This article outlines reasons to enroll a Buyers Agent in your search for Boston Area Homes. REMAX Accredited Buyers Agent Jeff Persons shares his tips for using the valuable services of a Buyers Agent as well as the process of finding the best agent to represent you.
1. He does not have his ABR (Accredited Buyers Representative) certification.
If he has bothered to get his certification it tells me he is serious about helping buyers.
2. She does not eagerly and enthusiastically show you EVERYTHING.
A good Buyers Agent will make sure you see all the viable properties in your price range and neighborhoods.
3. He starts to echo the Seller Agents justification for the price.
Hearing some acknowledgement of the negatives about the property is very reassuring. There are shortcomings for every property,
if he glosses over those you know you have a Sellers Agent in a brilliant disguise.
4. She represents sellers.
An exclusive Buyers Agent may be hard to find in some locations but if you can find a Buyers Agent who NEVER represents sellers its a good indication that you have a real good money saving helper on your side.
5. He shows an unwillingness to walk away
If he works the deal like a dog with a bone, asks you to pay more or makes follow up phone calls to you then you do not have a Buyers Agent, you have another person trying to sell you some real estate.
Buying Boston Real Estate Without a Buyers Agent is Like Going Into Court Without An Attorney
Here are some tips on finding a really helpful Buyers Agent and what you should expect from them.
1. Do Not Be Lazy!
Im having fun here but the point is that I think many buyers do not seek out the services of a Buyers Agent because it looks like more work up front as well as an invasion of privacy.
2. Use Your Intuition.
Ask lots of questions and read their blog if they have one. Look into their philosophy because If you can find a Buyers Agent you trust it can save you 10s of thousands. This must be worth doing the same rigorous interview you would have with anyone handling responsibility like your new lawyer? Have the same reservations you might have for a used car salesman.
3. Tell Him You Want To See ALL the sold units.
Dishonest Buyers Agents will hand pick sold statistics to reinforce the sellers ideas about the value of the property. Dont settle for just the sold units that agree with the asking price.
Buyers Agency When Done Correctly is an Alignment With Truth.
A Buyers Agent who is REALLY practicing Buyers Agency will keep you from getting burned.
He or she will pull several sets of sold property statistics.The first is done in preparation of the offer. After the offer is submitted another set coming from a different direction with the numbers can reinforce the offer, warn the buyer not to go higher or in some cases point out that the property is actually underpriced. (It happens but its always a mistake made by the people pulling the statistics.) Then when the counter offer comes in another set of metrics is pulled from yet another set of numbers. By this point a Buyers Agent worth his salt can nail down the fair market value of the property to within 3 percent. And more importantly YOU will know the value of the property. Hopefully you saw the inventory so you know a lot about value there. Now in addition, thanks to your Buyers agent, you have looked at 3 sets of averages statistically nailing down fair market value for you.
A good Buyers Agent comes back to the statistics again and again.
The whole idea of practicing impeccable Buyers Agency is to take out personal opinion and conjecture. Numbers dont lie and if the numbers are wrong the property is overpriced, period. You will find out if you have a real Buyers Agent if she starts to reconcile the sellers numbers to bring the deal together (read, when you pay more). Thus this kind of brilliantly disguised Listing Agent is along for the ride and the commission. She wont pull another set of numbers to counter all the anecdotal hype that just streams out of the Listing Agents mouth. She is content to let the Listing Agent sell some real estate to her buyer client. Bad form, absolutely dishonest.
These commission rebates are another joke on the consumers.
Mention cash rebates to consumers and its cash for clunkers all over again. People are suckers for a cash kickback especially in the middle of a deep recession. I would not be surprised if Massachusetts and other states eventually outlaw this practice. Its so transparently manipulative and a little sad. There are all these buyers tripping over themselves to get a cash rebate while attention is taken away from the actual price being paid for the house (kind of like the $8000 tax break). In other words they are looking at the short term while a good Buyers Agent can get the price reduced. If I can get you the home for 500K instead of 530K, you just saved $180 per month for the next 30 years. That comes to $64,000 over the life of the loan. So the $64,000 question is: How does that cash rebate look now?
Im also not surprised to see this happening during a recession. Funny how desperation can get buyers to fall for that. Now people, work with me and think about it, not only are you are not going to use a Buyers Agent, you want to be rebated his commission and yet you expect to get a good deal from the seller? Are we living on the same planet? You may get the rebate but you will get taken to the cleaners for the property. Penny wise, and dollar totally foolish. What kind of magnanimous seller is going to give you a good deal when you are not even bothering to be represented?
In conclusion I would like to say that if there is a downside to having a Buyers Agent represent you, I cant imagine what that might be. Here is a list of advantages once you have found a Buyers Agent. Just Google Boston Buyers Agent or Boston Area Buyers Agent:
1. He will arrange and facilitate the actual property showings.
2. He will make the process of seeing the inventory easier for you with less running around to look at properties. See my article entitled " Tips For Your Boston Home Search, Save Time and Frustration by Closely Reading MLS Listing Sheets" If you have a list of 20 properties you would like to see, your Buyers Agent can help you cut that list in half without leaving the office. So right away your viewings are cut in half.
3. There is no charge for a Buyers Agents services. He is paid entirely by the seller. So you get all that help seeing the properties, help with establishing fair market value as well as preparing the offer and negotiating price and terms. On top of all this saving time and money, this whole process can and should be a lot of fun!
