The Cost of a Buyer's Agent

Posted by Tom Crimmins Realty on Sunday, February 21st, 2016 at 1:10pm.

By: Adam Bronko, New York State Licensed Real Estate Salesperson
 
"I don't need an agent to help me buy my home. I'm better off negotiating directly with the seller's agent"
REALLY??? WHY???

The real estate market can be, at times, a tumultuous market; especially when it comes to the buying side of the deal. Real estate transactions can become be very complicated. Navigating through the ins and outs of a real estate transaction can be daunting. So why do so many home buyers think that they can sort through buying process without the assistance of a licensed professional?

In order to answer this question we must first understand what a buyer agent does. A buyer agent's responsibilities include:

  • Conducting customized searches of the active listings in a particular market
  • Acting as an adviser during the entire home buying process
  • Educating home buyers on current market conditions
  • Researching recent home sales to determine whether a specific home is priced right
  • Negotiating the sales price on behalf of the home buyer
  • Handling the ins and outs of the negotiation process
  • Counseling the home buyer on how to handle any repairs that may need to be made on the property
  • Accompanying the home buyers at closing to ensure that all of the buyer’s interests are protected

The #1 reason that I have found why home buyers are hesitant to work with a buyer's agent is: they believe it's going to cost them money. Money that they could be used towards the purchase of the home. Truth is, hiring a buyer's agent costs you NOTHING! Yes, that's right, 100% of the buyer agent's commission is paid by the seller! As a buyer in a real estate transaction you are responsible for NO commission costs. Isn't that great!

By not working with a buyer's agent, all that you are doing is giving yourself a huge disadvantage in a real estate transaction, while putting more commission money into the seller agent's pocket. It's a win win... for the seller's agent. Don't let the seller's agent win. Choose to work with a buyer's agent who will work hard for you. You'll ultimately benefit in the end.

Not hiring a buyer's agent could cost you your dream home. Are you willing to pay that cost?

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