What Is A Salt Lake City Buyer's Agent?

Many people are unaware of how Salt Lake City real estate agents work and many think that they can find a home without using a Salt Lake real estate agent. However, what most people do not realize is that they are missing out on a service that generally costs them no money and in some cases may even save them money! Let us explain why you should use The Bryant Group as your Salt Lake City Buyer’s Agent when you decide to purchase real estate in Salt Lake City.

A Buyer’s Agent is a real estate agent that works for, and owes fiduciary responsibilities to, the real estate Buyer and has Buyer’s best interests in mind throughout the entire real estate process. A Buyer’s Agent will:

What Is The Buyer Agency Agreement?

The Buyer Agency Agreement is basically an “employment agreement” between the Buyer and the Buyer’s Agent. The agreement states that the Buyer is “hiring” the selected real estate agent to represent the Buyer, as their Buyer’s Agent, throughout the real estate process. This agreement will also specify how the Buyer’s Agent will be compensated at the end of the real estate transaction. In almost all Salt Lake City real estate transactions, the Buyer’s Agent will be paid a commission from the Sellers, allowing the Buyers to receive the help of a real estate professional for FREE!!

The Buyer Agency Agreement also states that the Buyer:

How The Bryant Group Can Save You Money

A lot of people think that if they do not use a Buyer’s Agent that they will actually get a better deal on the home negotiating directly with the Seller’s Agent or even a For Sale by Owner. I even had one home buyer tell me that by not using a Buyer’s Agent the Seller’s Agent was going to take the Buyer’s Agents commission off of the sales price of the home. At first this seems like a great deal, you are getting 3% off of the purchase price but in reality the Buyer could be overpaying for the home and not receiving good advice in the real estate transaction.

First, let’s look at the case with the Buyer negotiating directly with the Seller’s Agent. Most Buyers are not aware of the “true market value” of a home when they are not using a Buyer’s Agent. The Buyer’s Agent has direct access to all of the home sales in the area and the true sales price of each home. Buyers on the other hand have to get their information from sources that are only estimates (Zillow.com) or from neighbors that “heard a house down the street sold for X amount”. Plus Utah is a non-disclosure state so even the tax records will not show the actual sales price of a home.

So when the Seller’s Agent is stating that they will take the Buyer’s Agent commission off of the purchase price, what the agent is actually doing is lowering the price of the home by around 3%. However, what the Buyer is unaware of is that the home was actually overpriced by 5-10%. So in reality the Buyer is actually still overpaying for the home but in their mind they think that they are saving 3%. This is where using The Bryant Group as your Buyer’s Agent can save you money. Before writing an offer on a home we will determine the “true market value” of the home and base the purchase off of this data.

This is even true when the Buyer negotiates directly with a For Sale by Owner instead of using a Buyer’s Agent. For Sale by Owner homes are usually way overpriced to start with because they have based their home value on emotions and inaccurate information. Once again, without the help of a Buyer’s Agent the Buyer can not accurately determine the “true market value” of the home and in most cases will be overpaying for the home instead of “saving the commission”. Therefore, by using The Bryant Group as your Buyer’s Agent we can determine the “true market value” of a For Sale by Owner home and help you save money in the real estate transaction.

How We Make Sure You Get Your Dream Home

Most home buyers think that a Buyer’s Agent’s only job is to show homes. However, as stated above, the Buyer’s Agent is involved in the entire real estate transaction. Few home Buyers realize the main advantage of using a Buyer’s Agent until it is too late and they have lost out on the home of their dreams. The main advantage is that during the entire real estate transaction (especially during negotiations) the Buyer’s Agents’ emotions are not involved and they can keep the deal from failing apart when things get heated.

In almost every real estate transaction, there comes a time when the Buyer and Seller do not see eye to eye and a compromise must be made (negotiating begins). These compromises become very difficult when both the Buyer and the Seller have emotions getting in the way of reasoning. When the Buyer is not using a Buyer’s Agent, what usually ends up happening is that they Buyer walks away from the deal because they think that the Seller is being unreasonable. However, the true reason is that the Buyer either had their feelings or ego hurt during the negotiation process. After things cool down the Buyer is usually upset because they realized that they have just lost their “dream house”. When Buyers use The Bryant Group as their Buyer’s Agent the deal is often saved because we negotiate on the Buyers behalf which prevents emotions from getting involved in the negotiating process.

The Bryant Group As Your Buyer's Agent

The Bryant Group has developed some specific criteria that they require all Salt Lake City home Buyers to meet when they decide to use The Bryant Group as a Buyer’s Agent. We have found that when these criteria are met, then both the home Buyer and the Buyer’s Agent end up in a working relationship that will benefit both parties.