5 Things to Consider When Hiring a Buyer’s Agent in Philly

Buying a home is one of the largest transactions of most people’s lives. However, in major metropolitan areas like Philadelphia, many home buyers spend more time making dinner reservations than they do choosing between real estate agents in Philadelphia to represent them.

According to a recent study by the National Association of Realtors (NAR), 68% of homebuyers only interview one agent before purchasing a home and 88% interview two or fewer. Before you rush to work with the first buyer’s agent in Philadelphia you meet, make sure to interview several agents and select the one that offers you the greatest educational and financial benefits.   

5 Things to Consider When Hiring a Buyer's Agent in Philly

• Local Knowledge
• Real Estate Expertise
• Savings for Buyers
• Technology for Buyers
• Having an Advocate

Below we discuss each of these topics in-depth so you can make a smart decision in choosing your buyer's agent in Philly..

Local Knowledge

Being represented by a licensed real estate agent in Philadelphia is a great first step to a successful home purchase. For the best results, make sure that buyer's agent has local knowledge about the Philly region. Whether you are in the early stages of researching neighborhoods and getting a mortgage pre-approval, or in the later stage of submitting offers, local insight is extremely helpful.

An agent’s intimate knowledge of Philly neighborhoods benefits you in two key ways: First, a strong understanding of the Philadelphia real estate market enables you to pick a home that truly matches your needs — from location, to property types, to commuting options, and more. Second, an agent’s knowledge about a specific neighborhood helps you during the negotiation of an offer. Exploring recent sales data and trends might get you a better price.

Real Estate Expertise

While some home buyers are happy to give a newly licensed agent a chance, it is generally better to choose a buyer’s agent with more expertise or other relevant experience that is among the top real estate agents in Philadelphia. You want an agent that is well versed in every aspect of the home buying process with a proven track record of successful transactions. 

Questions to ask when hiring a buyer's agent in Philly

• How many real estate transactions have you completed in your career?
• Have you represented a home purchase at this price point before?
• What were you doing professionally before you started in real estate?
• In what neighborhoods have you done the most deals?
• What is the most complex purchase you have handled?
• Do you represent buyers and sellers?
• Are you a full-time real estate agent?

While there are no set rules on the right answers to these questions, you will quickly realize if your purchase will be among their first, or if it will likely be another successful transaction in their favorite neighborhood. 

Savings for Home Buyers in Philadelphia

In addition to the advantages of local knowledge and step-by-step, full-service expert advice, you want to choose a buyer’s agent that offers you a financial benefit as well. Buying a home is a costly endeavor, so finding ways to save on your purchase keeps more money in your pocket.

There is a new trend in US real estate involving commission rebates, in which your real estate broker gives you a portion of their commission in the form of a refund. While the concept is catching on in the US, few agents in the Philadelphia area are offering real estate commission rebates at this time.

Though they may seem too good to be true, commission rebates are legal in 40 US states — including Pennsylvania. Yes, you really can receive cash back from your real estate broker. Prevu, a modern brokerage in Philadelphia, offers rebates of up to 1% of your purchase price.

Technology for Buyers

Real estate has been slower to innovate compared to other industries like travel and e-commerce, but there is a growing trend of real estate brokerages leveraging technology to improve customer experiences for both buyers and sellers.

If you are tech savvy or prefer online experiences, choose a buyer’s agent in Philadelphia that offers you a digital platform to search homes for sale, interact with your agent, and guide your home purchase seamlessly in one place.  

Having an Advocate Looking Out for Your Interests

One of the most important reasons to choose a buyer’s agent in Philly is to have someone advocating solely for your interests. 

The seller’s agent, also referred to as the listing agent, has a fiduciary responsibility to the owner of the property. If a buyer interacts directly with a listing agent or enters into dual-agency such that the listing agent represents both sides of the transaction, a buyer no longer has a dedicated advocate through their buying process.

The Next Step in Your Philly Home Search

Just as it’s advisable to shop around with different mortgage lenders to find the best rates and benefits, home buyers should carefully vet real estate agents to find someone they trust.

Having someone on your side to recommend properties and negotiate on your behalf will take a lot of the pressure off your shoulders. Even if you prefer to take a more proactive approach in the home search, having an experienced professional on your side can only help your chances of success.