Formally speaking, a buyer’s or tenant’s advocate is responsible for submitting and negotiating offers on behalf of the buyer and navigating the due diligence and closing process. Now I see the general assumption is of a seller’s agent and not of a buyer, but that’s where one could be fooled. Just like any seller, a buyer having no knowledge of the market will need an agent to help him in the task as well.
While hiring a buyer’s agent, a buyer must first analyse if he requires an agent in the first place. And then decide the mode of payment to their agent.
Just like any other profession, an agent demands for consideration for the work he has delivered from the buyer itself. Most buyers work on commission rather than salary. They are paid only when the transaction has been closed. Hence, the agent is highly motivated to do a good job for you.
- First and foremost, It is important for the agent to have a good knowledge of the market he’s dealing in. A real estate agent who can give no advice regarding the real estate market is absolutely of no value.
- Several times a buyer is interested in a specific location or unit for purchase. The agent so hired must keep in mind the preferences of the party and email potential offers and share details with the buyer simultaneously. He must also be capable of filtering and understanding the choice of the buyer and send in details accordingly. He could also be expected to send handwritten letters to the sellers while making such offers.
- An agent must first obtain full knowledge about the real estate it wishes to show to the buyer. He must not just know the financial background of the property but also the societal norms and history of the property he shows. He must also fully disclose the information he has obtained from the resources and honestly conveys it to the party.
- Not just knowledge of real estate but contacts with other agents in the same subdivision could also be very helpful. As knowing agents in the same subdivision could help you know of offers before they even hit the market and could be the first one to approach.
- Unlike most agents, it’s also important to consider rental units along with the other options you have. When the buyer’s agent finds a pattern in the vacancy of a unit over a long period of time, he can approach the owner asking if the person would be interested in selling his unit.
- The agent must also have frequent communication with the party and be regular in showing properties to. The agent must show signs of availability for working with the party and be able to adapt to the schedule he’s a part of.
- A creative mindset and good marketable skills are important as well. Just finding or managing a good property in the market is of no value if you can’t present it well in front of the party. Many successful real estate agents know how to properly showcase a house to make it more marketable and develop creative listings to attract the buyers.
As the above-said qualities are important, many other qualities like professionalism, past record success and strong negotiation skills are just as important.
Being a good buyers advocate is not just about having knowledge but about presenting it well as well. In the end, good communication skills, adaptable nature, punctuality and ample knowledge is what will help you grow and achieve your goals.
