Unlocking Buyer Agent Value: 117 Services Unveiled!

Hello dedicated buyer agents! Are you effectively showcasing your full buyer agent value for prospective homebuyers? With the possible changes coming in the real estate industry, your ability to articulate your value is critical!

If you’re not clearly communicating the awesome benefits you bring to the homebuying process, you’re likely to miss out on the opportunity to represent informed, discerning clients.  Worse, you might just go out of business.

This blog is your ultimate guide, a comprehensive checklist of the indispensable services you should be offering to homebuyers to excel as an awesome buyer’s agent in the more competitive future for real estate buyer agents.

This information is Part 4 in our 6-Part Blog series to bring you up to speed on these pivotal times for the real estate business. Let’s dive in and explore how you can stand out as the buyer agent of choice in today’s competitive landscape.  Here’s your handy dandy list of what’s to come:

• Future for Real Estate Buyer Agents Lawsuits Recap
• Outcomes for Real Estate Buyer Agents 
• Defining Real Estate Buyer Agent Value
• That’s a Wrap
• Frequently Asked Questions

Future for Real Estate Buyer Agents Lawsuits Recap

If you read our blog “Sellers No Longer to Pay Buyer Agents – Court Cases Against Brokerages”, you know that the real estate industry is experiencing a seismic shift.  In short, that shift is due to numerous lawsuits challenging the traditional commission structure where home sellers cover the costs for their selling agents and also the costs of the buyer agents.

In particular, it was one case that caught the attention of many – the landmark Sitzer/Burnett trial. That trial resulted in a multi-billion dollar verdict against the National Association of Realtors (NAR) and other brokerage players.  As a result, copycat cases began popping up across the country.

Significantly, and recently, the Department of Justice (DOJ) submitted a “Statement of Interest” in another case which, if adopted by the court, would prevent home sellers from making any offer of compensation to the brokers of buyer agents.

Moreover, on March 15, 2024, the National Association of Realtors submitted it’s proposed settlement in the Sitzer/Burnett trial which agrees with the position of the DOJ. Thus, now it is all but certain, that soon home sellers will no longer be allowed to offer buyer agent broker compensation in the MLS co-broker offer field. However, home sellers will be allowed to make concessions for closing costs in the MLS. The final settlement is subject to court approval.

As court cases unfold and the final settlement is determined, real estate professionals, particularly buyer agents will likely need to adapt to a new standard.  That is, buyer agents’ compensation will no longer be offered by sellers via the field on the MLS listing.  Instead, buyer agents’ compensation will result from direct agreements with homebuying clients.  As a result, this change will mark a pivotal evolution in how buyer agents are paid.

Outcomes for Real Estate Buyer Agents

Additionally, if you read our blog “5 Outcomes for the Future of Real Estate Buyer Agents”, you also know that the role of buyer agents is far from becoming obsolete. That’s because buyer agent expertise, personalized service, and negotiation skills remain crucial, especially because buying a home is often the most significant financial decision in a person’s life.

Further, over the last decade, there have been plenty of companies trying to “disrupt” the business of real estate agents and most have failed entirely. Instead, buyer agents continue to offer invaluable support, local knowledge, and the avoidance of homebuyer risk, proving that buyer agents are an enduring necessity in buying properties.

However, due to the recent legal developments, it’s becoming clear that homebuyers will be more knowledgeable about the reality that, despite what many buyer agents have said, buyer agent fees have never been “free” – they have always been part of the home’s price, albeit indirectly.

Therefore, it could become common homebuyer knowledge that buyer agents can generally offer rebates from their commission to the homebuyers as a credit at closing.  This process is complicated because the credit is subject to the approval of lenders and the buyer agent’s brokerage.

But, if the complications are overcome, homebuyers can receive a portion of the buyer agent’s commission as a credit on the closing statement. More importantly, homebuyers are going to come to know, that they can make a home purchase without hiring any buyer agents to represent them.

This newly informed homebuyer will drive the need for buyer agents to clearly and effectively articulate their value. Why should a homebuyer use their services?

