There are important reasons why a buyer needs a Realtor ® who is a skilled negotiator even in a buyer’s market-

1. Well-priced properties are still receiving multiple offers.
   So your agent still needs to be prepared to help you move quickly and smartly to have your offer be the one that is accepted.
   
2. Many sellers need to ‘sold’ on the buyer (you) and on your offer (which isn’t what they had hoped for). The very existence of the negotiation process assumes that the parties have opposing interests. For example, you as the buyer want the best price and terms possible, while the seller wants the highest price and net proceeds. Your Buyers Agent will help the seller to see the benefits that your offer brings-
   • A realistic and fair price- the seller is likely being asked to sell for considerably less than she felt the property was worth a year or two ago. Your Buyer’s Agent is prepared to show evidence that your offer is in line with similar sales in recent months.
     
   • Likelihood of your offer closing- most likely your seller needs to buy another house but needs the current one sold and closed to accomplish that. She may have heard horror stories of buyers not qualifying and transactions failing after valuable market time has been lost. She needs evidence that you’ve been truly pre-qualified or pre-approved by a lender who has examined your financial qualifications. This enables her to purchase her new home with confidence.
     
3. Institutional sellers require special handling.
   With the increasing foreclosure rate, your seller may turn out to be a bank or other mortgage lender. They’re often remotely located, uninvolved emotionally from your particular property, and trying to juggle dozens (possibly hundreds) of properties they are in some stage of selling.They often have arcane and complex rules and procedures that must be understood and followed exactly in order to get them to even begin the negotiation process. A poorly trained or inexperienced agent may fail to successfully jump all their hurdles, with the end result that your offer is not even considered, let alone accepted.

Personal Note: These are also some of the reasons why I believe in the importance of “single agency,” where an agent represents only one party in a transaction–the buyer OR the seller–not both.

Several years ago I took special training and was awarded the designation “Accredited Buyer Representative ®.” When I represent you as a buyer, I work for your best interests. You can read more about ABRs here- The ABR ® Designation: For Real Estate Buyer Agents.

(c) 2008 by Janine Hook Pierson and Chuck Pierson. All rights reserved.