It might seem like just having the money to buy a home is all that you should have to do. After all you are the one paying, right? Well it turns out the difference between getting an accepted offer on your dream home or property and losing out yet again, has more to do with being prepared ahead of time and working openly with your buying agent from the beginning of the process. As a buyer you have the advantage of having the seller pay for your VIP service out of the commission from the sale. If your buyer's agent is paid by the seller, why not take full advantage of all they have to offer.
Try to put ego aside:
Just like Investments, real estate relies on expertise that most people do not have the time to acquire, let alone keep up to date on. Just because you purchased a condo in 2010, does not qualify you to make an informed market decision in 2020; a year marked by dramatic market shifts and legislative changes. I am not saying to not take advice from your neighbour or family; just bounce it off your agent or broker, for perspective, before committing your life savings to a property.
The myth of calling the listing agent:
I am always surprised to hear yet another buyer whom after searching out a home online and loving the pictures, calls up the listing agent to see if they can get a deal or an inside connection! Before entering into a transaction with the listing agent, the potential buyer needs to understand the legalities of agency representation. The listing, or seller's agent can only have a legal (fiduciary) duty to the seller and will normally not be able to be a designated agent for your interests as the buyer. Why not go into a potential purchase with the best buyer agent available, that ONLY represents your interests. The first document to sign, once engaging with a buyer's agent is the Disclosure of Representation document, which clearly outlines the duties of the agent to you the buyer!
Besides utilizing the skill set of a qualified buyer's agent: working with them throughout the entire process helps make your purchase totally transparent and stress free. Be open about your preferences and budget, as well as the key factors affecting your decision to buy at this time. Giving freely and confidentially, costs you nothing and ensures that you will get full commitment from your agent!