Elevated Buyer Representation
Guide to Buyer Representation
Premier Sotheby’s International Realty is a culture defined by its people, and our people are premier. Discover the unparalleled advantages of partnering with a Premier Sotheby’s International Realty global real estate advisor throughout your purchasing journey.
Exceptional Service from Start to Close
At Premier Sotheby’s International Realty, we have crafted this guide to provide a comprehensive understanding of the essential components and choices available during the purchasing process. We are dedicated to delivering an unparalleled buying experience marked by excellence, integrity and professionalism. Our expert global real estate advisors and extensive worldwide network ensure we understand your unique needs. Our unwavering commitment to you includes providing exceptional buying strategies supported by in-depth research, masterful market insights and skilled direction throughout the entire process.
Your Global Real Estate Advisor
Purchasing a home is one of the most significant investments you will make, with long-lasting impacts on your lifestyle and financial well-being. Our global real estate advisors are far more than real estate agents. They typically possess decades of experience and annual production levels three to five times the average of agents in our markets. They deliver concierge-level services while expertly navigating you through the complexities of buying a home, ensuring you avoid costly mistakes.
Leveraging the Sotheby’s International Realty® Brand
Sotheby’s International Realty is a globally recognized brand that enhances your offers and elevates your representation. Our legacy of success is built on a deep commitment to our clientele, a trust cultivated over hundreds of years of Sotheby’s handling the world’s most valuable treasures. Nationally ranked in the top 22 real estate brokerages amongst all brands, our company, Premier Sotheby’s International Realty, is one of the most renowned in the real estate business. We are backed by an in-house support team, industry-leading resources and innovative technology. We are a local brokerage with global reach, proudly aligned with an enduring brand and storied heritage. As one of the most respected in the brokerage community, sellers view buyers working with our firm to be of the highest caliber.
Mastering the Homebuying Process
Having an experienced professional on your side provides a distinct advantage when searching for your home and utilizing local resources. Our advisors offer a broad perspective and a stabilizing presence, guiding you through the challenging yet rewarding journey of homeownership.
Exclusive Benefits of Buyer Representation
Your Premier Sotheby’s International Realty advisor will prepare a detailed buyer representation agreement outlining our exclusive services, committing to guide you through every step of your home purchase. Here is an overview of how we deliver exceptional value and ensure a successful acquisition:
• Build a personalized purchase strategy.
• Provide an overview of current market dynamics and challenges.
• Evaluate purchase price range.
• Create MLS listing alerts.
• Schedule property tours.
• Facilitate access to off-market, office-exclusive listings, and new construction options.
• Review and analyze disclosures on selected homes.
• Evaluate and negotiate offers.
• Recommend highly rated vendors for inspections.
• Introduce relationships with trusted mortgage, title and escrow services.
Your Premier Sotheby’s International Realty global advisor is an invaluable asset in the buying process.
The Priceless Value of a Trusted Global Real Estate Advisor
Your Premier Sotheby’s International Realty advisor brings unparalleled expertise to guide you from contract to settlement. Engaging our services means benefiting from our firm’s extensive experience. Here’s why this expertise is invaluable:
PROFOUND KNOWLEDGE
Our global real estate advisors have in-depth local expertise, including pricing trends, neighborhoods, amenities and school systems. Trust that they will guide you to make the most informed decisions.
ACCESS TO OUR EXCLUSIVE NETWORK
Global real estate advisors possess an extensive network of professionals in their fields, from home inspectors to mortgage originators, title and insurance providers, these connections are invaluable during the buying process.
NEGOTIATION AND CONFIDENTIALITY
Our experienced advisors have well-honed negotiation skills, developed over many transactions. These skills are used to ensure the best possible terms on your purchase.
NAVIGATING SALES CONTRACTS
With a comprehensive understanding of contracts, our global advisors educate you on the legal paperwork in each transaction.
EXPERT PROBLEM-SOLVING
Each real estate transaction presents its own set of unique challenges. Our seasoned global advisors possess the expertise to anticipate and navigate these hurdles, leveraging their extensive experience to address any issues that may arise efficiently.
EFFICIENCY AND TIME MANAGEMENT
Our highly experienced team manages every aspect of the transaction, from property research and coordination with other professionals to meticulous paperwork processing. This comprehensive service streamlines the process, significantly saving you valuable time.
CONFIDENTIAL ADVISOR
Acquiring a property can be an emotionally charged experience. Our global advisors act as confidential mentors, ensuring that emotions are managed appropriately and do not interfere with the transaction’s success.
CONTINUED GUIDANCE AND SUPPORT
Our commitment to customers extends beyond the completion of a transaction. Our global real estate advisors provide ongoing support, offering valuable insights on home improvements, market trends and optimal times to buy or sell.
RISK MANAGEMENT
In the realm of real estate, mistakes can be financially burdensome. Our expert advisors are adept at identifying and mitigating risks, from overlooked disclosures to misunderstood contract contingencies, safeguarding your investment.
COMMITMENT TO PROFESSIONAL EXCELLENCE
The real estate market is ever-changing, with evolving regulations and trends. Our experienced advisors are dedicated to continuous professional development, ensuring they remain well-informed and equipped to provide exceptional service.
