Ask Phyllis: a blog series of frequently asked real estate questions.
What are the responsibilities of a buyer’s agent?
Dear Phyllis,
I am a fan of your column and your blog. My daughter and her husband recently purchased their first home. It was in a different county, so they went with an agent recommended by her sister-in-law. They were extremely disappointed with him. You and your team seem to do so much for your clients, but their agent seemed to check out once they were under contract. It seemed that the closer it got to a done deal, as in no turning back now, the less he stayed involved, in contact, or on top of their concerns. It got even worse after the contingencies were lifted. What exactly are the buyer’s agent’s responsibilities? They needed some handholding as first-time buyers, and it just wasn’t there. Sonia
Dear Sonia,
Thank you for the compliment! Your daughter has unfortunately learned a valuable lesson: not all real estate agents are created equal. The responsibilities of a buyer’s agent are numerous. They play a vital role in ensuring clients make informed decisions and have their interests protected. In the event that the buyer has not been preapproved, the Realtor should take the initiative to get them started. When it comes to home viewings, a good buyer’s agent invests time in comprehending their client’s preferences and concerns. Throughout viewings, they guide clients, highlighting both positive features and potential drawbacks. This includes aspects like proximity to power lines or other factors that could impact future resale value.
1. Crafting a Winning Offer: The agent should provide valuable input when making an offer. They can assess the market, review recent comparable sales, and other relevant factors to help their client determine a reasonable and competitive offer. Educating buyers regarding contingencies is crucial to protect the buyer’s interests.
2. Communication and Follow-Up: Effective communication is key. The agent should regularly check in with their clients, informing them about progress and addressing concerns. In addition, they need to follow up with the lender, escrow, and title officers to ensure a smooth transaction.
3. Post-Closing Support: The responsibilities of a buyer’s agent extend beyond closing. Checking in with clients after they’ve moved in ensures their satisfaction and addresses any post-move concerns. Reminding clients about home protection policies and potential supplemental property taxes is also something a good buyer’s agent will do.
A proactive and attentive buyer’s agent can make a significant difference in the overall experience for the homebuyer. This includes providing support and guidance throughout the process and beyond.
Ooh supplemental tax bills. That sounds scary