WHY COMMIT TO A BUYER’S AGENT?
A common question from first time buyers in the Bay Area is:
“Am I better off having more than one agent help me look?
There are many reasons it makes sense to establish a monogamous relationship with your agent!
The home buying purchase is full of moments when you will want to know you have a trusted adviser. It can take time to establish this relationship.
In the Bay Area we use a co-operative system where an agent from any other brokerage may help a buyer purchase any house listed by another brokerage. (This is why you will see the same listings on many brokerage sites)
One good local Realtor who is staying on top of the market and watching the listings with you in mind will be more likely to know about all the properties which might be suitable for you.
You will have a readily available resource for all your questions, and an advocate with fiduciary obligation to you.
There are more properties than you would think which never come on the open market.
An agent with a committed client will work a lot harder, scouring on and off market resources if they know their client will not turn around and make that purchase using another agent.In today’s COVID-19 world, there are currently no open houses for buyers to visit and gather a backdrop of information on which to make their purchase decision.
A good agent who knows the market can help you decide which properties are worth your time to visit and facilitate a focused search.
Pricing strategy is currently all over the place, low, transparent and ….overly optimistic.
A local agent who attends the virtual broker tours will get to hear what the current listing agents have to say about pricing and what the strategy is. They also will obtain input on how other properties are doing, what has sold and what is not selling. This is valuable insight when considering properties and valuation.Many professional agents ask their buyers to sign an exclusive buyer broker agreement.
Like an attorney, a financial adviser or other professional they will ask for a written agreement.With this agreement in place the agent can fully focus on getting you the best deal, no matter how quirky the circumstances, and their compensation is taken care of when a transaction closes.
If you commit to one agent, you are unlikely to find yourself in a messy legal wrangle if more than one agent feels they helped you procure your house. This is why good agents will usually ask buyers “ Do you have an agent? ” Most agents do not want the reputation of “poaching” clients!
As in many fields, this is a small world! Buyers who are shopping the field often develop a reputation within the agent community. Listing agents like to know that buyers have solid working relationships with their agent. Flighty buyers do not make for solid transactions!
Once you have an agent, you get to see the house with someone who has your best interests in mind, and is committed to seeing you through the process, long or short!
As always, I’m happy to be a resource for those considering a move and to offer advice in the current environment!
- Jackie
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