9 THINGS TO EXPECT FROM BUYER AGENTS DURING HOME PURCHASE

9 THINGS TO EXPECT FROM BUYER AGENTS DURING HOME PURCHASE

9 THINGS TO EXPECT FROM BUYER AGENTS DURING HOME PURCHASE

This list outlines the 9 most important, and often overlooked tasks that buyer agents perform. What does a buyer agent do? Why do you need a buyer agent? Can you save money by going directly to a seller or listing agent? Find out exactly what steps agents take so you understand what goes into finding a great home purchase deal.

 

9 THINGS TO EXPECT FROM BUYER AGENTS DURING HOME PURCHASE

9 THINGS TO EXPECT FROM BUYER AGENTS DURING HOME PURCHASE

  1. Establish Must Haves – Expanding boundaries and borders as well as introducing unfamiliar locations or neighborhoods may lead you to the perfect home in an area you may not have previously considered or been aware of.
  2. Act As An Advocate – Building relationships with professionals involved in the process. Giving a transaction a name and face can often cut through red tape. Networking with various trades (attorneys, lenders, contractors, inspectors) and scheduling various tasks is also a skill when so many schedules are colliding.
  3. Aid Buyers – Exposing clients to various options and continually narrowing the search criteria is an important factor in preventing burn-out. Perhaps you have heard friends talk of their 2-3 year home search. Perhaps you have heard co-workers talk about taking a break from the house hunt after a few major disappointments or many minor delays.
  4. Prepare A CMA And Advise An Offering Strategy – This service is well known but often misunderstood. This should be a key function of every agent, but how it is performed is the difference between standard of practice and value added. In distinct micro markets (i.e. New York’s Forest Hills enclave in Queens, or Manhattan’s Tudor City hidden away in Midtown NYC) , a current understanding of trends and practices can make or break either a CMA or an offering strategy. An understanding of how unique coop-boards view offers or what a specific building may be trading at (as opposed to it’s neighboring buildings) is key.
  5. Prepare An Offer To Purchase – An Offer To Purchase (when complete with supporting documents) is what allows a seller to separate the “good”  offers from the attractive offers. This simple function can determine the rank of an offer and determine whether or not a buyer earns a chance at negotiation.
  6. Negotiation – Negotiating offers is simple enough in some markets. In more sophisticated markets with more competition cash doesn’t always win. The highest offer doesn’t always win. Proper understanding of a seller’s desires, the market conditions, and a client’s comforts and limitations can shift a negotiation in unexpected ways.
  7. Oversee Inspections – Understanding what questions to ask and how to interpret an inspection report is nuanced. The landscape is scheduling with the seller, seller agent, building manager/super, buyer, and inspector. Being present during the inspection is the simplest part.
  8. Advise – Asking for unreasonable or inappropriate repair requests is a quick way to turn a purchase into a combative exercise in frustration. Depending on where you are in the process, a poor choice of requests ( or poorly worded ) may get an offer bumped down on the list of potential offers.
  9. Attend Closing – Attendance at the closing table is not just an agents moment to collect a check. Reviewing closing documents, and protecting a client’s interests is something that is difficult to define but very important. Most agents have some horror stories about events that took place at the closing table. A solid agent knows what to expect, how to react (or not react), and which person (there are sometimes more than 9 parties represented at the closing table) should address a situation to prevent trouble.

 

The Cunard Team at Oxford Property Group offers expert real estate brokerage services in New York City.

 

9 THINGS TO EXPECT FROM BUYER AGENTS DURING HOME PURCHASE points out that identifying suitable properties for purchase is an integral part of the what buyer agents do; but is not the only part. The tasks of understanding, evaluating, and presenting/acting upon property information is paramount. A 2015 NAR study showed that 88% of people who began their home search online, ended up purchasing through an agent. Though there is plenty of information available it is difficult to sort, commit to memory, and put into practice in real world situations.

There are two main forms of buyer agency. To learn the difference or get more industry knowledge, please visit our quick definitions or explore the Cunard Team blog posts.

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