Yes! One of the most misunderstood parts of the real estate business is the role of the buyer’s broker. Many believe the primary role is to help a buyer find a property. And then write an offer. And of course that’s correct. But it’s much more than that.
A great buyer’s broker serves as your real estate coach. In the game to make sure you win.
The 7 Best Reasons To Use A Buyer’s Broker
1. Help determine your price range
First, your Chicago buyer’s broker will help you determine the purchase price range that’s right for you. Often this includes introducing you to another important team member. An excellent mortgage professional. Here’s why it’s important to get pre-approved for a Chicago mortgage first.
2. Recommend the best lenders
You will need a mortgage pre-approval before you begin viewing properties. Once you know what you can really comfortably afford, then the real work begins.
Get an idea of what you can afford with our fast and easy mortgage calculator.
3. Find the best properties
Next, you and your buyer’s broker search and find properties that meet your requirements. A buyer’s broker can build a customized search for you. Then automatically alert you via email or text as to fresh listings that you might like. This way you won’t miss new listings. And it saves you from burning hours of time looking at massive on-line real estate portals like Zillow.
In this case doing it yourself isn’t really better, even in this time where you can access so much information online. You’re busy, let someone do the ground work for you. Really, you will be happy you did.
But if you must look, and we know you must look at least a little, then browse all Chicago listings with us!
4. Arrange showings
Your buyer’s broker also arranges appointments to efficiently see properties that meet your needs. Often your buyer’s broker will pick you up and transport you to the showings saving you valuable time.
5. Negotiate the offer
This is one of the best reasons to use a buyer’s broker to buy real estate in Chicago. It really pays to have a great buyer’s broker coaching you through the Chicago home buying process. Your buyer’s broker identifies recent comparable sales to establish the market value of the property you are considering. Then they help you write a competitive offer. Present the offer. And represents your best interests during the negotiations. The buyer’s broker is required by Illinois law to represent your interests. Even if they conflict with their own interests. Once the offer is negotiated the next stage begins.
6. Recommend inspectors and closing attorneys
You will need a licensed home inspector and a closing attorney. Your buyer’s broker will give you a list of qualified inspectors and closing attorneys. A valuable service, especially if you don’t already know an inspector and closing attorney. The inspector will help you work through the inspection process to identify any issues you may face with the property. And during attorney review, your closing attorney will shepherd the purchase to a successful closing. It’s at the closing table where you get keys to your dream home. And realize what a valuable coach your buyer’s broker has been!
7. The services of a great buyer’s broker costs you nothing!
So if you are wondering what all of this work will cost, in most cases it will cost you nothing. In most cases the seller will be paying a commission to their listing broker’s brokerage who will in turn offer the buyer’s brokerage a portion of their commission. This is in return for finding a buyer to purchase their client’s property. There are some cases, such as a for sale by owner, where there will be no commission offered. In these cases the buyer will be asked to pay a fee to compensate the buyer’s broker.
A professional buyer’s broker will ask you to sign a buyer’s broker’s agreement. This contract will spell out what is expected or required of both parties. Sometimes buyers are hesitant to sign the agreement. They are worried it will somehow obligate them to do something they do not want to do. In fact it is quite the opposite. The agreement lets the buyer know what is expected of them and also what they can expect from their buyer’s broker. It clearly states what fees they may be required to pay in the rare case no commission is offered.
Why would anyone not want to use a buyer’s broker to buy real estate in Chicago?
There is no reason. Buying real estate is, for most people, a very important decision. And one with which they are not often familiar with making. By working with a buyer’s broker, a licensed real estate professional, you will be ensuring that you have knowledgeable business professionals on your team. Learn more about buyer representation in Realtor.com’s article entitled What Is A Buyers Agent Used For. This can be of great comfort and in the end result in a win for you.