Buyer’s Agents make it their business to know all the things about the real estate market you can’t find in a Google search. In a city as fast-paced as Toronto, where listings can sell at 0 days on market, having someone on your team that is ready to jump, already knowing the product and process when that dream unit hits MLS, is vital to securing a property before appreciation and price-per-square foot precedents set-in.
All Day I Dream About…
Basically – buyer’s agents spend all day ‘in the trenches’ of Real Estate. They track the market (new listings, sold listings, terminated listings, suspiciously priced-listings, under-priced listings, mis-labeled listings… I could go on) have insight into new developments, have learned which buildings have bad reputations or shoddy workmanship and know the right questions to ask to uncover the story behind why a seller is selling and how that may benefit you.
A good buyer’s agent knows a lot, essentially ‘living and breathing’ real estate because, if they don’t know their stuff, hustle or follow the market, they don’t get paid.
Back to our trusty Google search – there’s nothing to say you can’t learn a lot about the market online – that is undeniable. That being said, like any profession (yours, as an example), dedicated time-on-task generally leads to some-level of expertise which we assert makes a buyer agent’s value relatively self explanatory.
Having someone on your team whose business is knowing things most people don’t have the time, or patience, to know – in conjunction with fine-tuned negotiating skills, voila! creates a good buyer’s agent; a trusty companion who is as motivated as you are to get you in a home.
Now – we get it, some people think they don’t need a buyer’s agent at all. With a plethora of information online, access to sold listings and a bit of spare time anyone can hit the open house circuit. That being said, if you’re like anyone else that is thinking of buying a home (a purchase many would consider one of the biggest they’ll ever make) in a city where the average price is now hovering around $850,000, hiring an expert just might help.
So, in this post we’re going to talk about the 5 benefits of hiring a buyer’s agent.
1. You don’t pay a cent.
Hiring a buyer’s agent could seem like just another expense and headache. Yes, it’s true that they’re being paid a commission for their work – but you don’t pay that. The seller pays that.
When a home is listed, the price is decided by market factors 99% of the way. There might be some give in that price come negotiation time, which is where your buyer agent comes in based on their market knowledge, but that price was decided with commissions in mind for the agents and brokerage. Like most things you purchase – your morning coffee, groceries or new shoes, the price already factors in the business that provides the access and makes the buying process clear, easy and accessible.
2. You get the inside track.
You may be well read and ready to hit the track running when it comes to home shopping, but if you’re doing it without the help of an agent, you could be at a huge disadvantage. Buyer’s agents have the best and most up-to-date information and know when a listing is ripe to go in under-asking or likely to sell massively over-budget – saving you time, money and emotional upset. They also have access to private broker networks, and inside info on homes before they come down the pipeline, thanks to friends in the industry.
3. You get true market knowledge.
That access doesn’t just mean you’ll see the hottest new listing as soon as they drop (you will), but it also means they have access to every old listing as well, so they can compare prices, see details that have changed, or if they’ve seen the same house listed multiple times they can approach it knowing there is more to the story and determine how that can work to your benefit. This kind of information is invaluable in negotiating the right price, and it’s the kind of info regular folks just don’t get to see or know how to interpret.
4. You get to leave the paperwork to somebody else.
It’s no joke that buying a home is a big responsibility – and you’d think the hardest part would be finding the home, arranging viewings, driving out, and getting a good feel of the place – but we both know, the most critical component is the legalese of paperwork. A buyer agent has a fiduciary duty to protect your best interests, and this means ensuring you’re not missing pertinent details in the offer documents that could come back to bite when it’s move-in time. So next time you see your buyer agent, say thank you for protecting your interests by taking care of the paperwork.
5. You don’t need to make a list because the agent has you covered.
You thought buying a home was just point at the menu and see you in a couple of weeks? Well, it’s not, but almost can be with an agent. Besides conducting the search, negotiating the price, and handling the paperwork, your agent can also help handle the other nitty-gritty details like finding a reputable mortgage broker, home inspectors, lawyers, movers, contractors, designers, and anything else you might need to get you into your house and make it a home.
These benefits are invaluable on their own and I think they illustrate quite clearly why a buyer’s agent is an integral piece of the puzzle when home shopping. One massive advantage not yet noted is a classic; Time.
The kicker is – the thing that will cost you the most when buying a home is taking too long to buy one. This might sound crazy, but revisit our last blog post and you’ll see for yourself, that wasting time learning about the industry, costs of buying, market value, negotiation and buying process etc. to properly start looking, or agonizing over paperwork to make sure your bases are covered, or watching a home for aeons hoping something changes, that’s what’s going to cost you the most. In money, in stress, in time. This is what buyer’s agents are for. They speed up the process, make it painless, and help you focus on getting into the right home in the least amount of time. Who wouldn’t want that?
Written by: Sarah Miskelly – Lead Sales Representative
Thinking of buying and looking for an expert buyer’s agent to guide you? Connect with us to book a complimentary one-on-one strategy session and be one step closing to getting into your dream home!