Los Angeles Buyer's Agents

Why hire the Donohoe Group?

Experience matters.  Nick and Shawn have a combined total of 20 years of real estate experience in Los Angeles.  They know which properties and areas will produce the greatest return on investment over the long and short run. 

What is a real estate buyer’s agent?

During a real estate transaction, a buyer’s agent looks out for the buyer’s best interests. They help their clients find properties that meet their criteria and negotiate on their behalf to get the best possible price and terms. They also assist with the closing process to ensure everything runs smoothly. Essentially, having a buyer’s agent on your side is like having your own personal real estate expert.

Teaming up with a real estate agent who specializes in working with home buyers—a buyer’s agent—means that you can rely on the services and counsel of a real estate expert. And the best part is that you don’t have to pay for their invaluable help.

The majority of residential real estate agents represent both buyers and sellers. For example, if a person is selling their current home and purchasing a new one, they will frequently use a single agent who will act as their listing agent for the home sale as well as their buyer’s agent for the home purchase.

Some home buyers believe they can save money by working with the listing agent instead of a buyer’s agent when making an offer on a home. However, home buyers and sellers have distinct goals, particularly when it comes to negotiating a purchase price. Having the listing agent represent you as a buyer is an example of dual agency, which is illegal in some states and creates a conflict of interest at the very least. You want to work with your own buyer’s agent, who is completely on your side.

What does a buyer’s agent do?

A buyer’s agent is a real estate professional who works exclusively for the buyer. They are responsible for helping buyers find and purchase their dream home, negotiating the best possible price and terms, and helping buyers navigate the entire home buying process. Buyer’s agents have access to a vast network of resources that can help buyers find the perfect property, negotiate better deals, and make sure that all paperwork is in order. By working with a buyer’s agent, buyers can rest assured that they are getting the best deal possible on their new home.

They become your trusted advisor.

There is a “fiduciary duty” that buyer’s agents have to their clients. That is the highest duty of care a professional can owe a client, both legally and morally. The client is referred to as the agent’s principal in legalese. In every way, agents are required to act in their client’s best interests when it comes to the purchase of a home, just as if they were the ones making the purchase.

They’ll get you into the best properties.

A key part of a buyer’s agent’s job is to set up tours of properties that interest you. Your agent will take into account what you want and need most in a home before working with you to find only the homes that meet those needs. They will serve as a liaison between you and the seller or seller’s agent to arrange appointments for you to get a first look at those homes once they have identified properties that you are interested in.

On popular properties, your buyer’s agent may be able to get you priority access to view and possibly make an offer before other buyers have the chance. Some listing agents stop showing homes once they are under contract or have enough offers to negotiate multiple counteroffers. Having a buyer’s agent with good relationships in the broker community will allow you access that you would otherwise not have. With this, you may be able to make backup offers or participate in negotiations that other buyers won’t have access to.

Buyer’s agents also know listing agents and have access to private “pocket listings” that aren’t available to the public.

You become a VIP buyer.

When you work with a top buyer’s agent, you will get the VIP treatment as you tour potential dream homes. Listing agents won’t ask for loan pre-approvals or proof of funds. You won’t have to answer questions about where you’re living now, if you have a house to sell, if you have kids, etc. This information should be kept mostly confidential because it can be material in real estate negotiations.

For example, if a listing agent finds out you have two kids that go to their community school and the home is located in a desirable district, that’s powerful information for the seller.

Many top Los Angeles listing agents don’t take buyers seriously if a buyer’s agent doesn’t represent them.  Representation means you are serious and have the financials lined up to close the deal on the right home.

They’re on your side.

When you find what appears to be the ideal home online, it may be tempting to contact the listing agent, but it’s crucial to remember that they are working in the seller’s best interest, not yours. Consider this: A listing agent will always (unconsciously or otherwise) prioritize the seller, even in dual agency, because the seller is about to become a buyer. Once their home is sold, they will be looking to purchase another home.

Therefore, the listing agent wants to make sure the home gets sold and that the seller is completely satisfied with the result. The buyer, on the other hand, won’t be buying another home anytime soon, and it will be at least a couple of years before selling. A buyer’s agent doesn’t have this conflict and will only look out for your best interests and make sure you get the right house for you and your family.

They do the research.

A buyer’s agent can access premium, non-public research before you even tour a property.

The previous sale and listing history.
Has the property been on the market before and then returned to the market so that it only looks like new inventory?
Check the building permit history.
Have there been price reductions?
What did the home look like when the previous owner purchased it, and how long have they owned it?
Is the stated square footage the same as the permitted square footage? Often, it’s not!
What is the estimated value based on professional automated valuation models?
How many saves and shares on MLS does it have?
Title plot maps and lot lines.

