It’s a common misconception that real estate agents don’t really do much when it comes to helping people buy a home. The reality is that perception could not be farther from the truth.

“No matter your job, there’s always the public perception of what you do for a living and then there’s the reality of what you do for a living,” said Becky Seda, lead agent for Seda Real Estate Group, in Oklahoma City.

When buying a home, a buyer’s agent is your key to getting the best deal.

So what should a real estate buyer’s agent do for you? Here’s a guide on what you should expect from your real estate agent when you are shopping for a home. 

More Than Just Searching Online For Homes

“The public tends to think that we open doors and find houses and that is absolutely a part of our job, but I don’t believe that that is the deep value of what you should be expecting from your buyer’s agent,” said Seda.

With so many websites available for searching for homes, many buyers are now able to search for homes online, narrowing down their likes and dislikes.

While a buyer’s agent will also be searching for homes, you should expect their search to be deeper than what you may be able to do on your own.

“Let’s say, for instance, you are really wanting to get into a certain neighborhood. We have a ton of resources to make that happen,” said Seda. “Now, we’re not miracle workers, but because of the huge network that we have we are able to find out about properties that may not even be on the market yet.”

Your buyer’s agent should also be willing to door knock or otherwise make contact in neighborhoods to find out if there are homeowners who might be interested in selling.

“You should be expecting your agent to be doing more than just having a basic home search set up for you. They should be willing to really dive in and door knock, put out feelers, and really do in-depth searching for homes,” Seda said.

Pointing Out Red Flags

You should also expect your buyer’s agent to be on the lookout for red flags. Whether it’s cracks in walls or helping you stay focused on the list of ‘must haves’ you really want in a home, a buyer’s agent is there to help you look beyond the initial tour of a home.

“A lot of people think it is our job to make you fall in love with a house and that’s not really it,” said Seda. “We want to point out the things that maybe you don’t see on the first go round, so a crack or something that’s not in alignment with what you’ve told us.”

Run In Depth Research

A real estate agent should be running in-depth research for you on the home you decide you want to purchase. When you decide you want to make an offer on a home, your buyer’s agent should be looking at the data on the home and the market to ensure you are getting a good deal.

Buyer’s are generally emotionally involved in the process, which can make it difficult to see potential issues. Your agent is there to take a step back and look at the data and analytics.

“We can run the data and know that a house down the street sold for $30k less than this two months ago,” Seda said. “I don’t want you to get in a situation where we’re going to have appraisal issues and then you’ve spent all this money on appraisals and inspections, and then it doesn’t appraise and the sellers are not willing to negotiate. We need to be aware of that up front.”

Your agent will do their best to help you avoid spending money unnecessarily on a property.

Inspection Reviews and Negotiating Repairs

Inspecting a property before you buy it is a necessary part of purchasing a home. Your buyer’s agent should encourage you to have your “new” home inspected. They will also help ensure you are following the contract and adhering to necessary deadlines regarding the inspection and making requests for potential repairs following the inspection. Failure to meet those deadlines could result in financial or legal consequences, and your agent will work to help you avoid those issues.

When you purchase a property it becomes yours, all its defects included. An inspection can help you prepare for any potential issues. Once the inspection is complete, your agent can help you to understand the inspection report and can even help you to navigate what issues may be most important to address before closing on the property.

From there, your agent should help you to negotiate repairs with the seller.

“We are never going to tell you what to do or what not to do, but we’re going to weigh in with all of our experience to help you know what could cause bigger problems down the road,” Seda said.

“We are your advocates. We do not want you to spend too much money on your house. We do not want you to miss anything on your inspection and ultimately, when you get to the closing table we want you to be so excited to get the keys and not have any trepidation or concerns.”

If you choose not to inspect the home you are buying, the agent will likely have you sign a form saying they told you to inspect it, but you chose not to do so. For liability reasons, this form is necessary should you choose to decline an inspection.

Paperwork

And lastly, your buyer’s agent should ensure that your paperwork is all done correctly so when you get to the closing table you are confident in your decisions and ready to move into your home.

“As agents, it’s our job to be there to offer clarity and past experience that can help a buyer to make the best decision. This is a huge investment and we want them to feel confident in it,” said Seda.

If you are ready to start your home buying experience, we have buyers agents ready to sit down with you. Give us a call at 405-400-9973 or email us at contact@sedarealestategroup.com.

At Seda Real Estate Group we are constantly following the market so we can better serve you. Knowing what’s happening in Oklahoma City and the surrounding areas is an important part of what we do.

