Two years ago, I worked with a Denver Buyer’s Agent who was a member of both the Colorado and the National Associations of Exclusive Buyer’s Agents. Since it is now the beginning of “home buying season” (many home sellers put their home on the market in the beginning of the summer), I wanted to recap the highlights of what working with a buyer’s agent was like when we purchased our home in the Denver/ Lakewood area.
1. Our agent answered all of our questions. We learned a lot and felt comfortable every step of the way in asking questions about the home buying process, about particular homes, neighborhoods, home loans, anything.
3. Our agent helped us define our search. From defining a realistic home budget to defining what we want in a home and defining where we want to live.
4. We walked through homes with an expert. Our agent showed us pros and cons (yes! He showed us the cons!) of each home. By sharing his knowledge and experience on home construction, home repairs, renovations, etc. we were able to make an informed judgement of each home.
5. Our agent helped us make timely and informed offers. When we found a home we wanted, our agent helped us submit timely and informed offers, while advising us through the process, no matter what the hour.
6. We understood the current market value of the home we wanted to buy. Our agent ran comparables and explained them in detail. He also gave us his input based on years of experience of how good of a deal we were getting. When it wasn’t a good deal, he told us.
7. Our agent came to our home inspection & recommended an additional inspections that saved us several thousand dollars.
8. Our agent explained all documents and protected our interests on Closing Day. It was a celebration for everyone, but there was still a lot of paperwork to get through. Sitting next to the mountains of legal documents would have been intimidating if our buyer’s agent wasn’t there. He explained breifly all the documents we signed, and in depth anything that was particularly unusual. I felt confident that I was in good hands and that we wouldn’t miss anything, and that everything would be done properly.
9. And now… we recieve seasonal updates from our agent with helfpul tips on home maintance and an overview of the Denver home market. Overall I had an outstanding experience and would recommend working with a Colorado Exclusive Buyer’s Agent, and will again if we decide to move!
This morning I was going to write another blog about the ways our buyer’s agent saved us money- preventing us from making bad deals, helping us find good ones, pointing out significant structural damage or repairs before we got to the inspection phase (or worse, ownership phase), and using his experience to recommend special inspections that were unusual but helpful in our area (sewer line inspection- that alone saved us $2,000.) You could say that saving money is on my mind alot lately (in fact, it’s becoming a bit of an obsession. We just had our second baby, and we want to stretch our budget to make sure we can save for their college.) But, I wonder, is saving money the reason most people work with a buyer’s agent? Is it the best reason to work with a buyer’s agent? Is it even the main reason that I worked with a buyer’s agent?
Work with a Buyer’s Agent because you want The Best.
While it is very important to me, I don’t necessarily think that it was the main reason. I think that the main reason I worked with a buyer’s agent is because I wanted to buy a home The Best Way Possible. With the Best advice, the Best experience, the Best negotiations, ending up with the Best house at the Best deal and so on. It’s the same reason that I took a lot of time choosing my doctor when we had a baby, and which hospital we went to for delivery. It’s not because I thought the best care would prevent expensive mistakes down the road. It’s because my kids are the most important thing to me in the world, and I’ll do anything in my power to give them The Best- from the day they were born.
When it comes to buying a house, it’s not just a financial investment.
It’s the place that we’re raising our family, the place of our own that we are building a life in- where I will teach my kids to ride their bikes and where they run with pitter patter feet down the hall. Where I can create a little office space of my own to maintain a career and take care of my kids. Where we choose to live affects what schools they will go to. It’s where we will have birthday parties and barbeques and family dinners. And…where my husband and I can relax together when the kids finally go to sleep (haha).
We would not have found Our Home (that I love) without our agent.
Truly, I love our home. Our house is an investment, and we treat it that way. Our buyer’s agent helped us make a good investment, and I am very confident in that fact. But, more than that, our house is our home- the place where the most important people and events take place & find comfort. And, our buyer’s agent helped us pick the very best one.
We had not even considered the neighborhood that we ended up purchasing in, in fact, with neither me or my husband being from Colorado, we didn’t even know about. But, through the home buying process and getting to know us, our agent understood what we were looking for and took us to see this home. He nailed it- it’s perfect.
For the most part, when a person wants to purchase a home, the goal is to get the best possible value for their money. Each step of the home search process ultimately affects the value of your deal, because each step ultimately affects the price of the home.
For example, the time that you decide to buy affects the price of your home as market values change. The time you decide to buy also affects the price of your mortgage, as interest rates change. The neighborhood you decide to buy in will greatly affect the price of your home, as some areas are more valuable than others. The upgrades in your home, the condition of your home, and on and on.
