Friday, June 14, 2024

100 Things Buyer's Agents Do for Their Clients


txPLP.com


It's been a rough couple weeks for buyer's agents — and for how they're being portrayed in the media. Since the NAR settlement, comments sections of news articles have been rife with remarks like "What do real estate agents even do anyway?" that imply that agents don't deserve their commissions.

While we advise that you stay away from these online discussions — which quickly turn toxic — you may need to offer answers to the question of what you do to clients and prospects at some point.

Fortunately, as any buyer's agent knows, you do a whole lot! We want to hype you up during this challenging time and help you be ready to list all the wonderful ways you help your clients the next time you get that question. That's why we've rounded up this list of 100 things that real estate buyer's agents do for their clients.

The list is written as if buyers are reading it, so please feel free to copy and paste this anywhere that it's helpful — on your website, into presentations, your email newsletter, and beyond!

Before Your Search Begins

  1. Understand your needs and wants as a buyer (e.g., number of bedrooms, desired school district, commute time)
  2. Discuss your budget and pre-qualification options (explain pre-qualification vs. pre-approval)
  3. Educate you about the current real estate market (local trends, market conditions)
  4. Explain the buying process (steps involved, timeline)
  5. Provide a buyer's agency agreement outlining their responsibilities, compensation, and fiduciary duty to represent your best interests
  6. Discuss financing options (conventional loans, FHA loans, VA loans)
  7. Help you get pre-approved for a mortgage (connect you with lenders, understand loan terms)
  8. Explain the role of different parties involved (seller's agent, escrow officer, title company)
  9. Advise on homeowner's insurance considerations (types of coverage, estimated costs)
  10. Discuss potential tax implications of buying a home

During Your Search

  1. Set up a personalized MLS search based on your criteria (location, price range, property type)
  2. Recommend properties that meet your criteria and highlight key features
  3. Schedule appointments to view properties and manage your showing itinerary
  4. Provide virtual tours if available and conduct virtual consultations if needed
  5. Research the neighborhoods you're interested in (schools, amenities, crime rates)
  6. Point out pros and cons of each property during showings
  7. Offer honest and unbiased opinions based on your needs and market knowledge
  8. Identify potential problems with properties (structural issues, outdated features, renovation needs)
  9. Help you stay organized with property information (create spreadsheets, share notes)
  10. Track new listings that hit the market and notify you of potential matches
  11. Schedule follow-up appointments for properties you'd like to see again
  12. Answer questions about open houses and how to best approach them
  13. Explain the role of "coming soon" listings and pre-market opportunities
  14. Advise on strategies for attending competitive open houses
  15. Help you understand the concept of "pocket listings" (unlisted properties)
  16. Offer guidance on making low-ball offers (weighing risks and benefits)
  17. Explain the concept of escalation clauses in competitive offers
  18. Discuss the importance of earnest money deposits and potential holding fees
  19. Advise on timelines for submitting offers and response expectations
  20. Help you prioritize properties based on your evolving needs and preferences

Making an Offer

  1. Explain different offer strategies based on market conditions (fixed price, escalation clauses)
  2. Help you determine a competitive offer price considering comps (comparable properties) and market analysis
  3. Draft and submit a formal offer following standard real estate contract formats
  4. Negotiate on your behalf with the seller's agent to get the best possible terms
  5. Present counteroffers strategically to improve your offer's position
  6. Recommend concessions you can request beyond price (closing costs, repairs, warranties)
  7. Advise on closing costs and help you estimate associated fees
  8. Ensure all contingencies are included in the offer to protect your interests (financing, inspections, appraisals)
  9. Explain the concept of "due diligence" period and your rights during that time
  10. Keep you informed of the negotiation process and provide timely updates

