We often get the question: what does a real estate agent do for a buyer, or do I need a realtor to buy a home?
This blog will go in to more details on what to expect from a real estate agent when buying a home, and discuss the role of the buyer’s agent.
What Does a Real Estate Agent Do for a Buyer?
The role of a real estate agent when helping you buy a home is to work within your best interests, provide and gather information on neighbourhoods & homes, help to avoid potential pitfalls, write and negotiate an offer for you, and guide you through the buying process until you get the keys to your new home!
- Help with Financing & Closing Cost Preparation
- Make You Aware of Any Exemptions You May be Eligible For
- Educate You on the Neighbourhood
- Help Looking for Properties & Booking Showings
- Share their Network & Make Recommendations
- There are a number of people involved in the buying process – it’s more than just the Seller, the Buyer, and their agents! You’ll also want to make sure you have trusted professionals that include a mortgage broker, inspector, and a lawyer/notary.
- It’s the realtor’s job to make sure that you have a solid support team and are in touch with the right professionals.
- Prepare a Legally Binding Contract
- Negotiate an Offer’s Price and Terms
- Perform Due Diligence
- Fully investigating the property that might not be visible at the first glance.
- Reviewing the property disclosure statement & bringing important items to your attention.
- Finding out about the ongoing costs of the property.
- Reviewing the strata documents and identifying any red flags.
- Help to Finalize Loose Ends for Closing
- The deposit needs to be handed in on time in trust to the buyer’s agents brokerage, you need to meet with the lawyer, all documents including mortgage information needs to be sent through conveyancing.
- Without a buyer’s agent to help you, you can get lost in the process and even worse off, end up with a law suit. To ensure everything goes smoothly, make sure to hire a professional buyer’s agent that is extremely experienced with how to put a contract together.
- Put your Best Interests First with a Fiduciary Duty
Hiring a Realtor to Represent you in your Purchase is FREE
As a Buyer, you do not pay commissions to their realtor, because once you find your home and the deal is sealed, the seller will be the one paying your realtor.
This makes these services free to the buyer, which is why hiring a realtor is an even better idea – their experience, education, and time is all free!
Choosing a Realtor to Help You Buy a Home
Who you choose to work with is essential to your success, and we believe that you should have high expectations when choosing an agent. After all, you are making a huge purchase that could quite possibly the biggest asset of your life.
Having the right agent help you buy a home can mean the difference between:
- Overpaying vs. paying market value
- Moving in to a neighbourhood with likeminded professionals vs. moving in to a sketchy area
- Unknowingly buying a house that was a former grow op vs. knowing beforehand and being able to make the decision to walk away from the home without putting any money down
- Losing money on your investment vs. making money & being cash positive
The realtor you choose will need to be someone you can trust, that has experience in the area you’re interested in and the type of home you’re buying.