Oct. 6, 2011

Benefits of Using a Buyer's Agent When Buying Portland Real Estate

 

There are some common misconceptions when you are buying Portland real estate.  Two that come to mind are that you can either do a better job yourself in sourcing a home for sale,  or that you are going to get a better deal if you approach the listing agent directly.  Lets be clear about the first line, these are misconceptions.

Let’s imagine Portland home buyers trying to find a home on their own.  For this post we'll call them Mr. & Mrs. Buyerson.

Mr. and Mrs. Buyerson start their search online looking at every imaginable site out there.  I can already see the stress mounting.

They cannot find the phone number of the listing agent and when he does trying to get a callback can be challenging.  Imagine trying to get 10 different listing agents to show him their properties and lining up appointments……

They might also call only to find that the property is no longer on the market.  Many of these online sites are not up-t0-date.  They may have wasted time and got their hopes up by looking at properties that are not available.

Now, Mr. and Mrs. Buyerson may be sophisticated enough to recognize a property listed as a short sale and understand the some of the ramifications of buying one of these properties, but many other Portland home buyers don’t.

They may approach the listing agent on purpose thinking that he is going to get a deal by going directly because the listing agent does not have to split his commission.  Let me  take a second to point out who is paying that commission.  Mr. Sellersby is paying the listing agent to sell his home at the highest price.  Mr. Sellersby is paying the realtor who is listing his home whether that listing agent brings in the buyer or the listing agent pays a buyers agent to bring in a buyer.  In who's best interest is it for Mr. and Mrs. Buyerson to go directly to the realtor listing the home?

There are way too many things that can go wrong when Portland real estate buyers try to buy a home by themselves.  I will point these out by showing what can go right if Portland real estate buyers use a Portland buyer’s agent.

Portland Buyers Agent sign 

Let’s see the benefits of using a Portland buyer’s agent:

Mr. and Mrs. Buyerson sit down with a Portland buyers agent and together they discuss the criteria for the search.  One of the first thing that the Portland buyers agent will ask is that the buyers talk with a lender and get a pre-approval.  Without this nothing can be accomplished.  The buyers agent will know the limits of the search and they buyers will not be disappointed by having set their heart on homes they can't afford.

Their buyers agent will build a search that will update at least daily and send out new listings to him which will not include homes that have been sold.  And trust that most everything that is on the market will be on the MLS so the buyers don’t have to worry that they are missing something, although I am sure they are still going to peek.

The home buyers make themselves available to visit the homes at appointment times that the West Linn buyers agent has set up for them.

If any of the homes are a short sale, their buyers agent can find out the background.  How many liens are on the property; what kind of experience the listing agent has with short sales; has the process been started; all important things to know in order to decide whether making an offer on the property is viable.

Finally, and maybe most importantly, their West Linn buyers agent is going to be representing Mr. & Mrs. Buyerson alone.  When a listing agent is representing both sides of the transaction impartiality is a problem.  Remember who is paying the commission – the seller.  Put yourself in the position of someone trying to negotiate both sides of the deal while not divulging to one party what they know about the other one.

Last but not least, hiring your own Portland buyers agent is going to cost you nothing. Searching for you next Portland  real estate purchase with you own Portland buyer’s agent is the best money you will never spend.

 

 

Rich Peralta is a real estate professional in the Portland Metro Area, including Lake Oswego, Tualatin and  West Linn Real Estate.

He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com

Contact him  for more information on Portland,  Lake Oswego or West Linn Real Estate!

Originally posted on West Linn Real Estate.

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