Real estate buyer’s agents have been around for long while and are well known in countries like the USA and UK. However in Spain they are the new players on the field, and actually not many people know that even the possibility to hire one exists.
Here is a summary of what a real estate buyer’s agent is and does, and the main benefits for a buyer of working with one.
In short: a real estate buyer’s agent is a person you hire to represent you and act as your "personal shopper" in the real estate market.
With a little more detail: buyer’s agents are trained and skilled professionals who are knowledgeable in the real estate market in a certain area but are exclusively hired by the buyer instead of a real estate developer. They work exclusively for the buyer and serve only the buyer’s best interest: searching for properties on their behalf, aiding, advising and representing their customer throughout the whole purchasing process.
What are the benefits of hiring a real estate buyer’s agent?
A buyer’s agent can have many different types of customers. For example, one could be a person looking for a house to live in; another could be an investor seeking a good return on the investment; or the client could be a company looking for commercial properties for the business. In all cases, though, the advantages of hiring and working with a real estate buyer’s agent are the same: it saves time and money, it’s safer, and it’s simpler.
- A buyer’s agent will be your eyes, ears and feet in the market: they can save you countless hours of of searching online and off-line.
- They will filter and select only those properties that can really be a good match, saving you many useless visits that just waste your time.
- They have access to 100% of the properties on the market, because they do not have a portfolio of properties that they need to sell; therefore they can scout all the properties offered by agencies, owners, banks, etc.
- Through their contacts they can often know about properties that are not even on the market yet.
- A buyer’s agent will be very familiar with your needs and wants, and therefore can react very quickly when a new property pops up that fits you and your budget.
- They will be the detective who can help you find out all those things that homeowners probably don’t want you to know, such as problems within the apartment, the building, or the neighbours.
- They can also detect when the price of a property is above market and help you in the negotiations, achieving a better price than you could on your own.
- Make informed decisions based on facts. In the real estate industry, information may not be fully transparent, or it may be stated in a way that is clear only to those working in the industry. In a situation where you must set a big long-term financial commitment, clarity and trust are important.
- Hiring a buyer’s agent gives you peace of mind because you know you have a whole team of specialists and professionals looking out for your best interest.
- You will get a technical report by an architect about the property you are interested in, to make sure you are not purchasing anything blindly.
- The agent’s services also include notary arbitration, to give you greater legal protection when you sign a pre-agreement with the seller.
Simplify the process
- Buyer’s agents are your single point of contact. They are unequivocally on your side, and will search on your behalf very actively.
- They have no vested interest in whether you decide to buy one particular property over another: their only interest is you buying the best possible property that fits within your budget.
- They do not get any commissions from anyone other than you and the amount does not depend on the price you pay for the property.
To sum it all up: a real estate buyer´s agent is 100% on your side and by your side throughout the whole process, with the sole purpose of maximizing your satisfaction with your purchase.
Would you like to know more about how I work, and about my company, Property Buyers by Somrie?
Download a free copy of my “Guide to buying property in Madrid” by clicking on the image below!