If you are thinking about buying property, then you should consider using a buyer’s advocate. A buyer’s advocate is a professional who has a specialty in searching and negotiating the price of a property on behalf of the buyer. Many people confuse buyers advocate with real estate agents. A buyer’s advocate has excellent negotiating skills that could land a buyer a property at a better price. This is not all. There are important facts that you should know about buyer’s advocate.
The most important facts about a buyer’s advocate
Do not sell real estate
One important fact that you need to know about these advocates is that they do not sell the property. As mentioned earlier on, a buyer’s advocate is not the same as a real estate agent. A buyer’s agent will help the buyer to identify, evaluate, and negotiate the purchase of a piece of property.
The seller pays the commission
One of the most important questions that buyers always ask is who pays the buyer’s advocate. Normally, the seller of the property is the one who usually pays the buyer’s advocate. The seller factors in the commission of the buyer’s advocate into the asking price. Therefore, the buyer will not incur direct commission costs. However, there may be an understanding between the seller and the buyer to split the amount payable as commission.
Charge reasonable rates
Another fact that you should know about buyer’s advocates is that they charge reasonable rates. The commission usually ranges from 2% to 3.5%. For the kind of work done, this is a great bargain. The commission is factored in the asking price of the property and hence the buyer will not feel the pain of paying for the commission separately.
Works on buyers’ best interest
If you get a good buyer’s advocate, you will enjoy the real meaning of this fact. The primary duty of buyers’ advocate is to negotiate the best deal for their clients. It is a fact that a buyer’s advocate works to get a client the best deal compared to the deals real estate agents offer. Since they do not sell their property, a customer will get the best property available in the market. The best thing is that one will get that good property at the best possible price.
These are the most important facts that you need to know about buyers’ advocate. From above, it is evidently clear that it is beneficial to use the services of a buyer’s advocate when purchasing a property.