Under Contract

  1. Schedule and coordinate the home inspection with a qualified inspector
  2. Accompany you to the home inspection to ask questions and take notes
  3. Review the home inspection report with you, explaining findings and potential repair needs
  4. Negotiate repairs with the seller based on the inspection report
  5. Help you understand the process of scheduling and attending additional inspections (e.g., radon, pest)
  6. Facilitate communication between you and the lender to ensure smooth loan processing
  7. Recommend reputable mortgage lenders if you haven't already secured pre-approval
  8. Help you gather necessary documents for loan approval (tax returns, bank statements)
  9. Schedule and attend the appraisal (if required by your lender)
  10. Review the appraisal report and explain its impact on
  11. Advise on potential challenges with loan approval and suggest solutions
  12. Explain the role of private mortgage insurance (PMI) if applicable
  13. Help you understand the escrow process and communicate with the escrow officer

Before Closing

  1. Order title search to identify any ownership or lien issues
  2. Review the title commitment and explain its implications
  3. Advise on homeowner's insurance options and help you get quotes
  4. Schedule the final walk-through to ensure the property's condition aligns with the contract
  5. Ensure all repairs agreed upon are completed before closing
  6. Review closing documents thoroughly and explain each section
  7. Answer any questions you have about closing and prepare you for the process

After Closing

  1. Provide recommendations for reputable movers based on your needs and budget
  2. Help you connect with home warranty companies to explore coverage options
  3. Offer recommendations for home improvement contractors for post-purchase renovations
  4. Stay in touch and answer any questions you have after closing
  5. Provide resources for navigating homeownership, including maintenance tips and homeowner associations (HOAs)

Additional Services

  1. Provide resources for school information and district ratings
  2. Help you understand local property taxes and potential exemptions
  3. Advise on homeowner association (HOA) fees and explain HOA rules
  4. Explain the benefits and drawbacks of different property types (single-family home, condo, townhouse)
  5. Help you understand lead paint disclosures and potential remediation requirements
  6. Assist with navigating historical property reports to understand the property's background
  7. Recommend resources for obtaining permits and inspections for renovations
  8. Connect you with property management companies if you plan to rent out the property
  9. Help you understand the process of obtaining homeowners' insurance
  10. Offer guidance on budgeting for ongoing homeowner expenses (maintenance, utilities)

Client Communication

  1. Be available to answer your questions by phone, email, text, or preferred method
  2. Communicate promptly and effectively, keeping you informed throughout the process
  3. Advocate for your best interests during negotiations and throughout the transaction
  4. Provide you with clear and concise explanations, avoiding technical jargon
  5. Be patient and understanding, acknowledging the stress involved in buying a home

Market Knowledge

  1. Stay up-to-date on current market trends (inventory levels, interest rates, price fluctuations)
  2. Analyze local market data to identify buying opportunities
  3. Provide insights into specific neighborhoods, highlighting pros, cons, and future development plans
  4. Offer comps (comparable properties) for reference during your search
  5. Help you understand seller motivations to inform your offer strategy

Technology

  1. Utilize technology to streamline the buying process (electronic signatures, online portals)
  2. Use digital tools for property searches with interactive features and filters
  3. Offer electronic document signing for added convenience and efficiency
  4. Provide online communication platforms for easy information exchange and updates
  5. Use marketing tools to target potential properties that meet your criteria

Negotiation Skills

  1. Negotiate effectively on your behalf to secure the best possible terms
  2. Present your offer in the best light, highlighting your strengths as a buyer
  3. Counteract seller's arguments strategically to improve your offer's position
  4. Advocate for repairs without jeopardizing the deal by finding common ground
  5. Help you achieve a win-win outcome that satisfies both parties
  6. Maintain a high level of professionalism throughout your interactions
  7. Dress appropriately for appointments and meetings, projecting a positive image
  8. Be respectful of all parties involved (sellers, agents, inspectors)
  9. Adhere to a strict code of ethics, ensuring fair and honest representation
  10. Conduct business with integrity and transparency, building trust with your clients

There you have it — 100 things buyer's agents do for their clients.


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