Linda McCabe - real estate agent with Corcoran Pacific Properties
Why you need a Buyer's Agent to work for you
Whether you’re buying a primary home, the vacation condo of your dreams, or a rental condo, you’re making a significant investment that will impact you financially for years to come. As a result, the smartest move you can make is to obtain your own buyer’s agent in order to assure the best possible outcome for you and your investment. Instead of costing you more money, a buyer’s agent can actually save you money and a lot of headaches. Here’s how:
The Buyer’s Agent Works for You but Costs You NOTHING.
When selling a home, the seller pays the listing agent a commission at closing. In situations where the buyer has their own agent, that buyer's agent splits the commission with the listing agent. So although the buyer's agent works for the buyer, she is actually paid by the seller.
So, for the amazingly low price of nothing, you will receive a number of services from a buyer's agent. For example, your agent won’t just point out the upsides to a property; she will provide a realistic assessment based on experience and knowledge. She can also advise you on making a realistic offer based on the number of days a property has been on the market versus how motivated the seller is, potentially providing significant savings. Many agents can also point you to financing options that may save you money as well. Perhaps most importantly, your agent can show you housing options that meet your budget and lifestyle requirements, saving you time and headaches.
Furthermore, unlike much of the mainland, leasehold properties are common in Waikiki, and so it is important to have an agent who can analyze the terms and conditions of such an agreement along with the length of time you anticipate keeping the property to help you negotiate the best deal. Your agent can outline the pros and cons so you can make the best decision based on your circumstances. Without a buyer’s agent that understands leaseholds, you’re at the mercy of the listing agent who simply wants to make the sale.
You can avoid the Downsides of a Dual Agency
If you meet the seller's agent at an open house, you might just be stepping into a dual agency scenario. Listing agents can legally serve as a dual agent for both the buyer and seller, but the buyer may come up short, especially in negotiations. Whether or not the agent knows the seller’s bottom dollar sales price, he probably won’t advise you with respect to a reasonable offer. Instead he’ll simply volley the ball in your court and ask, “How much do you want to offer?” In other words, you’re on your own. A dual agent is similar to a divorce attorney that attempts to represent both a husband and wife. If negotiations move along amicably, it may not affect you. But if conflicting objectives bog down the process, something inevitably gets lost, and that something could be your negotiating advantage.
Get Your Buyer’s Agent Sooner Rather than Later
Don’t go condo shopping without your own buyer’s agent. If you respond to a For Sale sign or an ad, or go to a new condo sales office, the seller’s listing agent is on the other end of the phone or greeting you at the door. By dealing directly with your own agent from the moment you get the bug for a new condo or townhouse, you’re leveling the playing field.
When you’re ready to begin your property search, contact us to be your buyer’s agent. As professionals in Oahu real estate, we’re committed to guiding you through every step of your exciting journey while using our market knowledge and negotiating skills to help make your new home dreams come true. Best of all, you won’t be on your own.
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Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.
The Fair Housing Act prohibits discrimination in housing based on color, race, religion, national origin, sex, familial status, or disability.
Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.
Last Updated: 2022-01-27