I was recently speaking with a client, for whom I work as a buyer agent. She told me that a co-worker of hers was also looking for property but had opted not to use a buyer agent. This past week the co-worker bid on a property for which there were other interested parties and lost. For one, losing a property for a first time buyer can be heart-breaking. And two, it can be frustrating and lead to an over-bid the next time around. This is a story I have heard from more than a couple of my own clients who, before contracting me as an agent, were involved in a bid, improperly gauged the offer and consequently lost out. I certainly couldn't say that having an experienced buyer agent to represent you will result in winning every bid. However your chances will increase dramatically. It is important to remember that, like selling property, there is a strategy involved in purchasing property. Each phase of the process involves some form of data collection, analysis, strategy, and execution. Buyer agents, whether it is me or another qualified agent, collect this data, make these analyses, and formulate the best possible strategies for our clients every day! We help our buyers make educated decisions. Our clients do not always heed our advice. We do make mistakes too, but any good agent will learn from his/her mistakes and know, from experience, how to avoid this pitfall the next time around.
Many folks feel that buyer agents are "glorified chauffeurs" or custodians for property. Many don't realize how helpful a really good buyer agent can be. I am not actually on a crusade to right this mis-guided myth, but I thought it a good topic for a blog today. Since the current market price trends and the attractive interest rates are making home purchase, especially for the first time home buyers. First time buyers aren't encumbered with another home to sell before making another purchase, and their would-be buyers aren't needing to sell their home to purchase, and so on and on. First time buyers can best that part of their competition. Getting back to de-bunking the "buyer agent as custodian" myth: Anyone can send you links to properties, anyone can set you up with an IDX (internet data exchange) listing page for you to peruse and hi-light properties of interest. A good buyer agent will do this too, but a good buyer agent does so much more--having an experienced agent's eyes, ears and insights will be invaluable to you in your search. Knowing that your agent is working in your best interest, that you can trust him/her to shoot you straight and separate the sales pitch from the facts will alleviate so much stress and worry and ultimately save you time and money too. My next blog will outline some of the more important points of buyer agency and how it actually works. Gotta run to a showing in the North End right now!