ILEBA asked Jeff Kropp, owner of long-time exclusive buyer brokers The Home Buyer Agents, what consumers should do if they plan to buy a home in 2024.
The most important thing to do when considering buying a home is to slow down and take the time to interview and carefully select a local buyer agent to guide you through the process. A good buyers agent has these 4 qualities:
Property evaluation skills are crucial for buyer agents because they enable them to assess the value and condition of homes accurately. A skilled agent should have a keen eye for details such as the quality of construction, potential repairs needed, and the overall market value of comparable properties in the area. This skill goes beyond simply viewing homes; it involves understanding local market trends, assessing the potential for future property value appreciation, and identifying any red flags that could affect the property’s value or desirability. The only way to acquire this skill is years of experience: ask how long they have been helping buyers.
Negotiation is a cornerstone of any effective buyer agent. Beyond simply submitting offers, a skilled negotiator understands the nuances of real estate transactions and can advocate effectively for their client’s interests. This includes knowing when and how to negotiate on price, contingencies, repairs, and other sale terms to ensure the buyer’s best possible outcome. A trained negotiator will have strategies for dealing with counteroffers, handling multiple offer situations, and maintaining a strong position without alienating the seller or their agent. A seasoned agent can call the list agent and provide an opinion to a buyer on which direction to take simply by the tone of the list agent. Again, developing the skill to “read” list agents is acquired over time.
When selecting a buyer agent, one of the most critical factors to consider is their track record of success in assisting home buyers. A reputable agent should be able to provide tangible evidence of their achievements, such as testimonials from satisfied clients, references, savings records, and examples of homes they have successfully helped buyers acquire. This proof of previous success demonstrates the agent’s competence and ability to navigate various challenges that may arise during the home-buying process. Look for agents with a history of smoothly and efficiently closing transactions, particularly in your desired market or neighborhood.
Unless you can pay cash for a home, a valuable skill for any buyer agent is the ability to assist clients in finding and negotiating suitable mortgage terms. This involves understanding the intricacies of different loan products, interest rates, and lender requirements. A competent agent should have a network of reputable mortgage brokers or lenders they can recommend based on your financial situation and needs. They should be able to help you shop around for competitive interest rates and terms that align with your budget and long-term financial goals.