As a Buyer Agent working with many different buyers over the past years, I have often wondered what makes a good, or even a great, Buyer Agent!  Since I work full time as a Realtor, I am constantly trying to improve myself and trying to always find ways to make myself a better Realtor for both my buyers & sellers!  So this weekend, I made a list of what I think are the top 10 areas of knowledge a good, or great, Realtor should have and should continue to improve upon!  Feel free to add or comment on my post!

So what do I think makes a good, or even great, Buyer Agent in today’s challenging real estate market?  I think it is someone who helps you get the right house in the right neighborhood at the right price and at the right time for you!  Being a good Buyer Agent today should be so much more than putting someone in a car, opening up a house & telling them to “press hard 3 copies”!  So here are what I consider the top 10 knowledge areas a good Buyer Agent should have – and should continue to improve upon!

First, there should be knowledge of the overall marketplace!  This means that a good Buyer Agent should be knowledgeable about the trends in the neighborhoods, the counties (or city), and the overall Richmond area!  This means visiting the houses & neighborhoods in the area and getting to know these areas!

Second, there should be knowledge of financing trends!  This means that a good Buyer Agent should be knowledgeable about the various mortgage products that are out there for different buyers needs!  Although I don’t think a good Buyer Agent should know the details about each and every financing option out there, it does mean that you should know what is out there and who may be the best lender to put that buyer with!

Third, there should be knowledge of new homes & the builders!  In today’s market, a good Buyer Agent should at least know what builders are still financially stable, what builders are building in the different areas, what builders are offering as far as incentives and how they affect the buyers who are writing contracts in those neighborhoods.

Fourth, there should be knowledge of environmental concerns!  This means that a good Buyer Agent needs to keep up with things like radon, mold, lead paint, underground oil tanks, basements in the Richmond area, asbestos, well and septic, etc.  Although a Buyer Agent should not pretend to be an expert in these areas, the good Buyer Agent should be knowledgeable enough about the issues to advise and then to refer their buyers to those people and companies who are expert in those areas!

Fifth, there should be knowledge of older homes!  This means that a good Buyer Agent should know how an older home such as you find in the City of Richmond and the more rural areas is different than newer homes you find in the Henrico, Chesterfield & Hanover Counties.  There are differences in maintenance, renovation issues and even environmental issues.  Again, a good Buyer Agent should not be an expert in these things, but should know enough to advise their buyer and then be able to refer them to people & companies who are the experts so that the buyers can make informed decisions on which type of home is best for them.

Sixth, there should be knowledge of rural areas vs. the city of Richmond vs. suburban areas!  Each area has it’s own “flavor” and there is no right or wrong area for someone to live in.  But a good Buyer Agent should have a feel for each of the different types of living areas so that when a buyer says to them that they want to be within 10 minutes of shopping and they want to be in an area with good schools and lots of kids, the Buyer Agent will have a feel for some of the areas that may work for that buyer and, more importantly, may not work for the buyer!  If this is a requirement for a particular buyer, you certainly would not want to show them property that is in no subdivision somewhere out in Louisa County where you are 30 minutes from the closest shopping mall and there are no kids nearby!

Seventh, there should be knowledge of the contracts & all associated paperwork!  Today’s real estate transaction is very complicated and the contracts continue to get longer and there continues to be more and more paperwork added!  When someone sits down to write up an offer, a good Buyer Agent should take all the time needed to be able to go over the contracts with the Buyer and ensure that they understand what they are signing and to make sure that if there are questions you can either answer the questions, or be in a position to refer the question to a real estate attorney to advise!  If there are things that are of importance to a particular buyer, then it is very important that a good Buyer Agent will know what is in the contract so they can make sure all items that are important to the Buyer are taken care of within the contract!

Eighth, there should be knowledge of the inspection process!  Virginia is a “buyer beware” state, which means that it is up to the buyer to do all their own due diligence!  This means that a good Buyer Agent will make sure that their buyers are referred to good home inspectors to cover all those areas that are of importance to the buyers and that there is ample time within the contract to do all needed inspections! 

Ninth, there should be knowledge of the closing process!  The closing process is probably the most important part of the whole home buying process, but it is sometimes the most anti-climatic part of it.  During the closing, the settlement agent will take each document and summarize it for the buyer.  As their agent, I am pretty much sitting there to ensure that if there are any questions that arise regarding the contract or something the buyer doesn’t quite understand, then I am there to help with the process!  But closing is really between the buyer and their chosen settlement agent.  But before closing happens, most buyers will have lots and lots of questions about it, and a good Buyer Agent can help make this part of homebuying seem a lot less mysterious by being able to explain just what happens in the closing.

Tenth, there should be knowledge of people!  A good Buyer Agent should be able to help their buyers achieve buying a home with as little stress as possible.  Of course, not every buyer and Realtor can work well together – sometimes it just doesn’t work and a good Buyer Agent should make sure that the Buyer knows you are there to help them and to be able to assist them in the way that is most suited to that person’s personality, including advising them to find another Realtor to assist them should you not be able to! 

As you can see, Realtors today wear many different hats!  Many of these same qualities and knowledges also apply to the Listing Agents!  And the only way to ensure that a good (or great) continues to be a good (or great) Buyer Agent is to continually educate themselves about the market, the environment, the trends and to find ways to take whatever market is out there and whatever price point a buyer may be at and help them into the home that they can be happy living in for many years to come!  Let me know if you agree or disagree with my thoughts, or if there are any other knowledges you think a good Buyer Agent should possess, I would love to hear about them!