Buyer’s Agent Role: 6 Tips For Finding the Right Buyer’s Agent

A buyer’s agent assists prospective owners with finding properties and will eventually negotiate a fair price. There are different types of buyer’s agents, though you should not confuse them with listing agents, real estate agents that represent a home seller.

The difference among the buyer’s agents is their license. A real estate agent’s license enables them to rent, buy, or sell several types of properties. A realtor has the same license as a real estate agent, but they’re also a member of the National Association of Realtors, which has a specific code that agents must adhere to. A broker has a real estate agent license and a broker’s license, which allows them to operate a brokerage, and hire other agents.

Some real estate agents are exclusive buyer’s agents, meaning they have a fiduciary (legal or ethical) relationship to their client and only represent buyers. They do not represent sellers or take listings, which could create a conflict of interest during negotiation.

While you do not need an agent to start shopping for a new home, connecting with a buyer’s agent early allows them to develop an understanding of your life and needs. Prospective buyers may delegate a lot of authority to agents, allowing them to vet the best listings, while other buyers may want to see every option available.

However, a good buyer’s agent does more than house hunting and taking the home buyers to open houses. Once you have chosen a home you want to purchase, the real estate agent will help negotiate the purchase price. Even if a buyer, the seller’s agent, the buyer's agent, and the selling agent agree on a price, the purchase isn’t necessarily done.
The home purchase process includes several components, including sign off from an appraiser, a mortgage lender, underwriter, mortgage servicer, a notary signing agent, a real estate attorney, the title company, tax advisor, and the homeowner’s insurance provider. A buyer’s agent, who doesn’t get paid until the deal closes, should help you assemble this team and see the closing process through.

There are more than two million licensed real estate agents in the United State. Their knowledge of neighborhoods (housing stock, demographics, history, trends, development schools, culture, etc.), housing quality, industry connections, and negotiating skills can make your experience much easier. Follow these tips to help you find the right real estate professional:

1. 1. Research areas and homes. Some real estate agents specialize in certain price points or neighborhoods. Before you meet agents, explore the real estate market and try to narrow down what you’re looking for: the neighborhood, school district, architecture style, yard size, access to public transportation, price range, etc. Your desires may change, but you should have as clear an idea as possible.
2. 2. Interview (at least) three or four agents. No matter how much you love the first real estate agent you meet, you should meet with a few more to compare and contrast. Ask about their recent sales and referrals. Talk with their past clients about how the working relationship was and how the agent handles different situations.
3. 3. Ask about their relationships. Ask agents about their connections with other agents, as they can lead to early access to properties. Inquire about their connections to appraisers, home inspectors, real estate lawyers, etc., as you’ll likely need their help building that team to close a deal.
4. 4. Hire someone you genuinely like. Just because an agent is with a successful firm, doesn’t mean they’re the right one for you. If this is your first time buying a home, pick someone you really like and have good communication with, as you’ll be spending significant time with them.
5. 5. Discuss what can go wrong. If you’re a first-time home buyer making a financial investment for your dream home, you need to feel like you’re making a smart real estate transaction and not taking a gamble. But things can go wrong, and you need to prepare, so discuss hypothetical events like a seller getting cold feet, a bad home inspection, or other unanticipated problems. This way you can prepare and know how your agent handles those scenarios.
6. 6. Talk through negotiations and winning strategies. You are part of a team with your real estate buyer’s agent, and everyone needs to be on the same page about the approach to the home buying process. Discuss their toughest negotiations and approach to closing a deal.

All you need is a MasterClass Annual Membership and our exclusive video lessons from prolific entrepreneur Robert Reffkin, the founder and CEO of the real estate technology company Compass. With Robert’s help, you’ll learn all about the intricacies of buying a home, from securing a mortgage to hiring an agent to tips for putting your own place on the market.