FEATURE – In life and business, we all benefit from consulting with professionals who help us navigate daily transactions. We meet with attorneys to advise us in legal matters, we use accountants or financial planners for asset management, and some people consult with life coaches to help them achieve personal goals. When necessary, we seek treatment from medical professionals in matters of health.
As a real estate professional, I would like to introduce you to the concept of using a buyer’s agent when you intend to purchase real estate. Enlisting a buyer’s agent is of benefit because a buyer’s agent is committed to protecting the interests of the buyer, and it does not cost the buyer any extra money to have personal representation when the property is listed on the real estate MLS.
What is a buyer’s agent?
Simply stated, a buyer’s agent, also known as a buyer’s representative, only represents the buyer. Although this statement seems obvious, many buyers mistakenly believe that a limited agent, one who represents both the buyer and seller, will help the buyer negotiate the best price. This is not necessarily true.
A limited agent will not disclose to the buyer anything that would weaken the position of the seller. Unfortunately, this means that they will not try to negotiate the best deal for a buyer if it would not be in the seller’s best interest. Over the years, I have represented buyers by helping them purchase property for a lower price – and fewer headaches – than they otherwise would have had they not had their own representation.
Using a buyer’s agent makes common sense because he or she listens to what you want and need. For example, if you want to live in a neighborhood with easy access to trailheads for hiking or ATV riding, a buyer’s agent can narrow the search down to locations that are in close proximity to those sites.
How much does a buyer’s agent cost?
Many people are hesitant to use a buyer’s agent because they think that it will cost them more money. This is not true, because the seller pays the buyer’s agent’s fee. It works like this: When a seller lists a home or property with a real estate agent, that agent is paid a commission at closing. When the selling agent lists the home on the MLS, the agent will split the commission with any other agent who provides a buyer for that property. In other words, the selling agent is required by the MLS agreement to share the commission with a buyer’s representative. A buyer, therefore, is not required to pay extra commission to his or her own agent.
Use a trained professional
When we use professionals such as financial planners, life coaches or physical fitness trainers, our lives are enhanced because we have someone who is looking out for our best interests so that we make progress. Using a professional buyer’s agent offers similar benefits. Why not use a buyer’s agent when it comes to purchasing real estate?
Real estate-related purchases are often some of the largest transactions we will ever make. By using a buyer’s agent, you know that you have a trained professional who is looking out for your interests, and in most cases it will not cost you any extra money to do so. Good luck!
Whitehead is a realtor with Equity Real Estate Southern Utah. To search the MLS on your own, go to www.relocatetoutah.com.
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