REALTOR (R) Buyer's Agent

A REALTOR (R) is real estate professional that is both a licensed real estate agent or broker AND a member of the National Realtor's Association. They are experts in the residential real estate process and help represent Sellers and Buyers during their real estate transaction.

On this page, we will discuss the role, duties, and responsibilities of the Buyer's Agent:

  • Role 

    • Showings: Buyer's Agents will contact seller properties to schedule time and access for property showings. 

    • Negotiations: Buyer's Agents will assist the Buyer in the Offer Negotiation process when a Buyer decides to purchase a property.

    • Management: Buyer's Agents will assist the Buyer in managing the entire buying process by organizing all of the requisite documents and ensuring all parties involved in the transaction are active in ensuring the buying process is being executed.

  • Benefits - You do not need a real estate agent to buy a home; in fact, some home buyers leave the Buyer's Agent out of the equation.  However, you might benefit from hiring one.

    • The services of agents are usually FREE to buyers. Fees for both the buyer’s and seller’s agent are usually paid by the seller.

    • To save time. Agents can often help you find homes in your price range, and they may have access to more properties than what you’ll see online.

    • To get information and help with negotiations. Good agents should have wealth of information to help you make a decision. And, they’ll handle a lot of complex paperwork on your behalf.

      • Offer

      • Contract

      • Contingency Negotiations

      • Home Inspection Reports

      • Appraisal Reports

      • Earnest Money

      • Escrow

      • Extension Requests

    • Another plus is that your agent will handle a ton of paperwork on your behalf. Unless you love filling out forms – and have experience in real estate transactions – this is a chore best left to the professionals, who should ensure that everything is done by the book. You could easily make a mistake with these documents. Mistakes can cause deals to fall apart or (worse) make you liable for an inadvertent breach of contract. (A licensed agent will have errors and omissions insurance to limit this risk.)

      • An experienced agent will make sure that everything that needs to take place — counter-offers, extensions, appraisal, inspection, walk-through, loan approval — happens when it’s supposed to and how it’s supposed to.​

    • Market expertise: Conducting a home search by yourself can be a full-time job. Though the Internet makes it easy to find homes in your price range, a good agent usually has access to more properties. That includes For Sale By Owner (FSBO) properties and homes that aren’t yet listed. In addition, some sellers of desirable homes do not wish to “go public.” Only agents (and their colleagues) working with those sellers even know about those so-called “pocket listings.”

    • The exception: There is ONE instance in which you must use an agent to purchase property. That applies if you bid on FHA foreclosure properties. The Department of Housing and Urban Development (HUD) requires all bidders to use licensed agents.

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PadScouts, Inc.

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Chicago, IL 60641

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