Buying a Home → Before You Buy
Full Service Brokerages vs. Others (What Exactly Does Your Real Estate Agent Do?)
There are several types of real estate service models out there, and buyers may feel overwhelmed with options. One of the choices you’ll have to make as a buyer is whether or not to go with a full-service brokerage or a discount brokerage.
While discount real estate brokerages use a business model that encourages giving some amount of the commission and compensation back to buyers, a good full-service broker can save, protect, and negotiate for thousands of dollars for their clients. It’s important to remember that those rebates from discounted brokerages will only come to fruition if you’ve had a dedicated advocate at your side who can get you all the way to the finish line!
It’s About Opening Doors... Or is it?
In today’s marketplace, many buyers have their own online searches set up, and they often learn a great deal about homes through their own online research. Finding the home isn’t always the value of a full-service broker—the value comes when your experienced area specialist can tell you about the nuances of a particular neighborhood, why the home down the street sold for less, or other pertinent information that may not be obvious at first glance. Opening the door is only the beginning of what a full-service broker can offer you.
We’ve seen contracts written by other buyers agents that put their buyers at risk. A full-service broker generally has more specific education on how to craft a contract to win in a multiple offer situation, and they’re more thoroughly equipped to properly advise clients on risks and benefits while constructing the offer. Did you know our purchase and sale contracts change almost every year? You’ll want a broker who is in the know and up to date.
Mutual in Multiple?
A full-service broker will have relationships and proven success in the marketplace. Having good interactions with other brokers can be key to getting an offer accepted, particularly if terms are similar in a multiple offer situation
Once the contract is mutual, the services of a full-service broker can save buyers some serious money. Navigating and negotiating through inspections is where you’ll need the relationships and connections for inspectors, contractors, and technicians to properly guide and assess items of concern with the home. A good full-service buyer’s agent can help buyers formulate responses and strategies based on the market and the home’s needed items.
Don’t Lose it in the Lending!
Having strong systems of communication between lending and escrow can also make or break a transaction. Issues of low appraisal have squelched some home purchases, but a good full-service broker may have strategies and resources to keep the transaction moving forward. We do it all the time!
Managing Your Expectations
The best thing your full-service broker can do for you is help you to understand not only the “what happens next” part of the process, but be there to counsel and advise you throughout the purchase. We want our clients to feel like friends and family! Our intention isn’t simply to close a deal—a good full-service broker is focused on building relationships of trust and friendship through honest communication, streamlined business processes, and valuable services.
For most people, purchasing a home is one of the major financial events of their lives. Why wouldn’t you want to hire the very best full-service broker with the experience to prove it? Someone who has a solid reputation, proven negotiating skills, and a database of professionals will help protect your financial investment!