A buyer agent is, as the name suggests, an agent who helps investors who are looking for a property to purchase in the market. A real estate buyer agent will help the buyer investor throughout the entire process of finding, analyzing, and comparing a property as well as the process of negotiating and closing the deal.
Similar to seller agents, buyer agents represent the investor in most stages of the deal, such as during home inspections or negotiations. It is important to note that dual agents are considered illegal in some states due to the conflict of interest that might arise from dealing with them.
In addition to the same real estate agent representing both parties of the sale, a dual agency could refer to two separate real estate agents representing both sides but that are both working with the same real estate agency or firm. Real estate agents are crucial for any real estate investment, and they will be present in most real estate deals, as the services which they provide for both investors and sellers are invaluable, and the experience they bring to the table is, in most cases, hard to match by the buyers or sellers who have hired them.
Are you a real estate agent? Nasser is an experienced content writer with a degree in English Language and Literature. He loves writing about all aspects of the real estate investing business with focus on market and property analysis and the best sources which every real estate investor needs in order to succeed. Real Estate Careers. What Are Real Estate Agents? Related: How to Become a Successful Real Estate Agent The greatest advantage of hiring realtor agents is that they have access to property listings that other agents do not have access to, such as the Multiple Listing Service MLS , giving them greater access to homes on the market.
Brokers Brokers are real estate agents who have obtained a higher level of education and experience in the world of real estate. Selling Agents Selling agents are real estate agents who provide their services to people looking to sell their real estate properties. Buying Agents A buyer agent is, as the name suggests, an agent who helps investors who are looking for a property to purchase in the market.
Bottom Line Real estate agents are crucial for any real estate investment, and they will be present in most real estate deals, as the services which they provide for both investors and sellers are invaluable, and the experience they bring to the table is, in most cases, hard to match by the buyers or sellers who have hired them.
In addition to handling the paperwork, your agent is in charge of communicating with everyone else involved in the deal. Between you and the seller, the listing agent, your lender, the inspectors, the appraiser, and the title person, there are a lot of moving parts and a lot of people who need to be kept in the loop. Your agent will do most of that communicating on your behalf and make sure that you stay informed throughout the process.
Shortly before closing on the home, your agent will lead you through your final walk-through. This is your chance to:. Your agent should take the time to ensure that all the home's systems are working properly and ask you if you have any last-minute questions about the home.
In the event that something is amiss, it's also your agent's job to take steps toward rectifying the situation before closing. On the other side of the spectrum, here are the duties that real estate agents take on for those who are selling a home.
Again, you'll want to read these over so that you have an idea of what to expect once you're ready to put your home on the market unless you're selling without a real estate agent. The first thing a real estate agent will do before putting a property up for sale is help you price the home correctly.
This is a particularly crucial step because pricing a home right is one of the best things you can do to sell your home quickly. While a well-priced home is bound to pique buyers' interest and encourage them to schedule a showing, an overpriced one is more likely to get passed over in favor of other properties that offer more for the money.
To help decide on the right price for your home, your listing agent will use a tool called a comparative market analysis CMA. A comparative market analysis looks at similar properties that have recently sold in your area in order to give you a realistic price range for your property. Together, you can then look at factors that are unique to your home, such as its current condition or any recent upgrades, to decide where your home fits within that range.
Once the home has been priced properly, your agent will then begin to market the property. Usually, this process starts with bringing someone in to stage your home and to take some high-quality photos before officially putting the property on the multiple listing service MLS. After the property has been listed, your real estate agent will keep track of any showings and collect feedback on those showings from buyer agents.
If needed, he or she will also host an open house or broker's open -- where the real estate agent invites other industry professionals to come to tour the home -- to generate more traffic.
Finally, if necessary, your agent will also be the one to have the hard discussions with you when it's time to change up your marketing strategy. Topics could include making a price reduction or adding an incentive like a home warranty to make your home more attractive to buyers. Once an offer does come in, it's time for your agent to put their negotiation skills to good use.
Though you're the one who will ultimately have the final say in whether to accept an offer, it's the agent's job to walk you through each purchase agreement you've received and make sure you understand the terms of each contract. If you decide to negotiate with a buyer, your agent will also become your point person.
All the communication between you and the buyer will go through your agents from this point forward. He or she will negotiate in your best interest in the hopes that an agreement can be reached.
