Buyers -- What a REALTOR Does for You (Part 1)

Lately I have met with quite a few buyers who don’t want to work with a REALTOR®. The reasons are varied but they all really boil down to one fact, the buyer thinks they can buy a house without representation and get a better deal.

Let me put value into what a REALTOR® can do for the home buyer. Buying a home is more than locating a house, making an offer and then paying for it. Although that is possible, there are details that should not be overlooked.

As buying a home is a lengthy and involved process I will break it down into three different posts. This first post will cover the initial meeting to putting in an offer. The next two posts will cover negotiating the offer through having a Contract for Sale and Purchase and the execution of the contract.

When I work for buyers I start by talking with the buyers and determining what it is the buyers need in a home. Once I have determined those needs I start researching the market. I look at what is on the market now and then I look at sales over the past couple of months. With the needs of the buyers in mind I locate a variety of properties to view.

After I have a list of potential properties I show the list to the buyers who then decide which properties they would like to see.

While I was researching properties I have asked the buyers to meet with a financial representative of their choice to start the financing process. Sometimes the buyers find they cannot afford the original price range and I need to adjust the criteria. It is better to know this prior to viewing properties.

While viewing properties I take copious notes on each property and the buyers’ preferences. I do this for several reasons. The number one reason I do this is so the buyers can focus on each property and I can later remind them of the pros and cons. I also do this to be able to narrow criteria and possibly locate a more suitable property. And I do this so I can give detailed feedback to the listing agent.

Once the buyers have viewed properties and narrowed the selection down I start researching the property history. This information can be extremely beneficial in negotiations. The information can also make one property stand out as the best value. Knowledge is definitely power when making an offer and negotiating a sale.

After the buyers have made a decision to make an offer I write the offer and then I explain the offer to the buyers making sure the buyers understand the parts of the contract and the precise timeline for acceptance, inspections and closing. Once the buyers have signed the offer I present the offer to the seller’s agent and/or the seller.