Ever wonder if you should use a buying agent to purchase? A few years ago, I was approached by a developer to find out what my take was on this issue. At the time, there was a lot of discussion on self-representation or models like Redfin. I thought I would dust off the piece written and post for your enjoyment. Your feedback is always welcomed as well.
Do I need a buyers agent?
Principal and Founder of Urbancondospaces.com
Buying Real Estate in the Seattle market can be challenging and overwhelming. There are a number of different projects, developers, construction styles and floor plans to choose from. Where do you start? Urbancondospaces.com was created to assist Seattle Condo buyers in this difficult decision. Not only do we provide the most current information, but believes in good buying representation; and here is why.
Buyers agents help you with the following:
1. No Cost Representation
One of the biggest myths’s associated with buyers agents is that the buyer could get a better price without an agent. This is rarely ever the case. The price you pay for a unit at the sales center will be the same if you are buying the unit with or without representation. Most sellers/developers need and encourage the work of a buyers agents to drive traffic through the site and to eliminate the liability of representing both parties during the transaction. Typically after a gross sellout of a project, the ration will be 75% represented and 25% through the on-site sales team.
Buying in this market requires an extensive knowledge of the market conditions, locations, and site specific information. Using a buyers agent will help you to analyze and research the important facts before making a purchase. Buying will require an understanding of the cost per square foot, the current comparables in the marketplace, the best floor plan that suits your needs, the developer and their track record, and the quality of the finish work. Bottom line, having someone in your corner to help educate you throughout this process will help to give you confidence in your decision.
The sales staff at each project has a vested interest in selling as many units as possible for their developers. Most “site agents” have an extensive knowledge of their project, but will not provide an objective view on other projects and what may be in your best interest as a buyer. A buyers agent on the other hand, will be paid once you find the unit that is right for you, regardless of where it is located. Use a buyers agent to your advantage! It will allow you to view many different projects, which will build your confidence in making the right decision. They can handle the pressure from each sales agent and that will allow you to have think clearly throughout the whole process.
A buyers agent will prove to be a jack of all trades. Throughout the process, you will need help with many details–picking your upgrades, choosing the right storage unit, parking stall, negotiating un-advertised incentives and managing the important timelines in the closing process. In addition, not all experiences in buying a condo are perfect. Many times with new construction, delays can occur. If you are delayed and have to sign an extension, you can lose your rate lock, and the sales staff that continue to represent the developer, will not always look out for your best interest. Its important to have someone to give you support. Be attentive, engaged and invested in your purchase, but lean on the expert to handle what they do best–making sure that you get to the closing table with all the details handled effectively and with ease.
If you have any questions, and or concerns, e-mail us at firstname.lastname@example.org We will be happy to go over our process of representation or answer any questions that may come up as you search for your new home.