Hello & Welcome Back to #FabulousFriday! When buying a home, hiring a buyers agent is worth every penny of their compensation. In fact, here are 100 tasks and duties that buyer agents manage for their clients:
1. Educate the buyer during an initial counseling session and outlining the steps necessary for executing contracts and addenda.
2. Explain agency relationships to the buyer and their rights and duties for the buying process.
3. Inform the buyer of working relationships based on local and state regulations and disclosures necessary pertaining to the property and locality.
4. Collect the data regarding the buyer's wants and non-negotiable needs to acquire the desired property.
5. Understand the buyer’s budget and what will be needed financially.
6. Help the buyer understand what property their chosen budget will buy and educate on current market trends.
7. Completing a home buyers checklist to address the buying process.
8. Assist the buyer in examining how much they can afford to spend.
9. Provide the buyer with the ability to locate suitable properties for consideration.
10. Match the buyer’s needs with available properties.
11. Constantly re-evaluate buyer’s needs and refocus property showings to fit those needs.
12. After ensuring the buyer understands the rights, opportunities and duties and the benefits to them, obtain signatures on the buyer representation agreement and local disclosures.
13. Explain how compensation is paid, who pays it, and what the buyer’s options are based on state law, and local regulations.
14. Explain Federal and State Fair Housing laws and the rules as they relate to residential real estate purchases.
15. Explain what to look for in applicable property disclosures.
16. Maintain confidentiality pertaining to the buyers personal information.
17. Inform the buyer that you will disclose all material defects that become known to you.
18. In accordance with state law, provide information on how and where to check the sex-offender registry and crime statistics for the neighborhood.
19. Discuss available resources that the buyer can check to learn more about prospective timelines for house hunting, mortgage approval, and closing.
20. Explain how federal, state and local markets impacts the buyer regarding price, availability and selections options for purchasing real estate.
21. Show statistics on what percentage of list price sellers in the area are currently receiving based on past sales, pending sales and current listings in the areas buyer is interested in.
22. Inform the buyer on what home features are popular in their desired locality and how that will impact market value.
23. Identify current average days on market for the area selected.
24. Share the dangers of using the price per square foot to figure home values and how a current market analysis is to be conducted.
25. Explain the concept of absorption rate and how it impacts the buying process and affordability.
26. Indicate current listing months of market inventory in the buyers targeted search area within their selected criteria.
27. Share estimated potential out-of-pocket costs to complete the transaction for up front costs.
28. Assess the financial situation in connection with the mortgage professional to determine appropriate sales prices in the selection of search criteria.
29. Help the buyer account for the complete costs of homeownership by analyzing a cost benefit analysis.
30. Prepare lender for listing agent calls.
31. Assist in comparing different financing options.
32. Help the buyer assess the market data and select for viewing only those homes that fit their needs.
33. Proceed in showing homes that fit the buyer’s must-haves.
34. Caution the buyer on posting information to social media by outlining how that could impact their negotiating strategies.
35. Review the sample sales contract so the buyer is prepared when it comes time to make an offer.
36. Schedule showings and provide access to all listed properties as soon as they become available in their local MLS broker marketplaces.
37. Educate the buyer on the immediacy of new listings appearing in their local MLS broker marketplaces and the lag time for them to appear on some websites.
38. Collaborate with the buyer on properties they may have learned about through their sphere contacts.
39. Research and assist on all unlisted properties the buyer wishes to see.
40. Preview properties prior to showing if needed.
41. Network with other agents to source properties not yet in their local MLS broker marketplaces.
42. Contact homeowners in focus areas to see if they are considering selling.
43. Set up an automated email alert system through their local MLS broker marketplaces that immediately notifies the buyer of properties that fit discussed requirements.
44. Arrange a tour of areas, schools, and key points of interest.
45. Provide resources containing neighborhood information on municipal services, schools, etc.
46. Inform the buyer of negative aspects like nearby venues or operations that may result in issues that could impact value.
47. Collect and share any other vital information on available homes, remembering to follow all fair housing laws at all times.
48. Check applicable zoning and building restrictions and educate on how they could impact the buyers selected properties.
49. Help the buyer decipher public property and tax information.
50. Collect and share pertinent data on values, taxes, utility costs, etc.
51. Compare each property shown to the buyer’s wants and needs list and remind them of what they were looking for.
52. Help the buyer narrow the search until the buyer identifies top choices.
53. Assist the buyer in getting the best property at the best price.
54. Provide insights and suggest that the buyer learn more about the neighborhood prior to making an offer.
55. Prepare a comparative market analysis (CMA) in advance of making an offer.
56. Prepare the buyer to have the most attractive offer in the current marketplace.
57. Explain common contract contingencies and include approved protective clauses in the purchase offer.
58. Ensure that the buyer receives and understands all state and federally required disclosure forms.
59. Prioritize contract negotiation goals with the buyer.
60. Help create a negotiating strategy to acquire the buyers desired home.
61. Use strategies such as an escalation clause to maintain a competitive offer.
62. Prepare the buyer for a multiple offer situation and develop negotiation strategies.
63. Write an offer that has a reasonable chance of being accepted.
64. Recommend optional contingencies and explain the pros and cons of using them.
65. Provide information on purchasing incentives that may be available.
66. Discuss financing alternatives.
67. Negotiate the buyer’s offers to arrive at the best price and terms.
68. Utilize hyperlocal expertise and strong communication skills to assist the buyer throughout the entire process.
69. Encourage the buyer to fully investigate their options in terms of a home inspector, title company, appraiser, mortgage lender, and other services.
70. Present a list of the types of required and optional inspections such as environmental, roofing, and mold.
71. Review and discuss home inspection concerns.
72. Negotiate repair requests from home inspection.
73. Guide the buyer on meeting all contract deadlines.
74. Assist in coordinating communications.
75. Advise the buyer to review the disclosure statement.
76. Inform clients that they need to transfer utilities to the new residence.
77. Schedule final walkthrough.
78. Accompany the buyer on the walkthrough.
79. Assist the buyer in questioning the appraisal report if it affects the financing.
80. Confirm clear-to-close with the lender.
81. Ensure all parties have all forms and information needed to close the sale.
82. Remind the buyer of the location where the closing will be held.
83. Confirm the closing date and time, and notify parties if there are changes successful offer.
84. Gather all required forms and documents for closing.
85. Explain flood insurance to the buyer.
86. Explain title insurance to the buyer and refer to qualified insurance broker.
87. Order any survey needed.
88. Confirm the status of the loan.
89 Check addendums and contingencies for agreed terms.
90. Review the buyer’s disclosure statement to ensure accuracy.
91. Explain wire fraud risks and remind clients to verify all wiring instructions before transferring funds.
92. Double-check all tax, homeowners’ association dues, utility, and applicable prorations, if relevant.
93. Request final closing figures from the closing agent.
94. Receive and carefully review closing figures to ensure accuracy.
95. Coordinate and attend closing and review documents with the closing agent.
96. Inform the Listing Agent the name and contact information for the buyers closing representative.
97. Advise the buyer to re-key their locks and to consider a one-time cleaning.
98. Review the termite and moisture inspection letter with the buyer.
99. Provide recommendations for moving, cleaning services or landscaping companies before moving day.
100. Support the buyer in any final closing activities.
As you can see, buyers agents work hard to represent their clients throughout the real estate process. One of our friendly helpful Shaffer agents are here to help you with all your real estate needs.
Be sure to check back next Friday for more helpful real estate tips and tricks. See you soon! Warmly, Susan