Additionally, buyer agents will need to distinguish themselves from other buyer agents vying for the same client and also from the potential growing sentiment that homebuyers can manage their homebuying process without a buyer agent.

Defining Real Estate Buyer Agent Value

What is the value of a buyer agent? We, agents, all know that buyer agents provide critical value in what often is the most significant financial investment of a person’s life.  We know that buyer agents excel in saving our clients money on their home purchases, potentially much more than the cost of our agent services, by using our negotiation skills and agent networks to secure favorable deals.

Furthermore, we know that buyer agents are instrumental in preventing costly future issues, drawing on our hands-on experience to provide insights on local market nuances, potential property risks, contractual subtleties, and various other factors that might impact the homebuyer.

Are you prepared to have conversations with homebuyers to defend your value? If you don’t know how to articulate your value, this information is for you.

What follows is a comprehensive list of buyer agent value services broken into the value we bring to 5 different stages of buying a home.  Make sure your future buyer presentations include this information.  And, if you’re not providing all this value, it’s time to step up your game.

Buyer Agent Value Services Provide Before Finding a House

1. Buyer agents educate clients on each step of the homebuying process.  Although you understand the entire process, chances are that they don’t, even if they’ve done it before.  Things change and people forget.  So go over the whole process from a to z.
2. Buyer agents suggest relevant reading materials and resources for first-time buyers.
3. Buyer agents understand what the client is looking for. They take the time, ask the right questions, and discover what the homebuyer wants down to every detail.
4. Buyer agents explain the current market trends.  Is it a buyer’s market, seller’s market, and which homes sell faster, slower and what does that all mean?  Buyer agents are the expert with boots on the ground.
5. Buyer agents strategize with the clients and their agent network peers regarding how to meet the homebuyers’ goals in the current market.
6. Buyer agents provide local information and neighborhood guides.
7. Buyer agents provide relocation packages for out-of-town clients which include local information.
8. Buyer agents explain the real estate transaction dispute resolution process.
9. Buyer agents share honest, objective opinions to all client questions.
10. Buyer agents recommend reputable, competitive, reliable lenders for the buyer’s mortgage needs.
11. Buyer agents supply a lender questionnaire so buyers can make informed decision-making about which lender they choose.
12. Buyer agents collaborate with clients and lenders to select the appropriate loan program for the buyer.
13. Buyer agents set clients up with an MLS search and inform clients that Zillow and other online providers buy all their data from the MLS services making MLS’s the gold standard for the original and correct information.
14. Buyer agents tap into their network and provide Off-Market Broker Listings that buyers cannot see on Zillow or other online sites.
15. Buyer agents contact For Sale by Owner (FSBOs) properties that fit clients’ criteria.
16. Buyer agents network with other agents to find listings that will be coming to the market later that match client needs.
17. Buyer agents preview properties to see if they match client desires.
18. Buyer agents once possible desired properties are identified, verify property availability and any offers on the table with listing agents before showing properties.
19. Buyer agents then schedule property showings at convenient times for clients and be on time!
20. Buyer agents ensure client comfort and safety during property visits.
21. Buyer agents provide client needs for property showings – any unusual directions to the property, lists of all the homes they will see that day with a method for the buyers to make notes about which properties look good or bad.  Agents bring along other useful things like water bottles, snacks, measuring tape and a flashlight.
22. Buyer agents advise on construction materials and their maintenance implications.
23. Buyer agents outline potential inspection processes and what they entail.
24. Buyer agents ensure continuous service for your buyers by coordinating with other licensed agents if you are unavailable to show a home or provide any other service in the process.
25. Buyer agents regularly update clients with new listings and any changes in the real estate market.
26. Buyer agents, when requested by buyers, provide information on current market preferences like floor plans, square footage, bedrooms, locations, etc….
27. Buyer agents deliver specific market insights based on client preferences.
28. Buyer agents pay close attention when viewing homes to point out issues that buyers may miss.
29. Buyer agents provide information on current issues like lead paint, septic tanks, etc.…
30. Buyer agents stay on top of the game by engaging in ongoing education to refine expertise and knowledge.
31. Buyer agents stay informed on market trends through conducting ongoing research and attending brokerage meetings.
32. Buyer agents pay for Error and Omission insurance to protect clients from “human” errors.
33. Buyer agents pay for business coverage auto insurance to safely transport buyers to property tours.
34. Buyer agents pay for memberships with local and national Realtor associations to be on top of trends.
35. Buyer agents pay for membership to local Multiple Listing Service to maintain ongoing local top listing information.
36. Buyer agents pay for electronic keys to have home access for private home viewings.
37. Buyer agents keep abreast of industry changes through seminars and workshops.
38. Buyer agents carefully protect client confidentiality and negotiation positions.
39. Buyer agents stay informed regarding market conditions and communities that clients are interested in and update clients accordingly.
40. Buyer agents supply open house information so clients can make independent visits.
41. Buyer agents conduct neighborhood tours for insights into the community.
42. Buyer agents utilize the latest technology to improve client service with efficient communication and information retrieval.
43. Buyer agents prioritize the best interests of the client in every action to take as their agent.
44. And, hopefully, buyer agents add a touch of fun and enjoyment to the homebuying experience making the process less stressful for clients.

