Do First-Time DFW Home Buyers Need an Agent?

 

The National Association of Realtors® (NAR) would like to tell you that all agents are honest, ethical, experienced and care deeply about their clients, but is this necessarily true? In my experience it is true about most of the Realtors in the DFW Homes business, but unfortunately, it's not true about all of them. There are some real estate agents out there whose sole purpose is to make as much commission as they possibly can, as quickly as possible, with little regard for the clients best interest. The challenge is that some of these agents look and act just like professional, ethical agents, so it's hard to tell them apart. This confusion can also make some first-time home buyers overly suspicious of the very Realtors that are supposed to put their client’s interest before their own. These first time buyers may wonder if they would be better off without an agent. Some of them may think they can buy their first by themselves and fare better.

 

 

This is unlikely. Most first time home buyers generally have a job or a business that has nothing to do with real estate, so they tend to know very little about it. Most professional are in the business full time, so they acquire more and more knowledge every day. The business of real estate is complicated, filled with legal paperwork; it requires expert negotiations and there are often problems which, if left undetected, can blow up into huge proportions that jeopardize your entire transaction. This also holds true for first time home buyers buying . My advice for first-time home buyers is to retain a buyer’s agent to work for you and represent your interest 100%. In almost every case, the seller pays the fees for your buyer's agent, so it costs you nothing at all.

 

Hiring the Seller's Agent to Buy a Home

 

It is little known by most buyers but there is something called a variable commission, which makes some buyers think they will get a better deal by dealing directly with the listing agent. This variable commission only benefits the seller by saving them commission money. It would be naïve to assume that the seller will pass this savings along to the buyer. More importantly, the listing agent represents the Seller, not you, the buyer. The chances of you coming out ahead by dealing directly with the listing agent are slim to none. Hire a buyer’s agent to represent your interest and protect you, this is really the best deal.

 

Hiring a Buyer's Agent to Buy a Home

 

As I mentioned before, a buyer's agent represents you and the seller pays for this representation. It’s a no brainer for any buyer. A buyer's agent fiduciary responsibility is to look out for your interests first. A buyer's agent's duties are to:

 

• Tell you the truth

 

• Negotiate on your behalf in your best interest

 

• Fight for the best sales price, terms and conditions that match your criteria

 

• Anticipate challenges and head them off at the pass

 

• Disclose defects the agent can see

 

• Provide you with the seller’s disclosure and all documentation to which you are legally entitled

 

After you've bought a few homes and are used to the process, you might not need to hire your own agent to buy another home. But for your first home? Absolutely, hire a buyer's agent. Besides, you'll find that agents who specialize in working with first-time home buyers tend to derive a great deal of personal satisfaction in providing superior customer service and making their buyers' dreams come true. Those are good qualities in a buyer's agent.