Most first-time homebuyers don't realize that they can utilize their own agent or representative when buying a property. This is one of the biggest mistakes we see in homebuying. Many buyers simply contact the listing agent of whichever home they are interested in to buy the property. The downside is that that agent is specifically working for that homeowner to sell that property. They may not be working for the best interest of the buyer. If you're learning a little bit about buying real estate, here are four reasons you need your own buyer's agent.
When a listing agent works up a contract with the seller, they negotiate a selling commission percentage. This means that when the property sells, the listing agent will receive a percentage of the sale price. When a buyer brings their own agent, that commission is split between the listing agent and the buying agent. The buyer's agent gets paid from the profits of the sale rather than directly from the buyer. If the listing agent also represents the buyer, they receive the full commission so you can see why most listing agents would be happy to help you by their home. However, the buyer's interests, finances, and negotiating strategies are typically not the top priority. Having your own representation throughout the buying process means your needs, concerns, and finances are the top priority and will be considered in every negotiating strategy. If the home simply doesn't work for the buyer, the buyer can move on with their own agent.
More: How a Buyer's Agent Can Save You Money
When you have a buyer's agent, their goals and responsibilities are to the buyer first rather than the seller. When the same agent is working for both the buyer and the seller, the main goal is to sell that particular property, not necessarily the best option for the buyer. If the listing agent knows all the finances, confidential negotiating strategies, and current situation of the buyer, they can leverage that information to benefit the seller rather than the buyer. When the listing agent and seller are kept in the dark about a lot of the motivation and finances, the leverage sits on the buyer's side.
If for some reason buying a home right now doesn't work out, you typically don't have to pay the buyer's agent. There are certain contracts that can be worked up depending on how much time you plan on spending with the buyer's agent but generally speaking, the buyer's agent only gets paid when you find and close on a home.
Not only does a dedicated buyer's agent represent the buyer only in a purchase and sale contract, but will typically have resources and referrals readily available to complete the process. For instance, a dedicated buyer's agent may have a great lender or local mortgage officer that they recommend. They will also have connections on home inspectors, appraisers, and any repairs that may need to be done after purchase. A local buyer's agent will be well-versed in the current market, construction trends, and any details that a buyer would need to know when purchasing the property.
You can definitely see there is great benefit to having your own representative when purchasing property. If you're looking to move to the southern Utah real estate market or specifically some of the newer communities such as Desert Color or 55+ communities in the St. George in Washington County, contact our office at any time. We specialize in helping buyers negotiate for their terms and their price and help you find the perfect home for your needs.
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