Buyer Agent Value Services Provide After Identifying a House of Interest

1. Buyer agents show clients amenities in the neighborhood like restaurants, walking trails, schools, etc.…
2. Buyer agents share insights on neighborhood price trends and future projections.
3. Buyer agents offer insights into potential issues regarding the resale value of prospective homes.
4. Buyer agents contact the listing agent and build a professional, but friendly rapport.
5. Buyer agents negotiate with FSBOs for fair commission rates to lower buyer costs.
6. Buyer agents encourage the listing agent to provide the inside scoop regarding offers or expected offers, property issues, seller’s desires, etc.…
7. Buyer agents encourage the listing agent to keep you informed regarding new information and offers.
8. Buyer agents request a copy of the disclosures and pass them on to the buyers.
9. Buyer agents create a comparative market analysis as an estimate of home value.
10. Buyer agents provide an opinion on how the home is likely to be valued by other potential buyers.
11. Buyer agents advise about likely future resale value based on the home attributes and market trends.
12. Buyer agents retrieve and analyze the property’s tax records and pass them on to buyers.
13. Buyer agents offer historical data and reports on the chosen property.
14. Buyer agents access and relay school performance and other educational resource information.
15. Buyer agents verify municipal services like sewer connectivity for the property.
16. Buyer agents obtain and review any existing property permits.
17. Buyer agents review seller disclosures to ensure they are thorough and clear.

Activities Buyer Agents Provide to Make A Great Offer

1. Buyer agents – review the purchase agreement with clients, ensuring they are fully aware of all terms and conditions.
2. Buyer agents explain what standard contingencies include.
3. Buyer agents review which contractual contingencies are typically included by buyers.
4. Buyer agents explain the nuances of contingencies like square footage confirmation and appraisal contingencies.
5. Buyer agents explain how contingency periods might be extended after the offer is accepted.
6. Buyer agents explain the risks regarding requesting that a contingency be extended.
7. Buyer agents advise how to choose contingencies that lower the buyer’s risk.
8. Buyer agents advise how different possible contingency choices are likely to affect their offer’s competition to win the deal.
9. Buyer agents review and update all value calculations to guide what the client should offer.
10. Buyer agents -strategize with the buyer regarding how to go about a home offer by explaining the typical result of making an offer in different ways.
11. Buyer agents gather and relay any available information on the seller that may be helpful.
12. Buyer agents communicate again with the lender to determine the minimum required contingencies for loan, appraisal, and close.
13. Buyer agents communicate with the listing agent to verify what the seller most desires.
14. Buyer agents use listing agent rapport to find out what the offer needs to be to win the home.
15. Buyer agents provide the client with a copy of all needed paperwork for their independent review.
16. Buyer agents review needed paperwork with clients to explain contract terms and to answer their questions.
17. Buyer agents prepare offer paperwork and get all needed signatures.
18. Buyer agents request that the lender provide a preapproval letter in the exact amount of any offer.
19. Buyer agents communicate with the listing agent for any offer clarifications needed.
20. Buyer agents clarify to the buyer any standard real estate practices and market norms around offers.
21. Buyer agents present offers promptly and professionally to sellers.
22. Buyer agents communicate to buyers that the offer has been submitted & further communicate everything known until an offer is accepted, countered, or denied.

