What you’ll learn
The benefits of working with a buyer’s real estate agent
When buying a home without an agent can work for you
7 steps to buy the home you want without an agent
Buying a house with a real estate agent
In most cases, buyers don’t directly pay their real estate agent—the buyer’s agent commission is paid by the seller, so whether you use an agent or not, you won’t be out of pocket. A good real estate agent makes their job look easy; look at homes all day, set up appointments, then make a couple of phone calls to negotiate when the client says “buy.” But it’s the experience of years spent getting to know the market and understanding the rules and regulations that helps them develop a keen eye for the pitfalls and possibilities of homebuying. With a buyer’s agent by your side, you’ve got an expert in your corner helping you find the right home at the right price.
Agents give you access to information, people, and properties
On real estate apps you may see the acronym MLS. It’s short for Multiple Listing Service and it’s the database of available listings that licensed real estate agents have access to. Real estate apps draw most of their data from the MLS, but the details that are hidden from the public are also crucial to help agents do their jobs effectively. We’re talking about the seller’s contact information, access codes to gated communities with available properties, showing instructions, and the amount of the buyer’s agent commission. When you have an agent, you have access to this information plus the agent’s network of realtors, clients, and business contacts. This means they hear about off-market listings (also known as pocket listings or quiet listings) which are homes that are for sale but are not listed on the MLS. If you’re looking to buy in a competitive market, finding out about a home before everyone else can give you the jump on homebuyers with deeper pockets.
Buying a home involves a surprisingly large number of people—it may look like there’s just the buyer’s agent, the seller’s agent, the seller, and the lender. But there’s also escrow, the title company, third-party experts such as home inspectors, and insurance agents, plus a number of people behind the scenes at your lender working to put the mortgage together. That’s not including an attorney which may be necessary in some states. A real estate agent can recommend trusted professionals for each of these roles and will liaise with everyone involved to keep the house hunt and sale going smoothly.
Good real estate agents also have deep knowledge about the neighborhood. They don’t just know about the atmosphere of the streets, shops, and amenities that you can access. They can also give you a sense of the school districts, and they’ll know about upcoming projects that will impact your new home i.e. planned shopping centers, public services, and neighborhood construction. Agents know which areas are primed to go up in value and which neighborhoods to stay away from. If you’re looking at a fixer-upper, they can also give you advice on the kinds of approvals you’ll need and rough timeframes and costs to get renovations done.
