Remember spring?
In New York State, it is usually assumed that a real estate
agent represents the seller, unless the buyer hires an agent to represent them
- a buyer agent. What does this mean to you, the buyer, and why should you do
it? You're a savvy internet user, and get open house alerts from Zillow or your
local MLS, right? You have mobile apps that instantly send you the selling
information of any sign you pass? Won't you get a better 'deal' with the listing agent? (The short answer is no - they work for the seller, and it is their job to get the highest price for the house!).
What can hiring an agent do for you that you can't do for yourself? (By the way, in most cases, this is absolutely free to you, the buyer!).
What can hiring an agent do for you that you can't do for yourself? (By the way, in most cases, this is absolutely free to you, the buyer!).
1. Represent your interests with undivided
loyalty. When I show you a house working for the seller, I am obligated
(by law) to try to get you to buy THAT house at THAT price. My role as a
buyer's agent is to provide advice, expertise, information and counseling, not
to SELL you any particular house.
2. Do a market analysis of recent comparable
sales to help you reach an appropriate offering price. A realtor normally does a comparative market analysis for prospective sellers to show them what is available, under contract and recently sold for similar homes in their area. This is a large factor in determining the listing price. A buyer agent can and should do a similar analysis for you to help you get the best home for the best price.
3. Pull public records to find out
about any underlying issues with certificates of occupancy, municipalities,
building departments, etc., to make sure that you are making a sound purchase.
Better to find out as much as you can before contracts are signed, or before
you pay for an engineering inspection.
4. Point out both the strengths AND weaknesses
of a prospective purchase. A realtor notices things that you may not, especially if you are in love with the home. That slight discoloration on a ceiling might signal leaking from a bathroom above, but a crack in the sheet rock in a newer home that concerns you may just be the normal settling newer homes can go through.
5. Put your money to work for you. While legally, all brokers work for the seller unless there is a buyer-broker contract in place because the seller 'pays' the commission, in reality, who is it who brings the money to the transaction? The buyer! One way or another, the commission comes from the proceeds of the transaction, which is brought by the buyer. So would you rather pay someone to represent you, or pay someone to represent the seller?
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