Homes.org recently released a list of the top 10 reasons for using a buyer's agent. The list was derived from detailed feedback provided by numerous real estate professionals across the country. After reviewing the reasons provided it became clear that the better question wasn't why should home buyers use a buyer's agent but why wouldn't they?
"HUD'S Settlement Cost Booklet, 'Shopping for Your Home Loan' advises the home buyer in Section IV on page 6: It is your responsibility to search for an agent who will represent your interests in the real estate transaction. If you want someone to represent only your interests, consider hiring an "exclusive buyer's agent", who will be working for you, " points out John F. Sullivan, Vice-President & Associate Broker at Buyer's Edge Co. Inc. "If a buyer can't find an exclusive buyer's agent in their area, they should seek a single agency licensee who is an Accredited Buyer's Representative (ABR) or an ABR with a small dual agency brokerage to minimize the chance of dual agency."
Maxwell Carr Realtor® and Designated Luxury Specialist at First Team Real Estate put it this way, "imagine sitting at a poker table, and there's $200,000 in the center of the table. You're emotionally involved, nervous - get the idea? Rather than risk making a mistake, find representation. A [buyer agent] Realtor® is a professional negotiator, with a fiduciary duty to act in your best interest."
Top 10 Reasons for Using a Buyer's Agent based on feedback from real estate professionals actively working around the country, the points below are the most important and beneficial reasons for hiring a buyer's agent.
- It's free
- It's makes the home search and buying process much more convenient
- Market knowledge
- Professional negotiation
- Professional connections
- Insider knowledge
- Access to Comps/Sales
- Info Help Identifying your needs
- Buyer agent is a mitigator of emotions
- Knowledge of industry standards, legalities, and writing a contract