After working with hundreds of potential homebuyers, we’ve found that quite a few don’t know the difference between a traditional real estate agent and a buyer’s agent. In this post, I’ll explain ALL the differences between both types of real estate professionals. If you’re also wondering exactly how a buyer’s agent can help, just grab a popcorn and read on.
Without further ado, let’s jump right into the KEY difference between a real estate agent and a buyer’s agent.
Real Estate Agent Vs Buyer’s Agent: Similarities And Differences
A real estate agent and a buyer’s agent are similar because they are both real estate professionals looking to close a deal.
However, their major difference lies in WHO they represent.
While a real agent works to help the seller sell their property with minimal stress and at the best price, the seller’s agent is looking to help the buyer make the best possible purchase.
Let’s dive a bit deeper into who both parties are and what they do:
Who Is A Real Estate Agent?
A real estate agent is also called a seller’s agent because, well, they work for the sellers and ensure their best interest.
Real estate agents are usually licensed professionals hired by people looking to sell their homes. Their major task is to organize the entire sales process, fast-track a favorable sale and look to sell the property for as much as possible.
Sellers agents make research to ascertain a property’s worth, find buyers, negotiate and close the sale.
To do this, they usually put the property’s best foot forward. Display amazing photos, write hyperbolic descriptions and usually avoid mentioning any major flaws the property may have.
That’s why it’s a smart idea to hire the services of a buyer’s agent if you’re looking to purchase a home.
Still a bit confused about what a buyer’s agent really does? Let’s get to it…
Who Is A Buyer’s Agent?
Think of them as the direct opposite of a seller’s agent. Instead of representing sellers, buyer’s agents represent sellers and look to help them get the best return for their money.
A buyer’s agent does all the legwork for a home buyer. Proficient buyer’s agents create a solid strategy, source the perfect home, conduct necessary inspections and supervisions to unveil potential flaws, negotiate best deals and close the sale.
With a buyer’s agent by your side, you have no business submitting proposals, attending auctions or endlessly combing through the internet for the next available listing; they do all these and more!
Due to the role they play in representing you throughout the purchase process, buyer’s agents are also referred to as buyer’s advocates. In fact, attempting to buy a home without an experienced buyer’s agent by your side is like heading to court without a lawyer and hoping to outsmart the opposing lawyer to win the case.
What are your chances? Your guess is as good as mine.
Why Should I Hire A Buyer’s Agent?
If you still think, you can do everything a buyer’s agent does, you’re probably right. However, you may be unable to do it half as well as they will and may end up wasting time and significantly more money than a buyer agent’s fee.
Here’s some benefits of hiring these real estate professionals to help you.
- They save you time. For most people, finding the ideal property usually takes the better part of a year. Buyer’s agent can find your dream home in weeks.
- Stress-free. Want what’s a usually daunting process to be fun and hassle-free; the answer is a buyer’s agent.
- They boost your chances of getting the perfect home. Most homebuyers eventually settle for a home that’s just okay. With a buyer’s agent, you have more options. Agents get to look where you’d never have had access to.
- Saves money. Although you get to pay agents a fee, you usually spend less in the grand scheme of things. Their high-level negotiation skills usually help you buy properties at juicy rates.
What EXACTLY Does A Buyer’s Agent Do?
Let’s break down what a buyer’s agent does into a 3-step process that has helped Invision Properties produce amazing results for our clients.
Create A Solid Strategy
That’s usually the first step of any purchase. Buyer’s agents get to talk with the prospective buyer to identify their preferences and unique needs from the purchase. It doesn’t stop there, they also discuss the budget, suburbs, lifestyle needs and purpose of purchase.
If it’s an investment property, now’s the best time for the buyer’s agent to make inputs using their deep market knowledge to help the investor achieve their investment goals
Once all this information has been gathered, the buyer’s agent can then develop a solid, fail-proof strategy to help them navigate the purchase process.
If you’re looking to buy a property in Brisbane, make sure to choose a buyer’s agent that is experienced in buying a home across all of Brisbane’s suburbs. Agents who are only familiar with a few suburbs tend to be biased and direct buyers to purchase a home in a suburb they’re used to, and NOT a suburb that works best for the client’s needs.
Researching, Sourcing & Evaluation
Once the strategy is set, the buyer’s agent gets to work. They start by researching properties that tick the boxes outlined in the strategy document..
Usually, an experienced buyer’s agent is quite familiar with the market so can identify prospective properties right out of the gate. If none of those work, they research deeper and may need to use their network to access off-market offers.
The next step is to shortlist potential properties, schedule appointments and evaluate them and further streamline the list until they have the perfect property for their clients.
Negotiate & Close Deal
Once the perfect property is found, it’s time to close the deal and this is where having a buyer’s agent really comes in handy.
First, having a buyer’s agent signals the seller’s agents that you’re a serious buyer, so your proposals are taken more seriously than most others.
Also, seasoned buyer’s agents are skilled negotiators, understand the language of the market and know the actual worth of each property. For instance, at Invision Properties, we often help our clients purchase homes for tens of thousands of dollars less than it’s worth.
We also know just when to include special clauses into our contracts to sweeten the deal.
After a successful negotiation process, the buyer’s agent also stands to ensure that all documents are appropriately signed, and within the appropriate time frame. No hidden agenda!
Summary
Buyer’s agent and seller’s agents are both real estate professionals representing different ends of the transaction.
If you’re looking to buy a home, by now you already know the real estate agents are not on your side and you’re greatly disadvantaged if you don’t have an experienced buyer’s advocate to help you navigate the purchase process.
20% of homebuyers are now using buyer’s advocate and getting better returns for their money. If you’d like to hire professional buyer’s agents with proven results throughout Brisbane, click here to schedule a FREE, no-obligation strategy call with Invision Properties.