Finding a condo you love is an exciting step in the home buying journey. While it’s possible to navigate the purchase process on your own, here’s why you might want to consider using a buyer’s agent:
Wait, first, what is a Buyer’s Agent?
A buyer’s agent is a licensed real estate agent who represents the interests of homebuyers during the home purchasing process. Their primary role is to guide, support, and advocate for buyers, ensuring that they find the right property and secure the best possible terms through the transaction.
Can I represent myself to save the commission costs?
While it’s possible to represent yourself in a condo purchase, it requires a significant time investment and attention to detail.
Typically representing yourself will save approximately 1% of the transaction costs – if you are able to negotiate as effectively as a buyer’s agent would have. So, if going down this path it is still crucial to make sure you can still achieve the best terms and price possible.
On top of negotiating, you’ll need to be prepared to do your own due diligence on the property. This can include understanding the legal and financial components of the transaction, as well as doing an extensive review of condo association documents and history. Without an agent, these processes can become overwhelming. You should also plan to conduct research to compare your deal to other sold properties in the area to make sure you’re getting a good deal. This can be challenging on your own as your research is limited to public data only and, invariably, you have not been inside as many homes as a real estate agent has.
For most buyers, the expertise and support of a buyer’s agent can not only make the home buying experience smoother and more successful, but also save them time and stress not to mention money on a purchase!
Can I use the same agent that was selling the property?
Yes. This is known as “Dual Agency.” Dual Agency occurs when a real estate agent works on behalf of both the home buyer and seller simultaneously. There are some pros and cons to doing this. In most real estate transactions, it is common to have separate agents represent each party. In dual agency, the fiduciary responsibility of the single agent is compromised. The agent must offer loyalty to each party but cannot advocate for one party over another. The inherent conflict here can (and often does) present issues as a negotiation commences. .
While it’s not mandatory to use a buyer’s agent, their expertise, guidance, and support can be invaluable, especially in a complex and competitive market like Boston.
