Buying a new home can be a scary proposition. Beyond the obvious questions of location, size, and budget, the process of acquiring real estate is complicated and can drag on for months. Getting to the finish line, in this case the closing table, can be a stressful process without the assistance of an experienced buyer’s real estate agent.
This Isn’t A DIY Project
Some first-time home buyers make the mistake of trying to go it alone—figuring that they are saving money or that they possess the necessary expertise to navigate the tricky real estate waters themselves.
Aside from the fact that a buyer’s agent typically is paid a commission by the seller, not the buyer, the notion of saving money by acting as one’s own agent is faulty, at best. A quality real estate professional can potentially save a buyer thousands of dollars in vendor fees, not to mention during the price negotiation process itself.
Do Your Homework
Another common mistake is to believe that all Calgary realtors are created equally. This supposition is as ill-advised as not hiring an agent at all. An experienced, quality real estate professional becomes your personal advocate the moment you sign an agreement for representation. Finding an agent you can trust is arguably the most important decision you will make during your real estate search.
6 Things To Expect from Your Agent
- Local Knowledge: A good buyer’s agent understands the variables that are important to most home searchers, including property tax rates, school districts, commuter access, shopping areas, etc.
- Vendor Networks: Buying a home is a complex process with multiple moving parts. Assuming you need a loan—and most home buyers do—your agent should be able to recommend a lending institution so you can begin obtaining pre-approval, a prerequisite for most sellers. Once you find a property, your realtor can recommend a closing attorney, home inspector, insurance agent and contractor for repairs or renovations.
- Negotiating Skills: Determining the right amount to offer and knowing when to hold firm and when to back down is a skill set that is of supreme importance. An experienced real estate agent from Elite Home Real Estate is your personal advocate and can be counted on to navigate what is often a tricky process. Once the contract has been signed and an inspection completed, your agent will again negotiate any repairs that are needed or concessions made as to the price.
- Rapid Response: Nothing is more frustrating than a lack of communication. Chief among the services you should expect from a quality buyer’s agent is the willingness to respond to your questions—and you will probably have lots of them. By the same token, it is expected that your agent will serve as a contact point for your closing attorney or title company as well as the seller’s agent, loan officer, contractor(s) and home inspector. Responding quickly to any requests from those vendors is very important.
- Endless Monitoring: Your agent will consult with you, the seller, the lender and the closing authority when setting a closing date. Unfortunately, getting to the closing table can often be an adventure with delays caused by loan underwriting, repairs, sellers, and title issues a normal occurrence. It is your agent’s role to monitor all sides of the equation in order to address any issues that may arise.
- Closing Expertise: When the big day finally arrives, it is important to be prepared. Your agent will guide you every step of the way before, during and after the closing. A good realtor will demystify the closing table and put a bow on the home buying process.
Purchasing a new home is one of the most important things you will ever do. Why go it alone? Turn to a quality real estate professional for the assistance you need.