Home Buyer Representation
While it is possible to purchase a home on your own, it's not to your advantage. Do you really want the seller to get the best price and terms? Home Buyer Representation is a service provided to you by an educated professional advocating and negotiating on your behalf.
Unless you are buying a property that is for sale by owner, the seller has professional representation on their side. By negotiating directly with the sellers agent you are putting yourself at a serious disadvantage since their agent is legally bound to share everything you tell them in order to get the best deal for their client.
You wouldn't go into a courtroom without a lawyer, so why risk the biggest purchase in your life by buying a home without representation. It's a Buyer Agent’s responsibility to look after your best interests, and they do so at no cost to you as a buyer. So why would you go it alone?
Get The Best Price: The only way to determine the correct price of a home is to analyze the prices at which similar homes recently sold in the same neighbourhood. While there are a variety of online resources for finding homes for sale, there are no consumer websites that provide home sales data in Vancouver. This information is only available to REALTORS® through their membership with the local Multiple Listing Service. Do you really want to pay more for a property than what it is actually worth?
The most common misconception in the real estate industry is that a buyer can get the best deal by using the listing agent. As previously mentioned, the seller’s agent is LEGALLY BOUND by fiduciary duties to obtain the best price and terms for their client, the seller. Here are a few scenarios to consider:
- Seller, John Smith, understands that their property is listed 60K above market value but they want to see if they can get a better price for their home. Or a seller actually believes their home is worth more than any other comparable home, even when it’s not. The selling agent chooses to list the property anyways. If you decide to make an offer with the selling agent, he or she CANNOT disclose the property’s true value to you. Furthermore they cannot discuss or advise you on price, at all, including on the initial offer or on a counter offer. The sellers agent can provide you with comparable properties but unfortunately these can be subjective if you haven’t actually been inside the homes. Wouldn’t it be nice to know a property is overpriced, before you find out in a few years, when it’s time to upgrade?
- Buyer, Jane Doe, is preoccupied with a brand new gourmet kitchen. It’s even nicer than it looks online. Your Buyer Agent’s job is to point out the potential downfalls of a property while you’re busy thinking about whether your sofa will fit in the living room. Maybe there are warning signs of structural deficiencies or overall neglect that can easily be overlooked. The seller’s agent is a mediator in the transaction, not your representative. Wouldn’t these issues be nice to know before you paid for a home inspector?
Get Experience: When you have an experienced Buyer Agent working for you, their main focus is to keep you from making a mistake. The knowledge they gain from working with so many clients throughout their career is invaluable when it comes to helping you chose the right home or building, on the right street, in the right community. Your REALTOR® will keep your needs in mind as well as potential resale pitfalls.
Many real estate transactions also involve an extensive negotiating process. This experience also comes into play when they are negotiating on your behalf. Your REALTOR® will represent you to get the best deal possible as they often have intimate knowledge similar homes that have recently sold.
Get Commitment: Relationships are about commitment and the one between you and your REALTOR® is no different. New homes for sale hit the real estate market daily. Once commitment is established, your representative will be in regular contact with sellers and other real estate agents to ensure you see all the newest listings right away, whether or not they're made public. Often, buyers can put in offers with little or no competition to help you walk away with an impressive deal on the property of your choice. Your REALTOR® will also save you valuable time by making sure you only see properties that meet your needs and investment preferences.
Get Relaxed: The home buying process proves to be more challenging than most people expect. As your representative, the stressful process of house hunting will be much easier and more efficient than if you did it all yourself. We can help you get financing, guide you to local neighbourhoods, assist in determining your budget, and prioritize a list of essential features that you need in your home. We'll save you valuable time by finding the properties that best suit your requirements, and we will show you only the most promising homes on your buyer tours.
Once you are under contract to purchase a home, your buyer's agent will help you locate a great inspector, attend property inspections, negotiate repairs with the seller, ensure any and all agreed-upon repair work is carried out, get estimates from trustworthy contractors, help you obtain financing from the best lenders, handle all the paperwork related to the sale and work directly with a broker to provide you with a seamless real estate service package.
If you're ready to start house hunting, you can search real estate listings now. You can also refer to our Buyers Guide for helpful advice. Contact us anytime to learn more about the home buying process.
Buyer Specialist Request Form
*Your information will never be shared with any third party.