Do I Need a Buyer's Agent in Virginia?

As you prepare to search homes for sale and attend open houses, you will experience listing agents representing homeowners. While these agents may seem helpful and informative about the properties you are visiting, they are not on your side. The job of a listing agent is to get the best possible price for the seller. As such, homebuyers in Virginia should consider partnering with their own real estate agent. 

The home buying process is a complex transaction, but modern search tools make it seem easy to scroll through listings and track open houses with the click of a button. While some folks can navigate the process independently, a home search can become overwhelming quickly. 

That is why the team at Prevu Real Estate compiled a list of questions that homebuyers in Virginia should ask themselves when considering whether to hire a buyer’s agent.

Do you understand the home buying process? 

If you're questioning whether you need a broker, ask yourself how familiar you are with the home buying process. If the answer is "a little," partnering with a buyer’s agent may be worthwhile. 

Savvy buyers looking to pick up prime real estate in Virginia will want to learn as much as possible about local nuances influencing prices, historic district ordinances, and the community itself. 

A well-rounded buyer's agent will be able to educate you on the purchase process and help you navigate a successful negotiation strategy. 

You can educate yourself and go it alone, but the reality is that the finer points of a real estate transaction are best handled by professionals. An expert agent will also help ensure you get the best deal as you approach the final mile of buying a home in Virginia. 

Are you ready to search for listings? 

While it is easier than ever to scroll through listings, buyers have to be ready to be focused about their search.

Perusing listing sites and setting up too many appointments simultaneously can be counterproductive. Ideally, you want enough time to research a home's age, what attractions and amenities are nearby, and if any new developments are in the works in the vicinity. Factors like this can influence sale prices, and you want to know the details before making an offer. 

Doing this research for multiple properties can be exhausting. Are you ready to drive from the Alexandria waterfront to the best neighborhoods in Arlington and have your data sheets for each property prepared to go? Will you be ready to negotiate and remember the finer points of each home? 

If not, you may want an agent at your side to help keep all the details straight for you.

Do you have experience closing deals? 

Many people like to think they can haggle for a great deal, but real estate negotiations can have many nuances. 

Having an agent in your corner who knows the finer points of closing deals can be invaluable when navigating them. They can explain the home inspection process to you, advise on appropriate contract contingencies relevant to your goals, and walk you through the negotiation process. On a finer level, an agent can help you craft an offer that will woo sellers, either through a competitive sale price or by recommending non-financial terms that help win over a motivated seller. 

This is why screening multiple buyer’s agents before partnering with one is essential. The last thing you want to hear is this is their first or even third deal. 

Can you organize a home purchase? 

Purchasing property in Virginia is a multi-layered process requiring an insider's expertise. 

An experienced agent can access specialized tools to create a comparable market analysis when determining a home's value. This info is essential when deciding what to offer on a house in McLean or Falls Church.

You must also be ready to juggle competitive offers quickly and follow up with the listing agents for each home you’re interested in. If you are financing your purchase with a mortgage, you’ll need to find lenders and compare interest rates. Buyers also have to find home inspectors and navigate the mortgage underwriting process once your offer is accepted.

From there, you’ll have to handle the closing costs and final paperwork before completing the purchase. The bottom line is that having an agent to advocate for your interests can help you stay organized, calm, and collected during even the most emotional negotiations. 

Do you save money when forgoing an agent? 

While folks may think they are avoiding a cost when buying a home independently, the truth is a bit more complicated. Despite not using an agent, buyers can still end up paying the same amount as if they hired one. 

When a seller completes a home sale, the commission they pay is already determined by the listing agreement they forged with their listing agent. This fee ranges from transaction to transaction, but listing agents typically offer a portion of their commission to buyer’s agents. 

As such, when you forgo an agent, it could mean that the listing agent keeps the entire fee, meaning you paid the same price while having zero representation. Savvy buyers can try to negotiate the price down when representing themselves, but still run the risk of not securing the best price or any savings on commission.

Can you secure a commission rebate? 

If you work with a buyer’s agent to buy a home, ensure you can lock in a commission rebate in Virginia. 

As you interview various buyer’s agents, ask them if they provide commission rebates. Essentially, this means that a buyer’s agent provides a portion of their commission to the buyer when they close a deal on a home. 

Buyers who work with a buyer’s agent from Prevu to buy a home can get cash back after closing via the company’s Smart Buyer Rebate. The brokerage streamlines the search and tour process via their digital home buying platform - which lets you put in your target towns, home preferences, and budget - alerting you when a property matching your needs hits the market. 

Prevu offers the largest commission rebate in Virginia. For instance, buying a home in Alexandria for $1,200,000 with a Prevu agent could net you up to $24,000 back after closing. 

Funds like this go a long way for new homeowners, helping to furnish the home or rebuild savings after a costly down payment and closing costs.

Interested in buying a home in Virginia? Browse listings and see how much you can save with Prevu’s Smart Buyer Rebate Program.