Do I Need a Buyer Agent?
Sunday Aug 15th, 2021
I don’t need a Buyer Agent
Good morning, this is Simon Chan with Century 21 Leading Edge Realty.
Based on the 2021 Ontario Home Buyer and Seller Profile…done by Ipsos and Ontario Real Estate Association, it is not uncommon that some Buyers would not hire a Buyer Agent when purchasing a home. On the other hand, a large portion of Buyers have their reasons why they need a Buyer Agent in the process of purchasing a home.
For those who like to hire a Buyer Agent, 47% wants the agent to take care of the paperwork, 43% would like the agent to help them in the buying process, 38% believe it would save time to buy a home, 38% think they can find the best home, 37% believe the agent understand their need, 36% are confident the agent can negotiate the best price for them. Of course, 35% have a peace of mind when the agents take care of them professionally.
In contrast, 35% of buyers believe they don’t need a buyer agent to find a home, 31% also think they can save money without an agent, 23% are confident they can handle the whole buying process and negotiate the best price, 16% of them would rely on their past experience to help them through the process, and 14% would use the online resources available to search for home. At last, but the least, 10% they had bad experience with the agents.
The question is what might happen if they don’t hire an agent.
In today’s technology, it is not difficult to search for a home based on the location, prices, and features that the buyers want.
When the buyers start previewing the home, are they knowledgeable to inspect the property with the most updated market information like price, local bylaw, neighborhood, amenities, future development as well as the structure and other issues in and around the property?
Of course, the buyers might have a chance to have a House Inspection before or after putting in an offer. The question is…can the buyers afford to have a house inspection every time when they like a house and want to put in an offer? Would it be helpful if the Buyer Agent has some answers of their concerns during the showing? And those answers may save the buyer a lot of time…and sometimes save a lot of money too.
When the Buyers directly deal with the Listing Agent of the property, do you think the Listing Agent represents the Buyer or the Seller? In reality, the Listing Agent has no obligation and responsibility to protect the Buyer anyway.
In contrast, when you hire a Buyer Agent, the Buyer Agent is obligated and responsible for protecting you in the whole buying process.
In this Hot market, a lot of buyers came across the Multiple Offer Situation where the property was sold over the asking price. Do you want to Save time and not overpay when purchasing a home?
Let’s see what I can do for you if you hire me as your buyer agent.
- I would provide a Free Consultation to help you understand if you are ready and qualified financially to purchase a home.
- I would prepare a Comparative Market Analysis to find out the Market Value of the home before you put in an offer. If you cannot afford to buy or not willing to pay the realistic price of the home, you have a choice not to put in an offer because either you won’t win in the multiple offer situation, or you don’t have a mortgage approval from the bank.
- I will negotiate the Best Price on behalf of you even in the Multiple Offer Situation.
- If you really want to buy a home, you need to have pre-approval from the bank and prepare extra fund in case the appraised value of the home, which was done by the bank is different from the price in the accepted offer.
I have a network of Mortgage Brokers and Banks to provide you variety of mortgage which would suit your need.
If you want to learn more about the Benefit of hiring a Professional Buyer Agent like myself to represent you for this important transaction, please give me a call. I don’t mind sitting down with you so you will understand how we work and protect you and your family when you purchase a home.