IF YOU’RE CONSIDERING BUYING A HOME ON MAUI, YOU’LL NEED A GOOD ‘BUYERS AGENT’ WHO CAN BEST REPRESENT YOU AND YOUR NEEDS AND WHO WILL MAKE SURE YOU’RE MAKING A COMPETITIVE OFFER TO SECURE YOUR NEW HOME – ESPECIALLY IN TODAY’S FAST-PACED SELLERS MARKET.
WHAT IS A BUYER’S AGENT?
Simply put, a ‘Buyer’s Agent’ is a real estate professional who will legally represent you (the Buyer) and your interests in a real estate transaction.
WHAT A BUYER’S AGENT DOES
A Buyers Agent will help guide you through each step of the home buying process, including some of the following tasks…
FIND HOMES FOR SALE AND SCHEDULE SHOWINGS
The Buyers Agent will help you find listed homes currently on market that match your goals, needs and price range, and then help you narrow the options to the properties worth considering.
HELP YOU MAKE OFFERS
After you’ve found a home you want to buy, the Buyers Agent will advise you on how much to offer and what contingencies to include in the contract, based on the property and an analysis of the market.
NEGOTIATE WITH THE SELLER
The Buyers Agent will help guide you through the process of sales negotiations – such as whether to accept a seller’s counteroffer or negotiate on price and terms – making sure you get the best deal and outcome to secure your new home.
REFER YOU TO OTHER PROFESSIONALS
A Buyer’s Agent can refer you to other professionals, such as home inspectors, attorneys and movers.
BUYERS AGENT VS LISTING AGENT
In a real estate transaction, there are usually two real estate agents involved – a ‘Buyer’s Agent’ and a ‘Listing Agent’.
The ‘Buyer’s Agent’ works on behalf of the buyer, whereas the ‘Listing Agent’ represents the interests of the seller.
If you’re considering buying real estate in Maui, it’s important to enter the competitive market prepared by hiring a good ‘Buyers Agent’ – who is legally bound to help you and has your best interests in mind – as a ‘Listing Agent’ has a fiduciary duty to the home seller and their interests are to get the highest price for the seller.
THE CURRENT MAUI REAL ESTATE MARKET
You’ll often hear the real estate market described as either a ‘Buyer’s Market’ or a ‘Seller’s Market’ depending on how competitive it is to buy versus sell – and right now, it’s definitely a ‘Seller’s Market’ on Maui with strong buyer activity.
Because buyer demand is currently higher than the number of homes available on Maui, it means competition is fierce with fast sales and multiple offers being made – so you’ll want to make sure you have a good Buyers Agent representing you who can act fast on your behalf.
HOW DO I CHOOSE THE RIGHT BUYER’S AGENT?
The key to selecting a Buyer’s Agent is asking the right questions to determine who fits your needs best. Some good questions include…
WHAT AREAS ON MAUI DO YOU SPECIALIZE IN?
Real estate requires local expertise, so try to find a Buyers Agent who’s familiar with the areas you’re interested in.
HOW LONG HAVE YOU BEEN A REAL ESTATE AGENT ON MAUI?
Having a Buyers Agent who has long-term experience in the real estate industry on Maui means they’ll be more capable navigating any complex processes that are inevitable in any real estate transaction and make the buying process more comfortable and easier for you.
DO YOU HAVE CLIENT REFERENCES?
A good Buyers Agent will have credible references and a proven track record of buying and selling homes, so you can determine who will be representing you not from what the Agent says about themselves, yet from their past clients.
CREDITS AND RESOURCES
Copyright NATIONAL ASSOCIATION OF REALTORS®. Article reprinted with permission. All rights reserved.