Commissions are paid by the seller. It is critical in a real estate transaction to be represented and have a highly skilled professional looking out for your best interests throughout the entire process. This will be more than likely the biggest financial decision you will ever make and it's very important to work with someone you trust. Google your agent. Read testimonials. Ask for references.
A Buyers Agent can identify any potential problems or red flags, that many Buyers may not notice or pay attention to. Since an agent goes into various properties on a daily basis, they have the expertise and experience to identify potential problems quickly.
It's very important to work with someone who is local and is knowledgeable to the desired area you would like to buy in. Whether it's shopping, transit, schools, crime, demographics, amenities, entertainment, parks or other factors, the agent should have the info you need or else can quickly find out.
Ensuring that all properties that are available are shown to the prospective buyer in a timely manner. Whether that be through private showings or open houses, all scheduling will be taken care of by the Buyers Agent.
This also leads into writing highly competitive offers. The Buyers Agent can prepare a subject free offer, while greatly minimizing the risk to the buyer. This can be achieved by reading documents ahead of time, arranging for a pre-inspection and financing beforehand as well. Of course the risks to writing this type of offer would also be explained in detail, so the buyer can make an informed decision.
When buying a home in Vancouver, there are other professionals that are needed to ensure a smooth experience. Mortgage professionals, home inspectors, lawyers, handyperson, cleaner, locksmith, movers, draftsman, security, measurer, insurance, accountant, etc. just to name some of the commonly used ones. I have worked with each of these professionals and have picked the most reputable, who provide reasonable rates and good quality work in a timely manner.
A significant benefit you will have is a Buyers Agent knows how to negotiate and understands the local market. They can find many diferent angles to negotiate the price downward, if it's not a competitive offer scenario.
Agents will ensure that you are not pressured or feel uncomfortable when viewing properties. The same applies to when you visit a presentation center, as each development will present their product in a way that it is the best option out there. A Buyers Agent will keep you grounded and give you the pro's and cons of each property in an unbiased way. They shouldn’t have any strong motivator for you to buy any one property over another.
A Buyers Agent will never let you overpay for a property. If for example, a property in the same building sold for 50k less compared to the one you are viewing, the agent should be able to tell you if the other property was renovated, how many days on the market and concrete reasons for a lower price point.
A Real Estate Agent will still come in handy for questions once you move in. Anything from dealing with strata, security alarm, renovations, utilities, landscaping, tenants, damage and more.
You may be viewing a property with a tenant residing there and possibly even buying a property and inheriting the current tenant. An experienced agent will be able to help you with every aspect of renting out your investment property. Not to mention, a Buyers Agent can recommend a current market rental rate, which could be a significant factor.
A Buyers Agent‘s most underrated task is that they will read and review all pertinent info about the subject property, when you find a home worth making an offer on. If it's a strata property, all minutes, engineers report, depreciation report, AGM's, SGM's and other documents will be read thoroughly by the Realtor. If necessary, the agent can recommend for the buyer to seek independent legal advice. As well, the Buyers Agent will complete all necessary paperwork when buying a home, aside from the contract.
An experienced agent will tell you the specifics if a property will be rented out and what type of rent can be expected, the type of tenant and other key factors, when considering to buy for investment. It's helpful to work with an agent who has experience with rental properties as well, especially if you are looking for an investment property, or to at least have that option down the road with your property.
I'm in my 11th year as a Realtor® and have acquired an extensive knowledge of the rapidly changing Vancouver market and surrounding area. One thing which is critical is that I will be your main point of contact from start to finish. I'm a superior negotiator, experienced, ethical, hard working, knowledgeable and can adapt rapidly to change. To find out more, please see my about page.