Why Experienced Agents Are Essential for Home Buyers: 50 Things a Buyer's Agent Does
The Schossow Group is Recognized as one of the Top Real Estate Teams in Colorado in 2024
The Schossow Group
August 6, 2024
Buying a home is a big financial step for individuals and families, and proven to be one of the safest and most effective ways to build long-term wealth and financial security. According to Bankrate survey, 58% of Americans considered real estate to be the best way to build wealth, surpassing stocks and other investment. Furthermore, a Gallup poll has rated real estate as the best long-term investment for 10 consecutive years. Of course, we have seen in our lives and in our clients lives just how true this can be and helping people realize their home and financial goals through real estate is why we do what we do!
We are passionate about delivering an exceptional experience through what can be a stressful process of buying and/or selling a home. When choosing who to work with for your real estate endeavors, you deserve an expert to guide you through the process, advocate on your behalf and protect your best interests.
Recently, headlines have highlighted the National Association of Realtors (NAR) ruling that underscores the critical role of buyer's agents in real estate transactions. This ruling emphasizes the importance of transparency in agent commissions and reaffirms the need for buyers to have dedicated representation. Hiring a buyer's agent ensures that your interests are prioritized, that you have access to comprehensive market information, and that you receive expert guidance throughout the buying process. This support is especially vital in navigating the complexities and potential pitfalls of purchasing a home.
Each transaction is much more than just a home, but the next step in our buyers reaching their financial and home ownership goals.
The Value of a Buyer’s Agent
Working with an experienced buyer’s agents brings valuable benefits to home buyers in Colorado including:
- Local Expertise: A deep understanding of the local market and knowledge based on years of experience can assure that you stay ahead of, and not behind, the real estate market. We live, work and play in our local Colorado communities such as Ravenna, Highlands Ranch (including Backcountry) and the Denver area for decades and can be a trusted resource for you for real estate matters and community insights.
- Accurate Property Valuation: An expert buyer’s agent can advise what a reasonable price for a property is based on real-time market conditions, regardless of list price, and offer effective strategies that help you secure your dream home. From the initial offer consideration, contract negotiations, inspection and more, a buyer’s agent is invaluable resource to buyers looking to maximize their investment.
- Contract Negotiation: An agent works to negotiate key contract terms, safeguard your interests and minimize your risk. An agent can also act as a sounding board and calm resource during a stressful negotiation in a competitive area such as Denver’s market.
- Problem Resolution: Crack in the foundation? We’ve seen it. Need a home repair? We are connected to contractors and trusted experts. Broken appliance? Been there. A buyer’s agent can navigate unexpected challenges from financing hiccups to closing delays with confidence and professional care.
- Closing Assistance and Beyond: An agent guides you through the closing process to ensure all terms are accounted for at closing and is available to advise on all things real estate-related forever forward. We are a team full of Colorado natives, and we’re not going anywhere.
The Denver market is always active. A combination of in-demand inventory and cities surrounding Denver, Boulder, Colorado Springs and across Colorado consistently ranking among the best places to live in the United States has made for a thriving home market over the past decade. We are ready and equipped to help you navigate the current market and maximize your home sale with knowledge, experience and integrity.
The Schossow Group is proud to again be recognized as one of the top real estate teams in Colorado in the 2024 RealTrends Verified National Rankings! These annual rankings have been spotlighting the top 1.5% of real estate professionals for over 30 years as the industry’s leading real estate performance benchmarking tool and it is the only program that independently verifies the performance of all featured brokerages, agents and teams. Compass has also ranked as the #1 real estate brokerage in Denver for the last four consecutive years!
We take pride in being local experts and Colorado natives of the areas where we live and work, such as Littleton's Ravenna (pictured above). Photo copyright The Schossow Group.
The Role of a Buyer’s Agent
A question we sometimes hear is “What does a buyer’s agent do?”
A buyer's agent provides an array of services that add significant value to the home buying process. They assist with everything from identifying suitable properties and arranging viewings to negotiating the best price and terms on your behalf. Their role extends to handling the intricate paperwork, coordinating inspections, and managing all aspects of the transaction to ensure a smooth closing. By leveraging their market knowledge and professional network, a buyer’s agent can offer invaluable advice, foresee potential issues, and resolve them efficiently. In essence, they are your advocate and guide through one of life’s most important investments, ensuring you make informed decisions and secure the best possible outcome.