Successfully negotiating price and terms can save you money.
And then, there is the negotiation. This is also an opportunity to save money, and an important one. It is also an opportunity to lose the home you love if you don’t play your cards right. Negotiating a home sale is a delicate balance between getting the best for your money (in other words, making the lowest reasonable offer) and losing the home (in other words, making an unreasonable, or beatable offer.) Exclusive buyer’s agents have the experience needed to walk that line. They have the experience to run a successful negotiation.
Exclusive buyer’s agents have the experience and industry knowledge required to negotiate.
An exclusive buyer’s agent can use comparables to determine the current market value of the home. They can use recent sales to determine what the lowest reasonable offer is, and make a convincing case for that offer.
An exclusive buyer’s agent can use their experience to evaluate whether you are getting a good deal, a bad deal, or a fair deal.
Also, negotiations can get emotional. Some of us are not good at negotiations, it makes us uncomfortable. Others believe that they are good at negotiations, and make their spouses uncomfortable (ha, ha). For some, simply not having to have the uncomfortable conversation is an enormous benefit.
According to the National Association of Realtors survey of home buyers that purchased a home within the last year, 88% worked with a realtor to purchase their home. Home buyers reported that the two most important things that the realtor helped them do were find the right home, and negotiate sales price and terms.
Why is working with an exclusive buyers agent so important to finding the right home?
Exclusive buyers agents help you determine your budget.
Whether you have been pre-approved, pre-qualified, or don’t know what either of those phrases mean, an exclusive buyers agent can help you with your home buying budget. Home buyers can be pre-approved for a loan that is larger than they would like to spend on a monthly basis, so it is still important to carefully review your budget. An exclusive buyer’s agent can help you take into account things like home maintenance, improvements you would like to make, and non housing related expenses. Determining a comfortable budget is critical to finding the right home.
Exclusive buyers agents help you find the right neighborhood.
Exclusive buyers agents have the local knowledge required to match a home buyer to the perfect neighborhood. Each neighborhood has its own personality- a unique history, group of residents, and of course, home styles. Even if you are not moving to Colorado from out of state, working with someone that knows the ins and outs of your desired city will ensure you find the right neighborhood for you.
Exclusive buyers agents help you develop housing criteria that is realistic for your budget.
How much house can your budget buy? For all of us, it is easy to slip into fantasy world when answering this question. An exclusive buyers agent can help you get the most house for your money, and when needed, can act as your “reality check.”
Exclusive buyers agents search available listings based on your criteria, and send you new listings on the market immediately.
Exclusive buyers agents have access to sophisticated software that allows them to search available listings with many more options than are available for free online. More than that, it is their job to stay on top of new information, and notify you of new listings that meet your requirements.
Take the time to research and find a good, knowledgeable, trustworthy buyers agent when you are looking to buy a house. There is a saying that goes something like “If you don’t have any friends who are real estate agents, you probably don’t have any friends at all.” It’s kind of a weird way of saying- there are a lot of agents out there. Just like with anything else, there are good ones, and there are bad ones.
You might say I learned this lesson the hard way. Without going into too much detail, I have on several different occasions found a business online, called them up, and bam. I’m in a contract with a less than reputable company. If I had only taken the time for a little research!! The saying “kicking myself” comes to mind. The saying “hindsight is twenty-twenty” comes to mind.
Don’t Kick Yourself…Do A Little Research
The good news is: it is easier than ever these days to get information about a company, or a real estate agent. You can check the Better Business Bureau, you can contact references. You can contact the Colorado Real Estate Commission to find out if the agent is in good standing. These are some of the more reliable, legitimate ways of checking up on a real estate agent.
But it doesn’t stop there- you can find them on Facebook, YouTube, read their blogs, follow their tweets. You can “friend” them, you can “like” them, you can “share” them. The Colorado Real Estate Commission even publishes a monthly newsletter with list called “Disciplinary Actions Taken by the Colorado Real Estate Commission,” a list that lets you know who has been naughty, and who has been nice.
Use the Colorado Exclusive Buyers Agent Association as your Short Cut to a Good Agent.
Yes, in this day and age, it is frankly hard to have a little privacy. For the responsible consumer, this is great. But, and the responsible agent is aware, and takes care to uphold their good reputation. In fact, the responsible agent can use these venues as ways to spread their good reputation.
The tools to find the right agent are out there. You just have to use them! The Colorado Exclusive Buyers Agents Association makes it easy for home buyers to find a trustworthy agent backed by experience. Home buyers are only introduced to agents that are in good standing. To find an agent in good standing today, fill in our Find an Agent form.
