In the United States, the concept of a “buyer’s agent” is commonplace when it comes to purchasing real estate. However, here in Canada, the idea is relatively new. A buyer’s agent can be beneficial to house seekers, as a realtor becomes a personal shopper to a buyer. They can negotiate a house in order to get the best possible pricing and terms.
There is a lot of information to consider before signing on with one of these agents. If you are in the market for Niagara on the Lake realty, this guide will set you up to get the data you need to have a buyer’s agent help you with your new home purchase.
Facts About Buyer’s Agents
The first thing to know about buyer’s agents is that they are fully licensed realtors with total access to the MLS, allowing them to show every property available in their area. Mostly, these agents are paid via part of the sales commission on each property.
Unlike most realtors that are helping a large numbers of potential home buyers at a time, buyer’s agents typically limit the number of clients to around 10. This allows the agent to focus more time on finding the home that best fits a purchaser’s needs. For buyers, an agent normally requires them to be committed to them instead of shopping around for other agents. Making multiple meetings between the buyer and the realtor can help get a feel of the market and determine if that agent is the best agent for that client.
What Are The Benefits?
Now that you’ve looked into what makes a buyer’s agent, it helps to know what sets them apart from other realtors in the area. The biggest item is that they typically work for the buyer in place of the seller. There are additional differences to consider:
- Lack of property bias. With many listing agents, while they can show you any property that is known as a Multiple Listing, they show you their own listings first, as they can receive more of a financial incentive to do so. This increases if they sell you one of these homes.
- Expanded services areas. In place of the limited geographic areas other realtors offer homes for, buyer’s agents can examine properties in an entire metro area.
- Straightforward property opinions. Due to responsibilities from the seller, listing agents are prohibited from informing buyers if a property is overpriced. Buyer’s agents offer feedback on pricing as well as property history, historical pricing information and more.
- Pricing advice. A buyer’s agent will take into consideration aspects such as future marketability and appraisal value to ensure a client is not paying more for a property than they should.
Niagara on the Lake Realty Buyer’s Agent
As shown above, a buyer’s agent is one that puts the needs of a home buyer first. From the initial meeting to the final closing, they work to ensure clients get the best value for their perfect home.
If you are in the market for a new home, the experts at Niagara on the Lake Realty are available to help you find the house that fits your needs. Learn more by calling 905-988-3222 today, or check out our listings by visiting our website.