In fact, here are 50 things a buyer’s agent may do throughout a transaction to ensure a successful transaction for you:
1. Meet for a buyer consultation.
2. Align on the best communication plan throughout the entire process.
3. Encourage you to reach out to a lender for pre-approval and provide recommended lenders if requested.
4. Collect market data and recent comparables in neighborhoods you’re interested in.
5. We will complete a buyer questionnaire to understand your needs and objectives.
6. If necessary, I will research off-market opportunities for you to find additional suitable inventory.
7. Create a ‘Collection’ so you’re aware of listings that fit your criteria.
8. Select properties to show you based on your criteria.
9. Pull market trend data to understand what’s happening within the broader region.
10. Coordinate showing appointments to gain access to desired listings.
11. Learn relevant details and attributes of the properties shown, including the number of bedrooms, bathrooms, square footage, and acreage.
12. Attend broker tours to view other available properties on the market.
13. Stay connected to local buyers, sellers, and other agents to maintain a constant view of what drives the market.
14. Reach out to agents with similar listings to understand traffic and buyer demand.
15. Provide objective advice and help you evaluate the pros and cons of different properties.
16. Prepare a Comparative Market Analysis (CMA).
17. Understand the property's current condition for negotiation purposes with the assistance of experts.
18. Advise you on potential offer strategies that reflect current market conditions.
19. Help you determine where to obtain HOA documents if needed.
20. Review all transaction documents with you in advance of writing any offer.
21. Review the disclosure package.
22. Coordinate additional access to the property, if necessary.
23. Assist in scheduling a meeting with your experts about desired improvements, including landscaping, painting, fixture updates, minor and major renovations, etc. if applicable.
24. If requested, recommend at least three vendors with the needed expertise to assist you on your specific request.
25. Maintain consistent communication to provide market updates.
26. Monitor any changes in the market to refine offer strategy and make needed updates (revising price, terms, etc.) accordingly.
27. Explain the offer process, timeline, and recommended preparation.
28. Align on offer strategy and prepare the offer on your behalf.
29. Notify the listing agent you are submitting an offer.
30. Advise and strategize with you on counteroffer response.
31. Negotiate terms as needed with the listing broker and seller in writing
32. Notify you when terms are agreed upon.
33. Assist with the review of the final contract, disclosures, pre-qualification letter, and wiring instructions, if applicable.
34. Coordinate the signing of the final agreement.
35. Facilitate deposit of earnest money and down payments.
36. Create and execute closing timeline and transaction review.
37. Stay in close contact with all relevant parties through the next steps.
38. Share the estimated timeline and all documents with the client and Attorney(s), if applicable.
39. Coordinate and confirm inspection, and assist with negotiations post-inspection, if applicable.
40. Coordinate and confirm that the appraisal has been received.
41. Confirm loan approval has been received.
42. Coordinate final walk-through and address issues that may arise by communicating with the seller's agent.
43. Remind you to order home warranty (if applicable).
44. Remind you to order homeowners insurance and set up utilities.
45. Request final closing figures from the closing agent (attorney or title company).
46. Advise you to carefully review closing figures with the settlement service provider.
47. Facilitate closing for you and the seller.
48. Confirm recording of deed, if applicable.
49. Transfer of keys and property access.
50. Welcome you to your new home!
The journey to homeownership is one of the most significant financial decisions you'll make in your lifetime. Ensuring that you have experienced and knowledgeable professionals by your side can make all the difference.
If you are thinking about your next home purchase in the Denver area, The Schossow Group is dedicated to providing unparalleled service and expertise to help you navigate the complexities of the real estate market, achieve your homeownership dreams, and secure your financial future. Reach out to us today to experience the exceptional care and commitment that have earned us a top spot among Colorado's elite real estate teams.
If you’re curious about buying or selling in Colorado, contact our team today and we’ll go to work for you. Learn more about our team here or search all Colorado homes for sale.
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