Global real estate advisors possess an extensive network of professionals in their fields, from home inspectors to mortgage originators, title and insurance providers, these connections are invaluable during the buying process.
Navigating the Journey of Buying a Home
Initial Consultation
Pre-Approval
Defining budget and price range
Offer Submission
Understanding market conditions
Home Inspection
Examining the condition of the home
Coordinate an Appraisal
Valuating your future home
Pre-Settlement
Walk-Through
Confirming condition of the property prior to closing
New Home Awaits
Welcome home
Getting to know you and your goals
Property Search
Finding the perfect fit
Negotiation
Delivering the best price and terms for your purchase
Insurance
Obtaining homeowners insurance
Mortgage, Title and Escrow
Obtaining lender commitment
Settlement
Reviewing and executing final purchase documents
What to Expect During your Initial Consultation
Your initial consultation is crucial for prioritizing your homebuying aspirations and creating a strategy to ensure a successful purchase. As local experts in the areas and neighborhoods where we live and work, we understand lifestyle amenities are likely important to you. We are a trusted resource for insights into gated communities, golf, boating and other recreational activities. We specialize in finding the best properties to meet specific buyer expectations.
UNDERSTANDING YOUR REAL ESTATE GOALS
• Time frame for purchase.
• Previous real estate experience.
• Risk tolerance.
• Financing status and pre-approval stage, if applicable.
REFINING YOUR PROPERTY SEARCH CRITERIA
• Preferred location and neighborhood.
• Desired price range.
• Home size, architectural style and amenities.
• Specific requirements and non-negotiables.
• Condition of the home and willingness to make improvements.
• Considerations for school districts, commute, walkability and neighborhood amenities.
Navigating Steps to a Successful Purchase
Each homebuying journey is unique. Our global advisors are adept at guiding you through every aspect of the purchase process.
RELATED SERVICES
Additional services are pivotal in the homebuying process, and our carefully cultivated relationships with top mortgage and title partners ensure you receive the best value and terms available. Our partnerships support a seamless concierge approach to a full-service real estate experience.
Our advisors can:
• Connect you to our preferred lender who can pre-approve you and confirm your property price range.
• Collaborate with lender to explore if you can buy before you sell.
• Provide any requested contract documentation.
• Work with the appraiser to provide supporting comparable sales information.
Locating and Viewing Properties
Our global advisors consistently monitor property listings and stay attuned to local market dynamics, ensuring you are expertly guided in finding the perfect home. Our advisors offer the following services:
• Establish automated listing alerts tailored to your specific criteria.
• Present off-market and pre-market listings as they become available.
• Introduce new construction communities and additional preconstruction options.
• Coordinate with other advisors to arrange private showings.
• Plan and accompany you on property tours.
• Recommend properties available for viewing at open houses.
• Provide timely and comprehensive market reports.
• Evaluate and discuss the pros and cons of each home after viewing.
Evaluating Selected Properties
We will assist you in evaluating how your chosen property compares to others on the market and recently sold homes. One of the distinct advantages of working with a trusted Premier Sotheby’s International Realty global real estate advisor is their comprehensive knowledge of required disclosures, access to recommended inspectors and intimate familiarity with the neighborhood of your interest.
• Our advisors will request and review the disclosure package and any additional information from the listing advisor.
• Discuss any additional advisor-recommended inspections and determine the time frame for needed contingencies.
• If the home is in an HOA, condominium or co-op, we will assist in your review of the resale package, containing rules, bylaws and budget information.
Writing Competitive Offers
Upon identifying a property that meets your requirements, we will conduct a comprehensive market analysis and devise a strategic approach to determine an optimal offer price and terms, negotiating on your behalf. Our services include:
• Communicating with the listing advisor to gather detailed information about competing offers and the seller’s preferences regarding terms and the timeline for offer submission.
• Reviewing comparable sales to discuss the price and terms that will best position your offer.
• Preparing a compelling offer, complete with all relevant addenda and disclosures, and submitting the loan approval letter and proof of funds.
• Secure signatures and initials on all offer documents to ensure a complete and thorough submission.
PRESENTING YOUR OFFER
Representing you with distinction is paramount to securing the home you desire. The value of having a Premier Sotheby’s International Realty advisor lies in our esteemed brand and exceptional reputation, which are highly regarded by the brokerage community. This often proves crucial in influencing the seller’s assessment of competing offers.
• Present your offer promptly and professionally.
• Maintain ongoing communication and forward any counteroffers for your review.
• Negotiate diligently on your behalf, with your direction and approval, including any necessary addenda or subsequent counteroffers.
Representing you with distinction is paramount to securing the home you desire.
Contract Ratification
Congratulations! This marks the beginning of the transaction process. Your expert global advisor will meticulously guide you through the stipulations outlined in your ratified contract.
• Deliver all necessary documents to the selected title company.
• Ensure you are aware of wire fraud concerns and facilitate direct communication with your trusted title company for any wiring, account, or transfer information.