Here’s the latest on the Oklahoma City market from Seda Real Estate Group’s Lead Agent Becky Seda.

In the first week of September, we saw almost 700 houses come on the market. We also saw almost 700 houses drop their prices, here in Oklahoma City.

What does that mean for buyers and sellers?

It means that homes are not selling as quickly right now as they were in the previous market.

For sellers, it means that adjustments are having to be made to get the home to sell. Buyers are being very picky, right now, and aren’t afraid to ask for adjustments to be made.

For buyers, it means sellers are willing to negotiate. Houses are taking longer to sell and sellers get a little anxious to move on. That adds up to more room to negotiate. So, if you see a house that has been on the market for a bit, it’s likely worth making an offer on it.

If you have questions or want to talk about the market we are always happy to talk real estate. And, if you are looking to buy or sell a home our team would love to help. Give us a call at 405-400-9973. 

There’s a nationwide change in real estate that you need to know about, especially if you may be in the market for a new home! It’s not a scam. The changes are actually the result of a court settlement earlier this year involving NAR (National Association of REALTORS).

What’s Changing?

Starting August 17, 2024, realtors will no longer be able to show you any home unless you have signed a Buyer-Broker Agreement beforehand. This is a direct result of a lawsuit (specifically Burnett v. National Association of Realtors) involving NAR.

The Basics

A series of antitrust lawsuits filed against NAR regarding seller commissions is what led to the settlement. NAR was accused of engaging in practices that unfairly inflated commissions for real estate agents.Under the agreement, NAR is making changes to how agents and buyers interact. The goal is to increase transparency in commission disclosures, and ensure a more competitive and fair commission structure within the real estate market. At Seda Real Estate Group, we have always believed in transparency and look forward to continuing to make it a priority for our clients.

Since the settlement was announced in March, there’s been a lot of misinformation circulating. It’s important to those of us at Seda Real Estate Group to make sure you know the facts and how they will impact you, moving forward.

Why Is This Important?

Most people are not familiar with the term buyer-broker agreement and so it may be surprising or even concerning to a consumer to be presented with this. 

Previously, you could tour homes with an agent and not worry about signing paperwork until you got closer to finding your dream home. However, now, you must sign this agreement before seeing any property.

“Just the fact that you are going to need to sign a piece of paper to go inside of someone’s home is a HUGE change,” said Becky Seda, lead agent for Seda Real Estate Group.

This isn’t something we, as realtors, wanted, but it’s a requirement we must follow. With that being said, at Seda Real Estate Group we have always advocated for transparency. It is our hope that this change will help buyers to feel more informed and more confident throughout the process.

What Is A Buyer-Broker Agreement?

A buyer-broker agreement is a contract between you and your realtor stating you’ll work together for a designated period of time. It outlines the roles, duties, responsibilities, and commissions for the realtor.

“It basically says I am your agent, you are my buyer, we’re working together,” Seda said. “It outlines how much I get paid and how I get paid. Lots of transparency.”

Generally, you can sign a buyer-broker agreement for a single day or for a longer period, depending on your needs. You should also have the ability to end the agreement, should you decide the arrangement is not working for you. 

At Seda Real Estate Group, our team will be working to ensure buyers understand the agreement  — what it is and how to cancel it —BEFORE it is signed. It is still our belief that transparency throughout the process is essential.

No matter who your buyer’s agent is, it’s important to make sure you read and understand the paperwork. The buyer-broker agreement should outline what you can expect from the agent and how it can be canceled. 

Beware of any agreement that does not include details on how it can be canceled. You should never feel that you are “stuck” with an agent.

Why You Shouldn’t Be Upset With Your Realtor

Please remember, we’re being forced to follow this rule. We know it’s different and it may make some people uncomfortable, especially at first. However, we have to follow the rules set by NAR. And, ultimately, when used for its intended purpose, it will benefit you as a consumer. Transparency is a good thing!

If, after August 17, 2024, a realtor isn’t asking you to sign this agreement, be cautious – if they aren’t following this rule, they might be breaking other rules that could affect you legally.

We Are Here to Help!

We’re committed to guiding you through these changes and ensuring you understand every step. If you have questions or need help with buying or selling a home, reach out anytime. We are your Oklahoma City realtors, but we can also assist with referrals nationwide.

Give Seda Real Estate Group a call if you have questions about how this impacts your next real estate transaction. 405.400.9973.