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How Do You Know You're Getting a Good Buyer's Agent?

Jul. 28, 2006
Categorized in: Buying a home...

Christine, Pat, Tony and the Boys

In answering a question on her blog, a colleague of mine, Ardell DellaLogia in Seattle, brought up the subject of the value of a Buyer's Agent. She talks about the assumption underlying the question which had to do with inspections.

I'd like to go a bit further (Ardell promises to address other issues later on her blog). 
What makes a Buyer's Agent valuable to a buyer? First, buyers can be sure they won’t be involved in a conflict of interest situation where the agent represents both the seller and the buyer. A Buyer’s Agent represents ONLY the buyer.
 
Second, a Buyer’s Agent puts all her energy, knowledge and skill into helping to find the right house at the right price for the buyer. Not that seller’s agents don’t do this with their buyer clients, but working on the selling side dilutes their expertise and skill on the buying side, and vice versa. An Exclusive Buyer’s Agent concentrates on knowing how to do the things that buyers need, and that’s their focus. They’re good at knowing the market because they see far more homes than do seller’s agents who also represent buyers. That’s what Buyer’s Agents do all day long – look at houses, estimate value, see potential problems, negotiate on behalf of buyers, shepherd the transaction through to completion with a laser-like focus on what’s best for the buyer.
 
They work with professionals who serve the needs of buyers – lenders, inspectors, insurance agents, home warranty representatives. Not that seller’s agents don’t do this too. It’s not just their focus.
 
Buyer’s Agents work daily negotiating with Seller’s Agents to get the best possible price, concessions, inspection issues resolved, and get the best timing for their buyers. That’s their focus, and working solely with buyers gives them an expertise serving buyers.
 
Here’s a story told by one of my clients, the mother of four four-year olds (yes, quadruplets!) whose husband had already moved here, she had stayed behind to sell the house which took five months, and she already had a job in Denver where she was to have started a month before she actually did -- that was the special situation.

Buying our house from out of state, our real estate selling agent back home knew exactly the type of service that we would be requiring from our buying agent in Denver so she hand chose Judith for us. I know this was a researched and unbiased choice, Judith was not even a member of the same agency. Living in another state, we were very attracted to technical services that Judith was willing to offer, including her promise to preview and photograph houses and having the photos online for me to view within hours, which she did.

One of the first points of her significant help was very early on when I had obtained a prequalification with one loan agency, Judith convinced me to at least try one other to have a comparison. This action not only gave us a better rate, but it brought to light some incorrect information on our credit report that we were able to correct in time for the loan.

The hard work, great service and personal attention that Judith showed us in the looking process gave me enough confidence to sign a contract on a house without seeing it for myself. She knew our budget and pushed hard to find something within that range. As the hunting process turned long and looked dim, she was still very honest with every house that she viewed for us, even when I was excited about something that I had viewed on the internet and she knew from our lengthy conversations and one brief meeting what to warn me about so that I would have a clear understanding of the complete package.

When Judith finally found the perfect house for our family, in the price range that we were looking for, she wasted no time helping us through the contracting procedures. This was the second house that my husband and I had purchased during our marriage. The first purchase was made when we were younger and it was very uncomplicated. That is why the obstacles that we encountered on this purchase came as a shock and stress factor at almost every turn. Judith was there to help us through all of it. We appreciated Judith's experienced advice and support through the entire month of our roller coaster contract. She helped us deal with problems that included our seller threatening to back out at every turn, handling completely unforeseen issues that came up at our inspection and getting us through many paperwork delays on our closing. We literally did not know if we would still be able to purchase the house 10 minutes past the start time of our closing appointment.

I would recommend Judith for any buyer in any special situation.
 

Could a seller’s agent have handled a complicated transaction like that? Doubtless. Would they have been successful in bringing the transaction to a successful close? Maybe. I believe that it was my expertise as an Exclusive Buyer’s Agent that provided the extra push that got the deal done.

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