FOR BUYERS

Why You Should Have a Buyer Agent

Good buyer agents provide tremendous value and can help protect you. They will help you move forward confidently and with the knowledge you need to make good decisions, which will save you time, money and stress.

Getting in touch early, before you have found that perfect home, will help ensure the best results for your home purchase process.

How it works:

Agents who are members of the local real estate Multiple Listing Service may access and show you any home that is listed on the market and not just the homes from his/her brokerage.

Once you sign a Buyer Agency Agreement, your agent will be your expert and fiduciary consultant, and may spend many months working with you to explore options, home values, market trends, and so much more. The fee is outlined in that agreement and is often covered by the seller (see more below).

Your agent will help you prepare and submit offers, understand the contract, negotiate, find experts, work through the contingencies and inspections process/negotiations, and then keep you on track during the contract-to-close process when your loan is issued (if applicable) and the property title is finally conveyed to you. There are a lot of steps and details involved that can be costly. Letting your trusted agent handle it is a wise decision.

Discover more properties: If your agent is with Compass, you will get early and sometimes exclusive access to more properties than are visible on public websites.

Be on top of the market: The real estate market in DC moves fast! Are you ready? Do you know how to strategize in a competition? While everyone can see plenty of homes for sale online, unless you are a professional agent, it isn’t easy to be fully aware of market momentum and what could impact your price or offer. A strong buyer’s agent will have the up-to-date knowledge that you need.

The listing agent works for the seller: The listing agent’s job is to represent the seller’s financial interests throughout the transaction, and not yours. If you are not a real estate expert, the professional agent and their client likely have an unfair advantage. The agent is required to be truthful and ethical but they do not represent you and they cannot discuss pricing strategy with you.

Sellers will often pay for the buyer agent’s fee at settlement: Most sellers understand that buyers need agents and that having a professional on the buyer side means the transaction is more likely to finish successfully because represented buyers have more understanding and trust in the process. It also helps the seller market their home more quickly, to more of the most prepared and motivated buyers. For these reasons, many sellers offer up front to cover some or all of a buyer’s agent fee, or they will offer a cash credit to allow buyers to roll that into their mortgage at settlement if allowed by the lender. This should be negotiated into your home purchase contract so you can get the consulting and representation you need while reducing cash due at the settlement table.

Your Agent’s Primary Role

  • Act as a consultant and partner for your home purchase decision, helping you assess and reassess your priorities as you learn what is available in the market and what you can afford.

  • Help you build the strong “team” that you will need for a successful offer and transaction: local lender, title company, inspectors, and sometimes even contractors or architects. A great agent will help coordinate all the necessary players.

  • Advise you on recent market trends, pricing, momentum, contracts and the transaction process, to help you prepare for making an offer.

  • Advise on offer strategy and prepare your offer using specialized contracts developed by the best experts in local real estate law.

  • Point out potential issues that you may want to consider or investigate further with experts, based on the agent’s experience of looking at many homes. Your agent may see things that you have not considered, especially in the excitement of looking at a new house.

  • Negotiate on your behalf and advocate for your interest. You are always the decision-maker.

  • Manage the contract-to-close process, including scheduling inspections (general, radon, termite and more) and keeping track of your critical contract deadlines and to-do list.

  • Once you buy your house, your agent can also be a great resource for your move, improvements or repairs, and can help you settle into your new neighborhood.

What should an initial consultation with an agent cover?

In the process of choosing a realtor you’ll want to discuss your needs, your process together, your communication preferences, and the next steps.

Early consultation should cover some important questions:

  • What is your time frame for purchasing a new home?

  • Where do you want to live? We have a lot of neighborhood knowledge to share!

  • What are your priorities in a home and neighborhood? It’s usually an iterative process. We can help you clarify your priorities as we look at homes and neighborhoods together.

  • How much (if any) work would you like to put into improving a property? If you are buying with a partner, are you on the same page for these things?

  • Have you consulted your lender yet to know your real price range and to confirm that you can qualify? Your loan details are actually part of your contract and purchase negotiation. We can recommend excellent local lenders who know how fast the DC-area market moves and who understand how your loan can impact your contract promises. You need a banker who will advocate for you during the offer process.