BUYERS AGENTS FAQS
You’ve Got Questions – We’ve Got Answers
WHAT IS A BUYERS AGENT?
A buyer's agent is a licensed real estate professional who works exclusively with home buyers. They provide various services to help buyers find and purchase a home, including property search, market analysis, inspections, negotiations, and closing assistance. Unlike a seller's agent, who represents the seller's interests, a buyer's agent works solely for the buyer and is committed to protecting their interests throughout the entire home-buying process. Their ultimate goal is to help buyers make informed decisions and find the right property that meets their needs and budget.
HOW MUCH DOES A BUYERS AGENT COST?
The cost of a buyer's agent varies depending on the location and the services provided. In some cases, the buyer's agent may charge a flat fee, while in other cases, they may charge a percentage of the purchase price, typically ranging from 1-3% of the home's value.
CAN A BUYER'S AGENT GUARANTEE TO SAVE ME DOLLARS OFF THE PURCHASE PRICE?
While a buyer's agent can provide guidance and negotiation strategies to help you get a better deal, they cannot guarantee that they will save you money. Ultimately, the final purchase price of a property depends on various factors, including the current market conditions, the seller's motivation, and other offers on the property. However, a skilled buyer's agent can help you identify potential cost savings, negotiate favourable terms, and advise you on the fair market value of a property, all of which can lead to cost savings in the home-buying process.
SOME SELLING AGENCIES HAVE DEDICATED 'BUYER'S AGENTS', ISN'T THAT THE SAME THING?
No, a buyer's agent who works for a selling agent is different from an independent buyer's agent. The main difference is that a buyer's agent who works for a selling agent represents the interests of the seller and the agency, not the buyer. They are still obligated to disclose any material facts about the property, but their primary objective is to secure a sale for their client, the seller. On the other hand, an independent buyer's agent works exclusively for the buyer and represents their interests throughout the home-buying process.