According to a National Association of REALTORS® Research Group, 87% of buyers worked with an agent to find their home in 2018. That’s out of 5.34 million existing homes sold (not including new construction). It’s clear that utilizing a buyer’s agent is very common, yet many people know exactly what a buyer’s agent does? Keep reading to learn more about an agent’s role in the buying process.
Educate & Prepare
To begin the buying process, the buyer’s agent will sit down with the buyers to discuss their goals and price range. Then, the agent will present the buyers’ with an overview of what to expect. From closing costs to earnest money, the loan process to buyer seller agency relationships. It’s the agent’s job to make sure the buyer’s are ready and prepared for what lies ahead in the buying process. The agent will also provide an overview of current market conditions and local information about neighborhoods, schools, and the area as a whole.
The buyer’s agent takes care of obtaining a home loan pre-approval and lender information. This is an important step that will help make the final transaction go smoothly. At this time, the buyer’s agent will create an internal file for the buyer and explain the buyer agency agreement. After all of this is taken care of, it’s time to start looking at houses!
Home Search
There are numerous tools available to buyers that can help them look for homes and narrow their search. The help of a buyer’s agent is critical during the home search process. WHY? The agent can help verify or correct any misleading information on national real estate websites like Trulia and Zillow. The buyer’s agent will utilize the MLS (multiple listing service) to find accurate data on each property. This resource can also help the agents pre-screen homes to help gauge the buyer’s interest before scheduling a showing. Doing this part without a realtor can be challenging since you miss out on their professional expertise. It’s tough to find information on property tax, property ownership and deed, property zoning restrictions, and neighborhood HOA requirements on your own.
Showings
When the buyers have selected a home they would like to tour, the buyer’s agent takes care of contacting the listing agent to schedule a showing. The agent will then attend the showing with the buyers and explain any notes they have from the listing agent or from their personal research. The agent can share their research on the property’s condition, location, and features. After each showing, the buyer’s agent will obtain feedback from the buyers and share that with the listing agent.
Update, update, update
The real estate market is rapidly changing, so it’s handy to have a buyer’s agent that can keep you up to speed. The buyer’s agent can update clients on any price or status changes as soon as they take place. Agents are reviewing market data and keeping an eye on specific properties on the buyers’ behalf. This is a huge advantage rather than relying on national websites that aren’t updated as often.
Make It Official
The offer and the contract… This is where it REALLY pays off to have a buyer’s agent on your side. The contract and paperwork involved can really leave buyers in a mess if not done correctly. Buyer’s agents can counsel buyers on giving an offer and help negotiate the sellers’ concessions. All agreements, contracts, and negotiations are taken care of by the agent. If a buyer is unfamiliar with any of the documents or forms, it is convenient to have an experienced realtor available to explain things for you. The agent will verify that all signatures have been obtained, cross the t’s, and dot the i’s before sending things to the title company.
Before everything is official, the buyer’s agent will schedule and attend a home inspection. If any repairs need to be made, the buyer’s agent will take care of negotiating the inspection objection deadline. The agent will also confirm the status of water, natural gas, and utilities and ask about any transferable warranties.
One of the best jobs a buyer’s agent could ask for is handing over the keys to the buyers’ new home! Upon going back to the office, the buyer’s agent will verify that the status of the home is SOLD in MLS, and it’s a done deal!
Our team at Missouri Home, Farm & Land Realty, LLC would love to opportunity to walk through this process with you. If you are ready to start looking for your new home, call or click today!
Office: 417-777-3300 / Website: https://missourihomefarmland.com/contact-form/