If you're considering buying a home, condo or other type of real estate, then you should know about the benefits of having a buyers' agent. Buying real estate is a complex process with many details that need to be accomplished. The sole responsibility of a buyer's agent is to only represent the buyer's interest in a transaction.

When dealing with a Real Estate Agent, it is important to understand whom they represent before starting any substantive discussions. In some cases, an agent represents only the buyer (called a buyer's agent), or only the seller (called a seller's or listing agent), and in rare circumstances, a single agent may represent both parties (known as a dual agent).

Understanding whom an agent represents can help homebuyers avoid some common mistakes. Take the example of a situation where homebuyers visit an "Open House" by themselves, and without an agent to represent them. In most cases, the person who greets them at the home or condo is the seller's real estate agent. The goal of the seller's agent is to get the best price and most favorable terms for the home seller. Any information revealed by homebuyers in conversations with the seller's agent is likely to be used in by the seller's agent to help the seller. For example, if a buyer inadvertently revealed that they "loved the home" and were willing to "do what it takes to get the house," then the seller would have sensitive information that would give them an advantage in price negotiations. While this is an extreme example, its not uncommon for buyers to inadvertently reveal sensitive information that actually diminishes their ability to negotiate the best deal.

The responsibility of a buyer's agent is to solely represent the interests of a home buyer. Research conducted by the National Association of Realtors suggest that when a home buyer uses a buyer's agent, prospective buyers saw more properties and found a home faster then when an agent was not used.

A buyer's agent should serve as your guide throughout the entire home buying process. The kind of services you can expect from your buyer's agent include:

1.Understanding your home needs and requirements.

2.Helping you identify what you can afford.

3.Helping you prepare information needed to pre-qualify for a home loan and help you obtain financing.

4.Identifying properties for you to visit that meet your needs and requirements.

5.Accompanying you on property visits and showings.

6.Advising you about any known defects or problems with a property or neighborhood.

7.Advising you about an offer price and other terms contained in an offer to purchase a property.

8.Preparing and presenting your offer to the seller or their agent and negotiate on your behalf to get the best price and terms possible.

9.Provide you relevant referrals for attorneys, movers, trade professionals home inspectors, etc.

10.Serve as your guide for information throughout the entire home buying process.

While all the services a buyer's agent provides is beyond the scope of this discussion, the list above identifies the major benefits that a buyer's agent should provide. In many states, the commission or fees charged by a buyer's agent is actually paid by the home seller, so there is no reason that a buyer should not take advantage of this free service. In less common situations, a buyer may directly pay for the services of a buyer's agent. Be sure to clarify this issue when discussion representation with a buyer's agent.

If your considering buying a single-family home, condo or any other type of real estate, then consider getting represented by obtaining the services of a buyer's agent.