A real estate buyer’s representative represents the buyer who is purchasing property in a real estate transaction. Research by the National Association of REALTORS has shown that when a buyer’s representative is used, the prospective buyer found a home one week faster and examined three more properties than consumers who did not use a buyer’s representative. The buyer’s representative works for, and owes fiduciary responsibilities to, the real estate buyer and has buyer’s best interests in mind throughout the entire real estate process.
A “Buyer’s” Representative will:
• Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
• Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
• Assist in viewing properties — accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met.
• Research the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property.
• Advise the buyer on structuring an appropriate offer to purchase the selected property.
• Present the offer to the seller’s agent and the seller on the buyer’s behalf.
• Negotiate on behalf of the buyer to help obtain the identified property — keeping the buyer’s best interests in mind.
• Assist in securing appropriate financing for the selected property.
• Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed.
• Most importantly, fully-represent the buyer throughout the real estate transaction.