What to look for in a Buyers Agent
What to Look for in a Buyers Agent Video Transcription:
(Please excuse any discrepancies, original auto-transcript by YouTube)
If you are looking to buy a home it’s critical that you find buyers agent who you trust and who has experience so we brought in one of the experts this morning real estate broker attorney and mortgage broker Michael Gaddis is here to let you know what to look for. Thank you for coming in we do appreciate it.
Michael: Thank you for having me.
Journalist: Talk about buyers agents for just a moment what does a buyers agent do maybe I should ask what should they be doing well when you buy a home it’s one of the things you only do you maybe what? Two or three times in your lifetime?
Michael: It’s a very large transaction so we need to do it you need to find a buyer’s agent who really has your best interests in mind a lot of times people think that you being a buying agent just looking for a house in finding your house but that’s the easy part. The hard part starts after you get your house and when you get into the transaction itself. You want to find a buyers agent that has experience and has done this before.
Journalist: A lot of you folks find while neighbor bob has real estate licence and well my neighbor just got hers when you use that person, what is the risk in doing that, going with the person that you’re familiar with but really have never bought or sold a home before?
Michael: Well what you really need to do is find somebody who has the knowledge and experience and negotiation skills necessary to properly represent you. In my legal practice over fifty percent of the people who call me complaining about a real estate transaction complain because they’re dissatisfied with their buyers agent. They don’t feel that their buyers agent has their best interests in mind.
Things I don’t think people realize what it would cost to have a buyers agent is there isn’t any money out of pocket up front, not from the buyer’s perspective. The seller pays the buyer’s agent for the transaction so the good thing is you can pick your buyers who everyone is your buyer’s agent and you have to pay them to do it you have to pay them to do it to know that you’re picky because you’re not even paying this person so they’re not going to expect that hand at the end up with it all comes from the seller a pic
Journalist: Things to look for in a buyer’s agent to run down the list of what should you be looking for?
Michael: Well the first thing you need is you need somebody who communicates really well. You need someone who gave who is there for you answer your phone calls and return your phone call things like that. The second thing is someone who has knowledge because the important thing is that you have to understand how a real estate transaction works from the beginning, not just as I said, looking on the MLS and trying to find a house. It’s a matter knowing how to go through the disclosures making sure that you’re properly taken care from a legal perspective, you know, being able to address any issues that might arise during the transaction which happen quite a bit. You can imagine that during a course of a transaction you’re going to have a crisis somewhere and you need to have somebody has got your back that’s able to handle it.
Journalist: But what about finding someone who has negotiation skills how would I know that if I’m out there just shopping for a buyers agent how do I know that they’re a good negotiator?
Michael: Well, that’s hard that’s very difficult to determine. I mean, that’s why you really a might stress. You really have to look at the educational background and do your research on whoever you want to have as a buying agent like, for myself I’m a trained negotiator. This is what I’ve done with tschool for eight years for this and this is what I do for a living so, finding someone like myself who can get into a negotiation with somebody is what you really need to find.
Journalist: Talk about your background for a moment because you stand apart from the competition in this. You do have the trifecta if you are a mortgage broker, you’re an attorney, and a real estate broker. Talk about how all those good three things really matter.
Michael: Well I think all three skill sets definitely help when it comes to representing a buyer from a legal perspective you know the near you have legal forms that you have to sign from escrow documents to this the regular transaction documents and the offer documents. All those things on and then from the from a mortgage standpoint it really helps because you know whether you end up using my company to help you find the loan or somebody else it really helps me to be able to present in price negotiations representing your office the other side, I know enough about loans to really tell the strength of your case and then from a real estate perspective, obviously you know I know how to compensate to find out how to find the best house for you.
Journalist: Let’s talk about real estate agents just for a moment. Of course, any real estate agent out there would love to double and a deal. Basically, they would have the listing and then represent the buyer at the same time if they could.
Michael: For a potential buyer to get into something like that, that’s something I’m really conflicted on the one side as any real estate agent that would like to represent both sides but, the reality is it’s very difficult for a real estate agent to have the best interests of both parties at the same time. What you really want in my true opinion is you need to find somebody that really has your best interest 100 percent and in my not just your know I need to get this deal over with and get it done and tried it. You know you need someone who is going to fight for you and I’m the guy who’s gonna fight for you.
Journalist: Alright let’s talk about your website. If folks want to go check you out at http://www.MichaelGaddis.com is the website. You mention you do a lot of things different for your client out there. Particularly, for people that are thinking about selling a home. And they sometimes can get their own website through you, right?
Michael: That’s right I give anybody who wants to sell their house I give them their own individual home listing website that I’m able to really gear because, as I’ve mentioned before, the MLS and some the ancillary websites available for home advertising, they don’t really allow us to put as much information about your house as we possibly can. Now, the National Association of Realtor (NAR) statistics state that ninety-two percent of buyers look to the Internet to find a home, it’s really important to have a good online presence.
Journalist: Talk about the summer market right now everything out there.
Michael: Well you know the summer traditionally is the best time to sell but, right now it’s a little bit more of a buyers market. Seems like they have a little more power. There’s a lot of inventory there so, if you’re looking to buy or how to buy a house, now might be a good time.
Journalist: Alright Michael Gaddis, michaelgaddis.com is the website if you’ve got a question go check them out go there.