What Is A Buyer’s Agent, And Do I Need One? Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: On This Page
Per Winbladh/Getty Images September 26, 2022 Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Are you hoping to soon? There’s a lot to think about, especially in today’s constantly shifting market. Finding the perfect house can be like finding a needle in a haystack. Luckily, you don’t have to navigate the process on your own. A local real estate agent who specializes in helping buyers find the right home can be a crucial help for any house-hunter. What is a buyer s agent
Typically, real estate transactions involve two different real estate agents: the one who represents the seller, and the one who represents the buyer. As the buyer, your buyer’s agent is your guide on the home-shopping journey — their primary responsibility is to help you find the home that best suits your needs and your budget, ticking as many boxes as possible on your wish list. Your agent performs several other duties as well, including handling necessary paperwork, drafting and submitting offers on your behalf, assisting with negotiations and coordinating the . If there are any hiccups along the way, a buyer’s agent can also play an instrumental role in preventing the deal from falling apart. Buyer s agent vs listing agent
While a buyer’s agent represents the buyer, listing agents work on the other side of the real estate transaction. They represent the seller and are responsible for listing the property for sale and positioning it to attract top dollar. Listing agents also help sellers sift through offers received from prospective buyers and negotiate on their behalf. Buyer s agent vs selling agent
Confusingly, a is not the same thing as the seller’s agent. In fact, quite the opposite: Once you enter contract on a home, your buyer’s agent may now be referred to as the “selling agent.” The two terms are often used interchangeably in the industry, but regardless of terminology, your agent is still yours, and still working on your behalf. Do I need one to buy a house
You’re not legally required to hire a buyer’s agent in order to buy a house. You always have the option to find a home and negotiate the terms of the . However, it’s not the preferred method for most homebuyers. (NAR), an overwhelming 87 percent of buyers chose to hire a real estate agent to assist with the homebuying process in 2021. It’s in your best interest to do so for several reasons. For starters, a knowledgeable real estate agent with extensive experience in your local area can give you a competitive advantage in finding and bidding on homes. This is especially true in areas where . Having an expert on your side also provides assistance with the purchase agreement. Clauses, disclosures and can be confusing, and you’ll want someone who understands them to make sure they work in your favor. An agent can also help you negotiate potential if the inspection reveals issues with the home. Most importantly, you’ll receive professional advice and answers to any questions you may have. How much does a buyer s agent cost
This is the best part: , which usually total between 5 and 6 percent of the sale price split between both agents, are paid for by the seller. So the seller pays their own agent and yours as well. How to find a buyer s agent
There are a lot of real estate agents out there — more than 1.5 million, according to NAR. How to for you? Asking around for recommendations is a great place to start. “Speak to friends, ask local business owners and look out for signs on the street,” says Dennis Shirshikov, head of content at the real estate investing site Awning. If you see “sold” signs in your desired neighborhoods, you may want to reach out to the agents who brokered those sales as well. You can also search online for agents who’ve successfully closed transactions where you’re looking to buy. Once you have a list of names, narrow it down by doing some online research. Then pick three or four to interview, to determine how each one works and how they would help you find what you’re looking for. You want someone you click with, someone you can work well with. “Look for responsiveness and communication skills,” Shirshikov says. “If communication skills are poor, and you keep missing each other on calls and emails, you’re unlikely to buy a property [together].” It’s equally important to ensure they can handle any potential issues that may arise. “Ask the agents you are interviewing to discuss some difficult situations they faced with past clients,” Shirshikov says. “If the agent responds in a positive way and puts the client first in disputes, that’s an agent to stick with. If they have never encountered tough situations or have handled them poorly, look for someone else.” Signing a contract
When you decide on an agent to work with, they will most likely ask you to sign a contract, or exclusivity agreement, acknowledging that they are representing you for a stipulated amount of time. This is normal. But before signing on the dotted line to make the partnership official, review the entire contract. Ask them to address anything that’s unclear to ensure you are both on the same page. Finding a home could take some time, but the contract term typically won’t exceed six months. Once that timeframe expires, if you still haven’t found a home, you’ll be free to explore other agents. Bottom line
Buyer’s agents play an essential role in the homebuying process, especially for a novice or . An experienced local agent can help make finding a home, submitting offers, negotiating favorable terms and getting to the closing table a smoother experience. SHARE: Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Related Articles