?
During the latter part the home search, we prepare our clients for offer presentations and ensure that they have an edge over their competition. Seller’s are often looking for the highest price, from a buyer who can close. We ensure sellers know our client is their safest bet when considering similar offers. We joined Sotheby’s International Realty, and also spend a lot of time and effort on developing our own personal brand, so we can give sellers confidence in our client’s offers.
What Do Buyer’s Agents Do During Offer Negotiations?
During offer negotiations, we work with your best interests at heart. Our goal is to get you the best possible price and offer conditions. In Ontario, agents owe fiduciary duties to their clients, meaning they have to legally look after their own parties interests. Seller’s agents are legally bound to get the most money out of the buyers. The seller’s agent technically can’t share with the buyers any comparable sales or talk adversely about the value of the home. This is why we have buyer’s agents in our industry.
What Do Buyer’s Agents Do Once The Offer Is Accepted?
We ensure a smooth and event-free closing. We’ve experienced everything from deposit money being withheld by the government for suspected terrorism, to bathtubs falling through the ceiling during a home inspection, so we are prepared to rectify any hiccup and keep you involved as much or as little as you want.
Hire an agent who works with both buyers and sellers, because they have insight into your competition. If you’re looking for help with your search, shoot us a message here.