I have been hearing as of late there is some confusion on what a Buyer's agent does for a buyer client. A lot more is involved than just driving a buyer around and showing homes. As an Accredited Buyer's Representative (ABR), I have taken the time to achieve additional education on the ins and outs of the buying side of a home sale. This is Part 1 of a two part series, so please check back this upcoming week for the second installment. Here is list of items I perform for buyers I work with, and what any ABR will do for you:
- Discuss and explain Agency relationships available
- Discuss how agents are compensated in a real estate transaction
- Go over the importance of a Buyer's Broker Agreement and how in Minnesota a buyer is not represented unless a signed relationship is formed.
- Describe the buying process in Minnesota
- Understand the needs and wants of my client, including past real estate experience
- Present disclosure forms that might come up during the transaction
- Look into finance options and explain the importance of loan pre-approval before making an offer
- Find out if any special circumstances will need to be met, or if anyone else will be party to the transaction
- Communicate with client available property choices
- Schedule appointments and view properties with buyer, taking a thorough look at home for items that buyers might miss
- Analyze the pros & cons of each property and help buyer narrow down the field
- Review any seller's disclosures and Housing inspection reports provided by seller
- Prepare market analysis on buyer's finally three choices and advise accordingly
Of course this is just a brief overview of duties I perform. Each item above is much more detailed than shown. Working with buyer's is extremely rewarding for me. I put myself in their shoes and walk the process as if I was the one buying the home. I truly love being a real estate agent. There is nothing more rewarding than handing a buyer the keys to their new home, especially if it is their first. I remember how exciting it was when I bought my first home and how American I felt by doing so.
Just make sure to interview your agent and check that they fit your personality. It is also important to see if they have any real estate designations and certifications. Having one or more shows the dedication of that agent on pursuing education above and beyond what is required by the state licensing board, and also shows you their commitment to you as a professional.
Look for the second part of this series where I will discuss writing up an offer, negotiating, post-offer, and closing duties.