Although data suggests that homebuyers prefer the convenience of shopping online for their home, 88% of them still prefer to have a professional, such as a Myrtle Beach real estate agent, guide them through the details of the deal once it is time to start the process.
According to the National Association of Realtors, 43% of buyers conduct market research themselves. This compares with 18% who contact a realtor. Both options have their pros and cons, so this information is for you if you are still unsure.
A real estate agent can make it easier to buy a home. However, buyers need to know the difference between the two types. The buyer’s agent represents the buyer and the seller’s representative is charged with representing the seller.
Although some buyers might complain regarding the experience of having to deal with listing agents that are aggressive, they need to be aware of the benefits that a buyer’s representative can provide in the home-buying process. Although the roles of these agents are different depending on who they represent, there are many benefits to having adequate representation for a buyer.
What are the pros?
Agents are able to spot red flags. A buyer’s agent can spot red flags. It can be easier to spot and navigate problems early on by working with a professional buyer’s agent.
The buyer’s agent will represent you. Although both agents are capable of organizing house tours, unlike the listing agent, who represents the seller’s interest, the buyer’s agent protects his or her interests throughout the critical negotiating and closing stages. Agents negotiate with sellers to determine the selling price. They also facilitate the home inspection and negotiate contingencies.
What are the Cons?
Many buyers believe the pros outweigh any cons. However, it is important to understand why some buyers prefer to go it alone.
Money, honey! Buyers and sellers both like the idea of saving money by not having to pay an agent. The seller usually pays the buyer’s agency commission, which is typically 2.25% to 3.5% or 5% to 7 percent of the total home price. However, the commission is often included in the price of the house. The seller will factor in commissions when they price a home. Both the listing agent or the buyer’s agent split the commission, so technically, the buyer is giving the payday to both agents.
You are not able to find the perfect agent. Although it is not difficult to find a buyer agent who understands your needs, it can be frustrating if there are a few setbacks or feel you made the wrong choice.
What is the difference between exclusive and dual representation?
A listing agent can also be a buyer’s or seller’s Myrtle Beach realtor. However, more agents are specializing in one area. Agents who are exclusive buyers’ agents don’t list any properties. They represent only homebuyers and do not have any conflicts of interest with sellers.
There are many agents that will offer dual representation. If your agent is showing you a house that he or she has listed for a seller, be cautious. The agent will have to balance your interests and that of the seller.
How to find a Myrtle Beach real estate agent?
Ask your family and friends for recommendations if you are considering using a buyer’s representative. Real estate agents earn their livelihoods from their reputations, and thrive on referrals.
If you’re new to the area and don’t know anyone, you can search the internet to find leads in your area. Meet several agents to discover one who has both reliable credentials and a personal connection.
Be open about your expectations and timeline when prequalifying agents based upon your needs. These questions are important to ask:
Are you a resident of the area? Do you live in the area? An agent should be familiar with the area. You might want an agent who is familiar with the local geography. However, they should also be able to provide you with information about schools, neighborhoods, and development plans. A good agent will keep your interests in mind and help you make a decision.
What number of people have you helped to buy a house in the last three years, and not your company? How many clients are you currently helping? Look for a professional real estate agent who has a track record of success and isn’t so overwhelmed with clients that they are unable to meet your expectations.
Do you have any recommendations for mortgage brokers? It is crucial to recommend ethical mortgage brokers after the recent crisis. Most likely, your real estate agent has a network that can refer you to trustworthy partners.
Which do you prefer, vanilla or chocolate? You’ll be amazed at how they react to curveballs. A sense of humor can be a huge asset in stressful situations.
After you have found the agent that you like, you might be asked to sign a Buyer’s Broker Agreement. This will commit you to a certain amount of time with your agent (usually between three and six months). Always read all terms and conditions. You should ensure that you understand the fine print so that you know what your rights are if you are unhappy.