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Home Business Real Estate

The Pros and Cons of a Buyer’s Agent

by Sikander Zaman
May 2, 2023
Reading Time: 3 mins read
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The Pros and Cons of a Buyer's Agent
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The data indicates that homebuyers like the ease of purchasing a home on the internet; 88% of buyers prefer to have an agent from the real estate industry guide them through the ins and outs of the deal when it’s time to do business. 

The National Association of Realtors estimates that 43% of buyers decide to take the first step on their own by conducting studies on the market on their own and compared to 18 percent of buyers who begin by calling the realtor. Each option has clear advantages and disadvantages, and if you’re still in a bind, here’s the info you require.

Real estate buyers agent: who is he?

A real estate buyers agent, also called the buyer’s advocate, is an individual hired by an investor who is a potential owner-occupier to help them find an appropriate property within their budget.

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While an agent for real estate manages the selling and purchase of the house from a seller’s viewpoint, A buyer’s agent can assist in the management of the interests of the buyer in the future, for example:

  • Finding out the buyer’s goals.
  • A shortlist of properties that can meet these requirements.
  • Expert knowledge about the latest market developments.
  • Negotiating and bidding on behalf of the buyer.
  • Knowing the market value of these properties.

Before contacting a buyer’s agent, It is crucial to weigh the pros and pros.

Pros

Agents can identify warning signs. 

Buying a home without a buyer’s representative is similar to cooking tenderloins with no meat thermometer. You may only be aware of a problem once you’re in the kitchen. A knowledgeable buyer’s agent makes it easier to spot and address issues early on.

A buyer’s agent is dedicated to representing interests. 

They can arrange house tours; however, contrary to the listing agent representing the buyer, the buyer’s agent guards the buyer’s interest in the crucial negotiation and closing procedure. The agent negotiates with the seller over the price of selling, assists in the home inspection process, negotiates contingencies, and assists the buyer in completing the closing papers.

Cons

In the case of many purchasers, the advantages outweigh the cons. However, it’s important to comprehend two major reasons buyers decide to go through the process without representation:

You can’t locate the “perfect” agent.

 Although it’s generally relatively easy to find an agent who can understand your needs list, it could be difficult if you’ve had several setbacks and feel that you’ve chosen an agent who isn’t right for you.

Money

Most buyers and sellers love that they can cut costs by not having to pay the agent. Sellers may be responsible for paying the commission for the buyer’s agent (commonly 2.25 percent to 3.5 percent, which is between 5% and 7 percent of the house’s total cost). However, we must note that this commission is usually integrated into the home’s price. 

 

That is, sellers consider commission costs when they value homes. In contrast, the seller’s agent and the buyer’s agent share the commission in the transaction so that, technically, the buyer distributes the cash to the two agents.

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