The Role of the Buyer’s Agent in the Real Estate Transaction (Part One)

By Michele Allyn
2024 President
Santa Barbara Association of Realtors

As we navigate the ever-evolving landscape of real estate we are hearing a lot lately about how the proposed lawsuit settlement with the National Association of REALTORS® will allow buyers the freedom to represent themselves in a real estate transaction.  We want to highlight the facts surrounding what a buyer’s agent brings to the transaction.

Those who do not fully understand everything that a buyer’s representative brings to the transaction like to generalize their role by saying things like “all they do is open a door for a buyer” or “with today’s technology it’s easy for a buyer to find a home online”. While it is true that technology has made it easier to see what is available for sale in an area, “finding” a home is not the same thing as “buying” a home. Today, we focus on the crucial initial search process and highlight the invaluable benefits buyers gain by partnering with a buyer’s agent.

Determining Buyer Needs and Budget: The partnership between a buyer and their agent starts with a thorough consultation to best understand their homeownership goals and financial readiness. Through thoughtful discussions and analysis, they identify must-have features, desired locations, lifestyle preferences, and financial capabilities which lay the foundation for a targeted search. The buyer’s agent will also guide their client through the prequalification process and help them gather necessary financial documents and connect with reputable lenders.

Time Savings and Market Expertise: A buyer’s agent will leverage their market expertise and industry tools to streamline your property search, presenting curated listings that align with their criteria, saving valuable time and effort. A buyer’s agent will also have access to listings before they come to market. These opportunities offer a buyer a competitive edge over buyers who solely rely on technology sites like Homes.com, Zillow and Redfin.

Property Showings and Evaluation: Armed with a buyer’s criteria, the agent will arrange and facilitate property viewings, providing guidance over what to be aware of during each visit. They evaluate properties based on the buyer’s priorities, considering factors such as neighborhood amenities, school districts, commute times, and potential for future appreciation. Additionally, an agent can help a buyer evaluate not just the physical features but also the financial implications of each property. They consider factors such as property taxes, HOA fees, and potential maintenance costs to ensure informed decision-making.

Market Trends and Real-Time Updates: Staying informed is key to making informed decisions. An agent will provide up-to-date market trends, pricing insights, and real-time listing updates, empowering a buyer with the knowledge needed to navigate negotiations and seize opportunities swiftly.

Tailored Offer Preparation and Negotiation: Once a property is found that fits the buyer’s needs, the agent will then begin the next phase of the home buying process, preparing an offer that is tailored to their needs and the market conditions. We will discuss that process in detail in an upcoming article.

In conclusion, there is a reason that surveys show that 9 out of 10 homebuyers say they would use a buyer’s agent when purchasing a home again. By utilizing the services of a buyer’s agent, they gain access to a vast set of resources and expertise that is focused on serving the buyer in what is likely the largest purchase of their lives. 

Michele Allyn is the owner and manager of Allyn & Associates Real Estate and Lending, a real estate brokerage and mortgage company, serving Santa Barbara, California’s Central Coast, Ventura, Riverside, San Diego and Greater Los Angeles County. Michele has been a member of the Santa Barbara Association of Realtors since 1973, and currently serves as the President of the Board of Directors. Reach Michele at 805-895-5101 or micheleallyn@yahoo.com.