Buying a Home? Why You Should Have Your Own Real Estate Agent

Great article from encino.patch.com discussing the benefits of using a Realtor to represent you in the search for and purchase of your home:

Local real estate agent says the process of buying a home is more difficult than just searching online or driving through communities looking for a property that catches your eye.

There are a lot of home buyers who think they can go it alone without representation from a licensed real estate agent. They often assume they have greater negotiating power and freedom by not bringing their own agent into the mix.

In many ways the advent of the Internet has given people the idea, and in my opinion the false confidence, that all the information they need about listings, communities and the home buying process is at their fingertips. They simply look up houses they want to view, contact the listing agent and ask to see the property.

When you call the listing agent you are speaking to the agent that works for the seller. That agent’s goal is to get the house sold for the highest price, for their client. Therefore, I strongly recommend having your own agent on your side to look out for your best interest.

A home is a huge purchase, and the decision to buy a house is one that you should be 100 percent comfortable making. A buyer’s agent will help guide you through the process.

If you’re one of these people who thinks you can buy a home without an agent, please take a minute to re-evaluate your strategy, especially in the current market.

First, I want to debunk the myth that going it alone gives you more negotiating power. If you don’t have an agent, the listing agent is the one who will likely end up representing both sides of the transaction. In the real estate industry it’s often referred to as double-ending, or a double-pop.

Some people say that using the listing agent to represent you can create controversy since many believe one cannot equally represent both sides. Others say that one agent handling both sides will make sure that the deal stays together. I run across many buyers who believe that working with the listing agent might work in their favor. Unfortunately, not many agents have the experience and skill to deal with this level of agency.

Ask yourself the following questions: Do I really have the local market insight to avoid potential pitfalls? Do I know about different neighborhoods and schools? Do I have a true grasp of comparable prices in the area?

A buyer’s agent can shed light on a lot of market intricacies that a buyer may overlook. A buyer’s agent can show you any property that is available – regardless of the sign in the yard. A buyer’s agent will search for all available properties that meet your search criteria. The agent has access to the home’s original price, sales history and days on the market. He/she will filter many of the dud properties and do a thorough market analysis to see what comparable homes are selling for in the area. As the buyer’s agent goes through the properties with you, they will assist you with analyzing the properties and determining their strengths and weaknesses, allowing you to make an informed decision. A professional buyer’s agent can point out issues with the home that are often overlooked, but may hinder a resale in the future such as the home backing to a busy street or being close to a school or freeway.

This is the type of information that gives you true negotiating power.

A good buyer’s agent is also tuned into the quirks of different lenders and loan programs. This can come in handy for getting the best possible loan rate and terms. Real estate is a relationship based business, and good agents have long-standing connections with professionals in the mortgage industry.

Inspections are another area where a buyer’s agent can advise you on which inspections to have and why, and can recommend inspection companies to you.

So if I haven’t convinced you yet, I recommend that you take the time and interview a few buyers’ agents to see if you can find a good agent that you can connect with. Often friends and family members can recommend a good agent to you.

A buyer’s agent is an effective negotiator who will work to get you the best possible deal. In the long run it will save you money, time and ensure a smooth transaction.