There are several types of people or organizations that concern themselves with real estate purchases. These include individuals, realtors, investors, and a series of offshoot businesses meant to support any of the above groups. One such group is known as a buyer’s agency.
If you were to boil down the complex relationships that currently make up the real estate market to its simplest two groups, you’d be left with buyers and sellers. Sellers are looking to offload their property to prospective buyers. A buyer’s agency concerns itself exclusively with the expedited purchasing of a property. Homebuyers USA is an example of such agencies that operate throughout the entirety of the USA, so it’s obvious to say that some agencies are goliaths, while some only service a small area.
Buyer’s agencies work by collecting and maintaining the data on all of the properties for sale in a particular area, and all of the in-depth nuances in that particular market. A buyer’s agency has bought and then sold hundreds, if not thousands, of properties for their customers and as such, have very in-depth knowledge of localized negotiation skills based on their previous dealings. An individual will hire a buyer’s agency to secure a property for them in a much quicker and stress-free fashion than they would be able to do themselves.
First, a prospective buyer gives the agency figures on how much they’re willing to spend on a property, how much they’d like that property to appreciate (grow in value) over time, and other minute details like preferred locations or similar nuances. Next, a list is provided to the customer from which they can select a suitable property. This list is typically comprehensive enough to include how much the buyer’s agency thinks they’ll have to spend to acquire the property, based on all of their available data collected both through analog methods and advanced computing of market data. Buyer’s agencies typically have a more comprehensive list of properties for sale than any realtor, or retail type buyer-and-seller of properties would, so a significant margin slims the chances of missing out on an ideal property.
The main benefit of using a buyer’s agency is that an agent, or a team of agents, will be dispatched to fully evaluate if the asking price of the property is congruent with the actual market value of the said property. While they do charge a fee for their services, the money they can save a prospective buyer makes their service end up being cheaper because of their negotiation skills and pre-existing relationships with property vendors in the area.
While some buyer’s agencies don’t move forward in the purchasing process until the customer has selected their property from a third party seller, many choose to buy properties themselves, then be resold themselves, but only very wealthy agencies do that. First-time homebuyers who intend to borrow the majority of the money used to purchase a property are typically not well-served by a buyer’s agency. An agency’s most common customers are investors, people buying a property who can’t physically visit it themselves, or people looking for particular luxury properties and don’t mind spending a bit of extra money.
In the end, a buyer’s agency works to facilitate the sale between a seller and whoever wishes to actually own the property. Whether or not their service is right for you is dependent on whether or not you’re capable of doing what the agency does on your own, or if there’s a property you’d like to purchase in the most expedient manner possible, while still getting a fair price.