Buyer Agents Activities After an Offer is Accepted

1. Buyer agents provide a calendar with the dates that the buyers need to perform a task – such as when the earnest money deposit is due, etc….
2. Buyer agents provide a list of items that the buyers should start to accomplish – such as securing homeowner insurance, checking on movers, etc….
3. Buyer agents provide a list of recommended vendors for homeowner insurance, movers, etc…
4. Buyer agents provide a calendar with the dates that all contingencies will be expected to be released.
5. Buyer agents schedule a showing for the buyers for the buyers to thoroughly check out the home.
6. Buyer agents recommend highly regarded home inspectors.
7. Buyer agents coordinate the scheduling of home inspections.
8. Buyer agents open the door and be present for home inspections.
9. Buyer agents collaborate with the lender for timely appraisals.
10. Buyer agents provide a list of reliable contractors, handymen, etc…
11. Buyer agents coordinate the scheduling of contractors, handymen, etc…
12. Buyer agents open the door and are present for any estimates or viewings from contractors, handymen, etc…
13. Buyer agents facilitate utility cost assessments for budget planning.
14. Buyer agents compile a contact list of utility providers for the new home.
15. Buyer agents regularly communicate with the lender to ensure everything is on track for smooth financing.
16. Buyer agents attend the property appraisal to provide necessary insights.
17. Buyer agents assist in prioritizing inspection findings.
18. Buyer agents carefully review all seller disclosures to help identify potential issues.
19. If repairs are needed post-inspection, buyer agents skillfully renegotiate a reduction in home price.
20. Buyer agents set up escrow accounts efficiently.
21. Buyer agents communicate with lenders about the chosen escrow company, facilitating smooth information exchange.
22. Buyer agents thoroughly review the title report and identify any red flags.
23. Buyer agents ensure that all paperwork for the buyer’s protection is properly accounted for.
24. Buyer agents prepare paperwork to release contingencies as appropriate and on time.
25. Buyer agents provide all necessary paperwork to clients for signatures with ample time to review, ask questions, & then sign.

Activities by Buyer Agents for the Final Details

1. Buyer agents facilitate the re-inspection of any repairs, if required by the lender, to ensure all conditions are met before closing.
2. Before the close of escrow, buyer agents conduct a walk-through inspection with clients to confirm that all conditions of sale are satisfied and that the property is in the same condition as when the offer was accepted.
3. Buyer agents ensure document-signing appointments are scheduled on time for the planned close.
4. Buyer agents confirm the accuracy and correctness of the closing statement, verifying financial details.
5. Buyer agents are often present at the closing documents signing, clarifying, and explaining paperwork to ensure understanding.
6. Buyer agents supply clients with copies of all signed documents, ensuring they have a complete record of the transaction.
7. Buyer agents manage the exchange of keys, ensuring a smooth transition of property ownership.
8. Buyer agents keep a comprehensive file of the transaction in your office, ensuring that any future information or document copies are readily available.
9. Buyer agents remain available to answer any post-closing questions, providing ongoing support to clients.

Voila! You’ve just discovered the extensive list of 117 tasks that buyer agents consistently deliver to their clients. Now, take this knowledge and craft your own list to share during your next buyer agent value presentation.

Remember to emphasize to clients that buyer agents often repeat many of these tasks multiple times to ensure a smooth and successful transaction. Our behind-the-scenes efforts go far beyond what clients may initially realize, so let’s shed light on our invaluable contributions and confidently justify our worth!

That’s a Wrap

As a dedicated buyer agent, effectively showcasing the full spectrum of your services to prospective homebuyers is crucial, especially with potential changes looming in the real estate industry.

Failure to articulate your value may result in missed opportunities and could even threaten your business’s viability. By embracing transparency, mastering buyer presentations, and defining your distinctiveness, you can stand out as the buyer agent of choice in today’s competitive market. So, dive in, explore, and prepare to elevate your buyer agent value game to new heights!