Buying a home involves many decisions and processes that someone who isn’t involved in real estate might now know or fully understand. It’s very valuable to have a trusted buyer’s agent who is looking out for your best interests and helping you make the many decisions that come with first finding the right home and then purchasing it. Let’s take a look at what a buyer’s agent is, and some of the best reasons to partner with one to find your new home.
What is a buyer’s agent?
A buyer's agent is an experienced real estate professional who works with home buyers to find, assess and negotiate the buying of a home.
Buyer’s agent responsibilities
A buyer’s agent is a home buyers partner and, as such, has the following responsibilities:
- Work with the best interests of the home buyer in mind
- Provide market analysis and data on areas, neighbourhoods and homes that fit the home buyer’s needs and desires
- Provide insight and discuss any potential drawbacks to homes that are found
- Help negotiate and write an offer for the home, including terms and conditions
- Guide the home buyer through the process of potential counter offers
- Assist with closing the purchase
Tools and expertise to find the right homes
Buyer’s agents have access to tools and have the expertise to find homes that match what a home buyer is looking for both more efficiently and with more breadth. They will make sure that they find homes that fit your needs in terms of space, budget, location and amenities, but they also have the experience to bring you options that you may not have initially thought suitable.This experience is valuable in any market as it substantially increases your opportunities to find the right home, but it’s even more valuable in a seller’s market where homes are being sold fast and there’s limited homes on the market, which is typical of the Vancouver market.
Local expertise
Buyer’s agents often specialize in certain areas and neighbourhoods. They know these areas well, from what it’s like to live there to the market conditions and where to find hidden gems. Since they largely work in the area, an experienced buyer’s agent could also have local connections for anything you may need beyond the purchase of your home, like contractors to do any renovations, for example.
Top market analysis and insights
When you’re assessing the value of homes you’re interested in, and especially when you’re writing your offer and considering counter-offers, a buyer’s agent’s data-driven market analysis is invaluable. They can show you what comparables sell prices, trends, and active listings so that your offer is from the most informed and confident position possible.
Help with subjects and conditions
The subject removal process and what conditions to include in your offer are critical to understand, especially if you are a first-time home buyer. Partnering with a buyer’s agent gives you confidence and peace of mind as you’ll know that you’re including every condition that will protect your interests. If you’re looking at buying a pre-sale, it’s equally important to understand the terms of your deposits and deposit schedules.
Negotiation
An experienced buyer's agent will understand the negotiation process and will ensure you pay a fair price for your new home. The advisor will also have the background knowledge of the market with the data to support their negotiation position, helping you make the most informed decision possible. you want experience and knowledge on your side when taking on this financial commitment.
Buyer’s agent commission is paid by the developer or seller and only if a home is purchased
Partnering with a buyer’s agent is a true win-win because you get a professional who has your best interest in mind with the tools, expertise, and experience to make a real difference and you aren’t responsible for paying their commission. The buyer’s agent commission is paid by the developer or seller of the home and only when you purchase the home.
Find a rennie advisor
If you're in the market to buy an existing home or a pre-sale home, check out our rennie advisors who have the expertise to help you achieve your goals.
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