We are sometimes asked: Do I really need a buyer’s agent, or can I make an offer on a property on my own? Certainly, it is possible to buy a home without the help of a buyer’s agent. However, there are a number of advantages in working with an experienced agent. Here are some reasons to work with a buyer’s agent:
1. It’s Free For Buyers. Except in a few, very limited circumstances, the buyer’s agent’s commission in the Boston area is paid by the seller or seller’s agent.
2. Buyers Get Representation. The seller’s agent represents the seller, and it is their obligation to act in the best interests of the seller. Having a buyer’s agent ensures you have an experienced professional on your team to look out for YOUR best interests.
3. Market Data. A buyer’s agent can educate you on local market trends. Buying a home represents a substantial investment – it is important to know about the market/area you are buying into.
4. Make Searching for Property Easy. When working with a buyer’s agent, there’s no need to scroll through endless websites looking at properties that are no longer available. A buyer’s agent can create a custom MLS (Multiple Listing Service) search tailored to your search criteria, so you can be notified as soon as new properties come on market.
5. Help with Paperwork. There are a number of forms and documents involved in purchasing a home. A buyer’s agent will help you navigate through them.
6. Price Analysis. You want to make an offer, but is the property over-priced, underpriced or priced right in line with the market? Your agent will create a comprehensive market analysis based on similar properties that have been sold, to help you determine what price to offer. A seller’s agent is obligated to get their client (the seller) the highest possible price; again, it is important to have a professional looking out for your interests.
7. Negotiations. The purchase price is just one component of an offer. A buyer’s agent will help guide you on the other terms that make up an offer, such as inspection contingencies, mortgage contingencies and timing – careful consideration of all offer terms help make sure your offer is as strong as possible. If issues come up during the purchase process (such as property defects identified during a home inspection), your buyer’s agent can also help negotiate for appropriate concessions from the seller.
8. Support throughout the Transaction. An experienced buyer’s agent can help make introductions to other industry professionals that may be necessary throughout the purchase process, such as lenders, attorneys, home inspectors and insurance agents. Additionally, your agent will keep you apprised of upcoming deadlines and communicate with the involved parties to help keep your purchase on a smooth path towards closing.
If you would like to be connected with one of our experienced buyer’s agents, please contact us here.
Just getting started with the home-buying process? Feel free to start your search here.