They’re an expert.

Your buyer’s agent will have specific abilities and bring a level of expertise that will make the entire home-buying process run more smoothly because they are seasoned professionals. For instance, if you and your family decide you like a house but want to know more about the school district or neighborhood-specific features or issues, your buyer’s agent can offer additional information. They also know which repairs are material and which are cosmetic.

They will be able to tell you which homes offer excellent investment and resale potential and which have issues that can’t be fixed and should be avoided. Remember, real estate agents buy and sell hundreds of homes, many of which are the same ones just a few years after their clients have lived in them. Your agent gets the advantage of all that experience plus the shared experiences of all their clients, who discuss issues and repairs they do to the homes they buy.

They become you go-to real estate resource.

Finding a buyer’s agent you can rely on and using them repeatedly is the best thing you can do. Even if you’ve found a house that meets your family’s needs and ticks all the right boxes, it may be a good idea to keep in touch with your agent after the closing in case you decide to move again in the future. The next time you want to look for a home, your buyer’s agent will be able to serve you better if you establish a long-term relationship with them and better understand the type of home that would be ideal for you.

A buyer’s agent will later become your listing agent; during that time, they can answer all your home-related questions. They can advise you on home repairs and upgrades, tax questions, local city measures and regulations, referring tradesmen (painters, plumbers, etc.), and much more.

They’ll have tough conversations.

Agents can communicate in ways that you and the seller cannot. That’s because, in contrast to most sales transactions, this one involves a great deal of emotion. In the buyer’s mind, the house represents their future. In the seller’s mind, the house represents the memories that were once made there. And for both parties, it’s usually the single most significant financial investment most people have in their portfolio.

Compared to buying and selling stocks or bonds, that is a different experience. It’s unlikely that you’ve ever wondered about the people who purchased your shares of a company. The presence of agents who are concerned with the business aspects of the deal can be very beneficial to maintain a sense of perspective when emotions are running high because the stakes are so high.

For example, most buyers find it hard to talk to the seller before closing the deal about any changes they want the seller to make to the house. Fortunately, this is where having a buyer’s agent on your side can help, as they are accustomed to having these conversations and know how to handle them.

Do you need to sign a buyer’s agent agreement?

No. In Los Angeles, it is not expected that you would be asked to sign an exclusive buyer’s broker agreement. If a real estate agent requests that you sign one before working together, that should be seen as a red flag, and you should talk to another agent.

What should you look for when choosing a buyer’s agent?

Some buyer’s agents have traits that make them stand out from the rest in terms of how well they can serve their clients, and working with a buyer’s agent will usually make you better prepared to buy a new home.

An effective agent is a good listener and communicator. This implies that they’ll spend sufficient time with you during your meeting to fully discuss what you’re looking for and your long-term objectives. In order to fully understand your goals and identify areas of conflict, they will probe you with as many questions as necessary.

Say, for instance, that you are set on buying a historic home and that you also desire to reside in the best school district in your metro area. However, if that prestigious school district is situated in a recently constructed neighborhood where those particular home designs aren’t readily available, you might be forced to choose between those two objectives.

Or perhaps the historic house in your ideal historic neighborhood is simply out of your price range. While pledging to keep an eye out for the house of your dreams, your agent may try to steer you toward a starter home.

Once they understand what you’re looking for and your budget, your agent should treat you as if you were their own, looking for homes that meet their needs and are within their budget. If they begin sending you listings that do not match your stated goals or are outside of your budget right away, this is a red flag.

An ethical real estate agent will not waste your or their time. A good buyer’s agent should always strive to meet the home buyers’ needs and ensure that their clients are satisfied with the house they choose and the price they pay for it. They should also be excellent negotiators on a buyer’s behalf, working hard to ensure that the buyer gets the best deal possible on their desired home, considering factors such as days on the market and comparing prices to ensure you’re not overpaying.

Your agent is only one of the characters you’ll need for a successful real estate transaction. You’ll also need a mortgage lender, real estate attorney, title company, home inspector, and contractor to make any necessary repairs. You may also need the services of a reputable moving company. A well-connected buyer’s agent can recommend professionals who will provide high-quality service at reasonable rates, allowing you to avoid having to start from scratch in arranging these other services.

How much does a buyer’s agent cost?

You’re probably wondering how much you’ll have to pay for all of this attention and service. It should not cost you anything as the home buyer. But don’t worry; they’ll be compensated. This is because the seller pays the seller and buyer agent commission.

Conclusion

During the home-buying process, a buyer’s agent is an invaluable resource. They will you find a home you’ll love at a price you can afford.