A buyer’s agent is a real estate agent who works only for the buyer and not the seller, doing specifically what is best for the buyer. Buyer’s agents work on a commission contracted in the listing agreement, often splitting it with the listing agent. The job of a buyer’s agent includes searching for, evaluating, and negotiating the purchase of a home on behalf of the buyer, helping the buyer navigate through every phase and step of the buying process. So, basically, not hiring a New Jersey buyer’s agent will cost you money in New Jersey, and here’s how.
Buyer’s Agent Peace of Mind
First and maybe most important, a New Jersey buyer’s agent can help provide you with some peace of mind. A buyer’s agent is legally bound to advocate for your – the buyer’s – best interests only, and that means financial interests foremost. (It’s called a “fiduciary duty” in the trade jargon.)
A mere listing agent may represent both you and the seller. This situation could result in a conflict of interests that may cost you money because the agent, in this case, would be working both sides of the fence. It’s called “dual agency” and is often frowned on within the industry.
Home Search Savings
Since time is money, whenever your New Jersey buyer’s agent is saving you time, she’s probably saving you money as well. A good buyers agent will help you work through your home-buying needs and wants to refine search parameters and expedite the process. Then she will conduct the search for you.
Searching for just the right house with all the desired features and at the right price is no easy task. It requires researching for-sale homes in the area that meet your requirements, cross-referencing with your specified criteria, and scheduling viewing appointments that fit with your schedule. Basically, it involves a bunch of time-consuming tasks that you don’t have to do – because your buyer’s agent does it all for you.
Negotiating a Better Deal
A good buyers agent also has negotiating experience and skill – and that could save you a ton of money. Once you’ve selected a likely property, your agent can advise you on your offer. Then she’ll write up the offer to purchase and present it to the listing agent. If for some reason your offer is rejected, your buyers agent can guide you through the ticklish process of making a counteroffer – making sure you don’t offer too much or give away too much in the way concessions.
An indirect way a New Jersey buyers agent can save you money it through the fact that she will have many valuable industry connections. Whenever you need the services of other professionals (and it often happens that way), a good buyers agent can hook you up with quality, affordable contractors, real estate attorneys, inspectors, appraisers, title officers, and even movers.
The simple fact is . . . there are a host of people in various roles needed for and involved in the often lengthy and intricate process of buying/selling real estate. Very often, getting the deal you want depends in large part on the buyers agent’s industry connections. Your buyers agent can ensure the other professionals you engage with, have the requisite experience and expertise.
Using and choosing a good buyers agent is an important step in buying the home you want at a price that fits. In fact, not hiring a New Jersey buyers agent will likely cost you money in New Jersey.