After you're under contract, it's your agent's job to stay on top of all the paperwork necessary to bring the property to closing. Between inspection negotiations, clearing the title, and managing any necessary repairs, there are many moving parts in a real estate transaction.
Your agent is there to ensure that they're all coming together smoothly and to handle any problems that may arise during that process. If the buyer is getting a mortgage, you'll most likely need to have an appraisal done on the home.
An appraisal is done to assure the lender that the home is being sold for its fair market value. This is to ensure that the bank -- and the buyer -- don't end up unfairly overpaying for the home. From your side of the table, it's your agent's responsibility to ensure that the appraiser thinks the home is worth at least as much as what was offered for it.
Agents and brokers will often attend the appraisal for this reason and may even bring their own sets of comparables in order to try and justify the sale price. In the unlikely event that the home does not appraise at the sale price, you'll probably need to renegotiate with the buyer. At this point, your agent will be negotiating in your best interest once again. He or she will help you either work out a new sale price that still serves your best interest or exit the transaction and find a new buyer.
During the course of the transaction, a lot of different people will be working to bring the sale of your home together. Usually, there's you, the buyer, your respective agents, the lender, the inspectors, the appraiser, the title person, and sometimes real estate attorneys.
Each and every one of those people needs to be on the same page about what's going on. Again, your real estate agent will handle all the communication from your prospective. He or she will make sure all the parties are informed of any progress that's been made and any potential problems that may crop up. When it's time to sit down at the closing table, your agent will be the one to bring all the appropriate paperwork that's needed from your side of the transaction.
He or she will also walk you through any paperwork you're signing to ensure that you understand the terms of the agreement. Then, your agent will also ensure that you receive any funds due to you at closing. Put simply, if you buy one property and sell another with the same agent, they will fill all of these roles.
Most of it will be a process of juggling multiple duties at the same time. They will work in one transaction as the buyer's agent and in the other transaction as the seller's. This is a common arrangement, and most agents don't have a problem with taking on this level of responsibility. Notably, what's described above is not the same as dual agency, where an agent works on both sides of the same transaction.
Most agents prefer not to do this because they run the risk of creating a conflict of interest. Whenever possible, it's best to have your own agent, who serves your interests alone. Real estate agents will wear many different hats during the course of a transaction. Their duties will also vary depending on which side of the closing table their clients are sitting on, and in many cases they will need to balance multiple transactions at once.
Our team of analysts agrees. These 10 real estate plays are the best ways to invest in real estate right now. Find out how you can get started with Real Estate Winners by clicking here. Tara Mastroeni is a real estate and personal finance writer.
Meet With Sellers at Their Home 7. Get To Know Their Home 8. Present Listing Presentation 9. Explain Current Market Conditions Share Your Value Proposition Explain Benefits of Your Brokerage Present Your Marketing Options Explain Video Marketing Strategies Demonstrate 3D Tour Marketing Describe the Buyer Pre-Screening Process Create Internal File for Transaction Provide Sellers Disclosure Form to Sellers Verify Interior Room Sizes Obtain Current Mortgage Loan Info Investigate Any Unrecorded Property Easements Establish Showing Instructions for Buyers Agree on Showing Times with Sellers Discuss Different Types of Buyer Financing Explain Appraisal Process and Pitfalls Verify Home Owners Association Fees Gather Transferable Warranties Verify Security System Ownership Agree on Repairs to Made Before Listing Schedule Staging Consultation Schedule House Cleaners Meet Photographer at Property Prepare Home For Photographer Create Virtual Tour Page Verify Listing Data on 3rd Party Websites Have Listing Proofread Create Property Flyer Have Extra Keys Made for Lockbox Set-Up Showing Services Help Owners Coordinate Showings Gather Feedback After Each Showing Keep track of Showing Activity Schedule Weekly Update Calls with Seller Present All Offers to Seller Negotiate All Offers Coordinate Inspections with Sellers Get All Repair Agreements in Writing Refer Trustworthy Contractors to Sellers Meet Appraiser at the Property Confirm Clear-to-Close Remind Sellers to Transfer Utilities Receive and Carefully Review Closing Docs Review Closing Figures With Seller Confirm Repairs Have Been Made Learn about this popular tactic to win a bidding war.
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