Buying a Home? Why A Buyer-Broker Agreement Is So Important
Having a Professional Agreement With Your Real Estate Buyer’s Agent Is Beneficial In Protecting Your Interests
But we also know that your home purchase, no matter how many times you’ve done it, is one of the most important decisions of your life. Many home buyers (Even seasoned buyers) go about it the wrong way, and in some cases, end up with a really bad experience as a result. Unfortunately, these bad buying habits can jade a buyer’s experience in any real estate endeavor they pursue.
Bad and Good Habits in Buying Real Estate
Bad Habit: Working with more than one buyer’s agent at a time.
This happens on occasion where a buyer somehow thinks he’s going to get “the best deal” if he strings along more than one buyer’s agent at a time. In fact, not only is it not practical, it wastes everyone’s time…including the buyer. Using more than one agent to find a home just doesn’t make sense. Only one agent at a time can submit an offer, and the notion that you’ll “get a better deal” by working with many has absolutely no bearing on the home purchase process. You’re not shopping for a car, you’re shopping for a home. There’s only one like the home you want, and there is no negotiating with multiple buyer’s agents. Using one agent that you trust to negotiate your deal is the only way to go.
Bad Habit: Calling an agent for the first time to try and get them to meet you “at the property”.
This is where we get into why it is so important to get to know your real estate agent first. But before we go any further, let me just tell you that most good agents will not meet a buyer at the property without at least first getting to know. Why is this important? For many reasons. One, we don’t know you. And while we don’t want to make any unnecessary judgement calls, agents have been assaulted (or worse) who have met someone alone at a property without at first getting to know them. So for one, our safety is at stake. Also, how do we know what you’re looking for? If we can talk to you first to get to know your budget, qualifications, wants and needs regarding a home purchase, and to give you a little insight about who WE are, it goes a long way in saving you time and frustration in your home purchase.
Bad Habit: NOT signing a buyer-broker agreement.
We can understand that this is a sticking point for some buyers who think they’re getting “locked in” to working with an agent permanently when they are asked to sign a buyer-broker agreement. But understand, this agreement is for YOUR protection as well as ours. A buyer-broker agreement lays out the terms in writing to which we work. It demonstrates our professionalism and dedication to the business, and lets you know exactly how we’ll work with you without any guesswork. Again, it protects YOUR interests. There are a few different versions of buyer-broker agreements, including a non-binding/cancel anytime agreement.
Buying a home is the most important decision of your life. Hire a professional to help guide you through it.
A home purchase is the biggest investment you’ll probably make. Many things can go wrong unless you hire the right person to guide you through and make sure you’re getting not only the home of your dreams, but that your escrow will go as smoothly as possible. Think of this as interviewing someone for a job you shouldn’t try and do yourself. Ask us anything. How long have we been in the real estate business? What do we know about the housing market in the area you’re moving to? What loan options are available to me? How accessible are you when I have questions or concerns? If I don’t like the way you work, can I “fire” you?
We’re ready for your questions. Contact us by using the form below. Remember, hiring an agent to help you buy a home costs you NOTHING! Our fee is paid by the seller, but our professional obligation is to YOU!