Working with a buyer’s agent involves more than just having someone sending listings and opening doors. When you hire a full service REALTOR® to buy your home, you create a fiduciary relationship between yourself and the agent. This is a legal relationship in which one party (the fiduciary) is bound by law to act in the best interest of another party (the beneficiary). The fiduciary has a duty of loyalty and care to the beneficiary and must always act in their best interests. This is the same relationship one has with their lawyer. In each of these cases, the fiduciary is expected to act in the best interest of their client, avoid conflicts of interest, and maintain confidentiality. This is particularly critical when you are a buyer. Many people mistakenly believe that they will save money, or will be better served, by working with the listing agent. The listing agent’s fiduciary responsibility is to the seller. This would be like having the same lawyer represent both sides in a legal case. You want someone representing you in a transaction that could be one of the largest financial decisions you make.
Once you’ve hired your agent, here are some of the general categories of tasks your agent typically performs:
- Helping the buyer define their needs and preferences: The buyer’s agent will work with the buyer to identify their requirements for a new home, including location, size, style, and amenities.
- Conducting a property search: The buyer’s agent will search for properties that meet the buyer’s criteria and provide the buyer with a list of potential homes to consider.
- Arranging property viewings: The buyer’s agent will schedule property viewings for the buyer and accompany the buyer on the visits.
- Providing market information: The buyer’s agent will provide the buyer with information on local real estate market conditions, including property values, trends, and inventory.
- Advising on property value: The buyer’s agent will provide the buyer with a comparative market analysis (CMA) to help them determine a fair price for the home they are interested in.
- Negotiating the purchase: The buyer’s agent will help the buyer negotiate the purchase price and other terms of the sale.
- Assisting with the closing process: The buyer’s agent will guide the buyer through the closing process, including reviewing the closing documents and ensuring that the buyer’s interests are protected.
Overall, the buyer’s agent’s role is to help the buyer navigate the home buying process, protect their interests, and ensure that they make an informed decision when purchasing a property. Those general tasks break out into almost 100 more tasks that a full service agent provides:
- Schedule Time To Meet Buyers
- Prepare Buyers Guide & Presentation
- Meet Buyers and Discuss Their Goals
- Explain Buyer & Seller Agency Relationships
- Discuss Different Types of Financing Options
- Help Buyers Find a Mortgage Lender
- Obtain Pre-Approval Letter from Their Lender
- Explain What You Do For Buyers As A Realtor
- Provide Overview of Current Market Conditions
- Explain Your Company’s Value to Buyers
- Discuss Earnest Money Deposits
- Explain Home Inspection Process
- Educate Buyers About Local Neighborhoods
- Discuss Foreclosures & Short Sales
- Gather Needs & Wants Of Their Next Home
- Explain School Districts Effect on Home Values
- Explain Recording Devices During Showings
- Learn All Buyer Goals & Make A Plan
- Create Internal File for Buyers Records
- Send Buyers Homes Within Their Criteria
- Start Showing Buyers Home That They Request
- Schedule & Organize All Showings
- Gather Showing Instructions for Each Listing
- Send Showing Schedule to Buyers
- Show Up Early and Prepare First Showing
- Look For Possible Repair Issues While Showing
- Gather Buyer Feedback After Each Showing
- Update Buyers When New Homes Hit the Market
- Share Knowledge & Insight About Homes
- Guide Buyers Through Their Emotional Journey
- Listen & Learn From Buyers At Each Showing
- Keep Records of All Showings
- Update Listing Agents with Buyer’s Feedback
- Discuss Home Owner’s Associations
- Estimate Expected Utility Usage Costs
- Confirm Water Source and Status
- Discuss Transferable Warranties
- Explain Property Appraisal Process
- Discuss Multiple Offer Situations
- Create Practice Offer To Help Buyers Prepare
- Provide Updated Housing Market Data to Buyers
- Inform Buyers of Their Showing Activity Weekly
- Update Buyers On Any Price Drops
- Discuss MLS Data With Buyers At Showings
- Find the Right Home for Buyers
- Determine Property Inclusions & Exclusions
- Prepare Sales Contract When Buyers are Ready
- Educate Buyer’s On Sales Contract Options
- Determine Need for Lead-Based Paint Disclosure
- Explain Home Warranty Options
- Update Buyer’s Pre-Approval Letter
- Discuss Loan Objection Deadlines
- Choose a Closing Date
- Verify Listing Data Is Correct
- Review Comps With Buyers To Determine Value
- Prepare & Submit Buyer’s Offer to Listing Agent
- Negotiate Buyers Offer With Listing Agent
- Execute A Sales Contract & Disclosures
- Once Under Contract, Send to Title Company
- Coordinate Earnest Money Drop Off
- Deliver Copies to Mortgage Lender
- Obtain Copy of Sellers Disclosure for Buyers
- Deliver Copies of Contract/Addendum to Buyers
- Obtain A Copy of HOA Bylaws
- Keep Track of Copies for Office File
- Coordinate Inspections with Buyers
- Meet Inspector At The Property
- Review Home Inspection with Buyers
- Negotiate Inspection Objections
- Get All Agreed Upon Repair Items in Writing
- Verify any Existing Lease Agreements
- Check In With Lender To Verify Loan Status
- Check on the Appraisal Date
- Negotiate Any Unsatisfactory Appraisals
- Coordinate Closing Times & Location
- Make Sure All Documents Are Fully Signed
- Verify Title Company Has Everything Needed
- Remind Buyers to Schedule Utilities
- Make Sure All Parties Are Notified of Closing Time
- Resolve Any Title Problems Before Closing
- Receive and Review Closing Documents
- Review Closing Figures With Buyers
- Confirm Repairs Have Been Made By Sellers
- Perform Final Walk-Through with Buyers
- Resolve Any Last Minute Issues
- Get CDA Signed By Brokerage
- Attend Closing with Buyers
- Provide Home Warranty Paperwork
- Give Keys and Accessories to Buyers
- Close Out Buyer’s File Brokerage