We are all so skeptical we don't believe much of what we are told. We need the reassurance of seeing for ourselves proven results. At the least we require some sort of guarantee or commitment from any salesperson we are dealing with. Real estate is no different.
There was a time not that long ago that all agents represented the seller in residential real estate. As a buyer you had no control and were at the mercy of sellers, agents, title companies, mortgage companies and attorney's (unless you hired an attorney to represent you). "Caveat emptor" Buyer Beware was the law of the land and essentially how the real estate transactions took place. Major changes have occurred over the past 10 years where buyer agency has now become the normal and required practice in real estate transactions.
For a new home buyer hearing all of the scary stories about real estate and how you can be burned in the process its' hard for them to get their hands around the real benefits of buyer agency. With Buyer Agency you now have control you have your agent right where you want them under contract working for you not the seller. Best of all you can cancel the contract easier than the agent. With a phone call and fax to your agents Broker in Charge or by a complaint to the Real estate board you're on your merry way with apologies from every one involved.
What should you expect from your agent when employing the as your exclusive agent?
1. To seek property at a price and terms acceptable to you,
2. Presenting in a timely manner all written offers and counter offers,
3. Disclosing all material facts related to the property and transaction,
4. Accounting for in a timely manner all money and property,
5. Maintain confidentiality of all personal and financial information,
6. Comply with all laws and regulations,
7. Treat sellers honestly and not give them false information,
8. Non-Discrimination,
That's the standard contract stuff, how about the other things that will benefit you in buying a home?
Below are 15 techniques that professional Buyer Agents use to save you thousands.
1. Real Estate Team approach to the real estate business, Buyer agents, listing agents, customer care assistants, and a closing coordinator are needed to properly handle all properly the functions of a real estate agent.
2. Written guarantees, the best agents will put in writing 2 guarantees. A performance guarantee (i.e. Save you $5,000 on your home purchase price or they will pay you $500 at closing). A cancellation guarantee ( If the agent has not done everything they said they would and your not completely satisfied with their performance you can cancel the Buyer agency contract no questions asked)
3. Weekly communication at a minimum. A phone call, email or face to face meeting. With the agent or team member working on your transaction.
4. Multiple forms of contact for you of your agent: office phone number, direct phone number, fax number, email address, website, cell phone number. Names and functions of team members who will be working with you.
5. Emailing you daily or weekly new listings that come on the market meeting your specific buying criteria. VIP Buyers program.
6. Mortgage pre-approval, helping you with the process by giving you information and following up with competent mortgage professionals who can have the mortgage processed, delivered and closed on time.
7. Home Inspection, giving you information and following up with professional home inspectors who will meet your dead lines with complete line item reports and photographs.
8. Title company or Attorney, who can start the process on a timely basis to competently and quickly complete the title work report any deficiencies and work with the sellers and sellers agent to clean them up to meet the closing schedule.
9. Engineers Survey companies, have competent engineers who will complete the survey quickly and professionally and present any problems in a timely manner.
10. Phone numbers for all local utilities gas, electric, cable TV so you can have them transferred into your name in time for closing.
11. Schools phone numbers, addresses, websites and locations of schools public and private in the areas you are considering for your new home.
12. Hotels and apartments complexes convenient for you if there is a delay or while your new home is under construction.
13. Local information on parks, recreation, maps, newspapers, chamber of commerce, banking, shopping, grocery stores, restaurants.
14. Contractors and service providers, lawn service, house cleaning, widow washing, roofing contractors, plumbers, electricians, deck builders.
15. Hospitals, clinics, special needs for your children, parents or you.
Your agent should be in contact with you and be able to offer assistance or direct you to where you can get help without leaving you out on your own. Keeping in contact (communication) is what will make the house hunting and closing go smoother and lessen the complications.
Bill Carey a Broker/Investor/Builder. His over 30 years experience in Real Estate Sales, Investments and Construction offers a unique perspective to the processes of Investment Grade Real Estate. Bill and his family own resort rentals and hold a number of Off-Campus student rental properties in southern states. This started when our oldest daughter went away to school at the University of South Carolina in Columbia, SC. The Carey family continues to buy and successfully rents student rental properties
How to Save $50,000 plus on your Childs College Education. 9 Steps to In-State Tuition. Student Rentals Real Money Makers. Check out the 9 part e-course on "How to Buy Your Student Rental Property"
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