The Information Highway and Buyer Representation
Saturday, May 17, 2014
That moment you have been waiting for has finally arrived; you've been pre-approved to buy a home, excitement and eagerness sets in and the first thing you probably say to yourself is "what's next?" surprisingly enough you answer your own question the minute you go online and begin browsing for homes on scores of websites, that's right, the first step is the home search or is it? Perhaps you know exactly where you'd like to live, how many bedrooms, baths, style, etc. etc... Maybe you have no idea what you want? Either way, you know that the internet is probably going to be the best source for information. It doesn't take long for you to engross yourself into all that the World Wide Web has to offer when it comes to searching for that perfect home which can cause you to actually overlook the most important aspect of the home buying process, having buyer representation by a licensed real estate professional!
In an age where property and neighborhood information is readily available with just a few clicks of a mouse, potential home buyers must still understand the importance of buyer representation by a licensed real estate agent. It's no secret that as a buyer you have access to nearly the same exact information that an agent has online but by not hiring an agent to represent you from start to finish could put you at considerable risk. Matter-of-fact today's websites make it so simple that they offer tabs where in just a few clicks of the mouse, they can put you in touch with the listing agent to answer any questions you may have or to schedule an appointment to view the property. While this does play into the "convenience" factor of today's space age technology and while making direct contact with the listing agent isn't a bad thing, it leaves out one key ingredient to this entire process which is "representation". Having buyer representation is such an important aspect to a successful real estate transaction as it offers the same benefits the seller gets from working with a listing agent such as:
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTFiduciary responsibility: Someone who is contractually bound to protect you and your interests only. Having no representation leaves your personal and financial information open for all to see.
Adaptation: The market changes constantly and every year new rules, regulations and laws surface. Let a dedicated real estate agent guide you through what may seem like a maze of confusion.
Contract & Negotiations: Real Estate transactions involve a slew of legal paperwork such as contracts and addendums, deadlines and negotiations along the entire way. A buyer’s agent can help you navigate your way through all of it and refer you to other professionals in the industry for things that are beyond their capacity.
Home search: While you may know what you are looking for in terms of amenities, agents can identify positives and negatives that you may overlook with items such as structure, mechanicals and much more.
Pricing a home: The listing agent’s job is to get the seller the most amount for his/her home as possible, having your own representation allows you to get the best price possible, buyers agents have the tools and ability to conduct due diligence on whether or not the home is priced accordingly in that market area.
In conclusion, while you may feel like you can handle searching for a home on your own, there are a numbers of benefits to having a real estate agent represent you specifically during the entire process. So the next time you are surfing the web and you feel the uncontrollable urge to get as much information instantaneously, stop for a second and reach out to your local real estate agent and consult with them first because based a 2012 Survey of Home Buyers and Sellers by the National Association of REALTORS®, 89 percent of buyers used a real estate agent and so did 88 percent of sellers. There is a reason why those numbers are so high and it’s up to you to help them continue to grow.
