If you’re in the market for a new home, or perhaps you’re buying your first home, you might be wondering what estate agents do for buyers. Whilst estate agents act on behalf of sellers, not buyers, there’s no reason to worry as estate agents also often offer a number of services for buyers.
So, what does an estate agent do for a buyer? Estate agents generally work on the behalf of the seller, not the buyer. However, they will often offer a number of services to the benefit of the buyer, such as mortgage broking, discounts when using preferred solicitors, and providing general advice.
Read on to learn more about what estate agents do for buyers.
Do Estate Agents Help Buyers?
Estate agents act on behalf of the seller, but will usually offer services, help, and advice to buyers also. This is usually in the form of in-house services like Mortgage Broking, and benefits from using an agent’s recommended solicitor.
Prior to making an offer on a property, an estate agent may also offer services to prospective buyers to help them find their dream home, either by way of a dedicated appointment, or by signing up to an alert system. During the house-hunting process, they’ll likely also arrange and deliver various viewings.
Once you’ve found your ideal home, estate agents may then assist with the buying process, although, at this stage, their priorities are likely to be with the seller who is paying them.
What are an Estate Agent’s Responsibilities?
An estate agent’s responsibility is, first and foremost, to the seller, despite any services or assistance that they provide to a buyer. They literally work on the behalf of the seller to market and sell their property. As such, these are some common responsibilities of estate agents:
- Valuing properties
- Liaising with clients
- Marketing properties
- Producing reports, brochures, promotional materials, and other written materials
- Arranging and conducting viewings
- Sales negotiations
- Sales administration
Other employees within an estate agent may have different responsibilities, such as Mortgage Brokers, Property Managers, Finance roles, and Legal roles.
Do You Pay an Estate Agent if You Are the Buyer?
Buyers do not pay estate agents; estate agents act on behalf of the seller, who will be responsible for the main fees. However, estate agents may offer various services to the buyer throughout the buying process which may incur a charge, such as an in-house mortgage broking service.
Whilst buyers do not have to pay estate agent fees, that doesn’t mean that buyers won’t rack up a number of costs throughout the process elsewhere. If you’re a first time buyer, you should be aware of these costs before realising that you haven’t budgeted for them, ending up in financial trouble before the house is even legally yours.
- Mortgage broking
- Valuation fees
- Basic solicitor fees
- Conveyancing fees
- Property surveys
- Stamp duty
- Removals and moving costs
- Ongoing costs associated with owning your own home
Is it Worth Using a Buying Agent?
Since the estate agent’s primary responsibility is to the seller, you may be wondering if it’s worth using a buying agent. If you’re looking to purchase a property worth upwards of £500,000, using a buying agent may be worth it, but they tend not to work with smaller budgets.
The key benefit of using a buying agent is that, unlike estate agents, their primary responsibility is to the buyer, not the seller, therefore will work in your best interest. Similarly, they tend to work with a smaller group of clients than estate agents, so will likely have more time for you when you need it.
What’s more, buying agents can sometimes save you money due to a wealth of industry knowledge, experience, and a bank of tactics they can use to reduce the sales price. They’ll also save you a lot of time and stress, during what can be an incredibly stressful venture.
Properties for Sale in Leeds and Bradford
Whether you’re a first time buyer, or are looking to upgrade, Valor Properties has an extensive portfolio of properties for sale in Leeds, Bradford, and across the West Yorkshire area. Take a look at our properties for sale now to find the home of your dreams.
Alternatively, take a look at our Sales Process to learn more about how we do things here at Valor Properties.