• Maintain a secure transaction file, diligently managing all required documentation throughout the process.
Home Inspections and Other Contingencies
Numerous contingencies may be associated with your contract, including a home inspection. Our global advisors will assist you in navigating this process and can:
• Help you locate general home inspectors, plus arrange additional advisor-recommended inspections if needed.
• Coordinate, schedule and attend the home inspections.
• Forward and review the inspection reports with you.
• Assist you in negotiating repairs or credits.
• Communicate with your lender as requested.
• Assist the appraiser with home access and provide comparables, as needed.
• Provide resources for homeowners insurance.
• Guide you through any remaining contingencies.
Completing the Closing Process
Congratulations on your home purchase! Our global advisors can:
• Recommend movers, interior designers, landscapers, general contractors, gardeners, cleaning services and home maintenance services.
• Arrange for a final property walk-through.
• Provide resources for a home warranty policy.
• Accompany you to the settlement.
Understanding Buyer Representation
Your Premier Sotheby’s International Realty global advisor will present you with a buyer representation agreement, meticulously detailing their role and responsibilities. This buyer representation agreement must be signed by both the purchaser and the broker to formalize the advisor’s representation of the buyer in the transaction.
Discerning buyers recognize that securing expert representation is a strategic investment, yielding exceptional returns through superior outcomes. This level of expertise ensures that every decision is guided by unparalleled market knowledge and strategic insight. Your global advisor will steadfastly deliver buyer representation services at an elevated level far beyond that generally found in the real estate industry.
About Brokerage Compensation
Similar to a listing agreement, buyers execute a buyer representation agreement for professional services and representation with Premier Sotheby’s International Realty. This buyer representation agreement confirms the compensation for the buyer’s advisor and brokerage. It is important to note that brokerage fees are not fixed by law; the brokerage compensation amount is negotiable, yet brokerages may establish minimum compensation rates. Our professional services fee represents a significant value.
How Brokerage Compensation is Paid
SELLER-PAID BROKERAGE COMPENSATION
When listing a property for sale, sellers enter into a listing agreement to authorize payment of the brokerage compensation to the listing broker. In some cases, the listing brokerage, at the seller’s direction, also offers a brokerage compensation amount to be paid to the broker representing the buyer.
You can request that sellers pay some or all the brokerage compensation due to the buyer’s broker in the written offer, which allows the brokerage compensation to be incorporated into the final sales price. In that case, the brokerage compensation will be paid at settlement from the seller’s proceeds.
BUYER-PAID BROKERAGE COMPENSATION
Our global advisors have access to a wide range of properties. The buyer representation agreement specifies the brokerage compensation for buyer representation in these scenarios, enabling our advisors to represent you even when no cooperative brokerage compensation is offered.
Should the brokerage compensation provided be less than the amount stipulated in your buyer representation agreement, you will be responsible for covering the difference at settlement.
A Comprehensive List of Buyer Representation Services
CONSULTATION
At the initial consultation, your advisor will:
1. Meet with you at the office or via Zoom to review related topics and learn of your wants, lifestyle and community needs and timing of your purchase.
2. Discuss current local market conditions with you and share our Neighborhood Trend Report for your area.
3. Discuss how those conditions compare to other places where you’ve lived or owned property.
4. Establish if you need to sell another property to purchase and, if so, discuss the aspects of a “Contingent Offer.”
5. Discuss your preferred price range and if it will involve financing.
6. Review market statistics illustrating factors such as:
a. Percentage of list price properties that are selling.
b. Average Days on Market and how that affects pricing.
c. Absorption Rate and how it impacts the buying process.
d. Current months of active listing inventory.
7. Discuss the market-driven timeline for viewing homes, mortgage approval and closing.
8. Help you understand what your preferred price range will buy in our localized markets.
9. Help you evaluate the complete costs of homeownership and how it can vary from one property/community to another due to taxes, insurance and community associations.
10. Explain Buyer Brokerage and Buyer Agency Relationships (as appropriate per state law) and the Buyer Representation Agreement.
11. Explain compensation for services.
12. Ensure that personal information will remain confidential.
13. Provide copies of Purchase Contract(s) and associated documents for advanced review.
14. Discuss how to approach open houses or visiting new construction communities.
15. Set up automated Listing Alerts to notify you of new listings, price changes and properties going under contract.
16. Educate you on the immediacy of new listings appearing in the provided Listing Alert versus the delay in new listings appearing on other popular real estate websites.
(AND PREPARING TO VIEW PROPERTIES)
17. If you will be financing your purchase, discuss the advantages of working with our preferred mortgage partner.
18. Discuss customary communication between the advisor and our preferred lender.
19. Discuss procurement of a Pre-Approval Letter or Proof of Funds, including counseling on how that document should be crafted.
VIEWING PROPERTIES
(AND PREPARING TO VIEW PROPERTIES)
20. Confirm your wants, needs and priorities by utilizing a buyer checklist.
21. Discuss types of local communities, offered amenities and costs associated with various types of communities, based on homeowners or condominium associations or CDD financing.
22. Discuss resources containing information on local schools, municipal services, key points of interest, etc.
23. Discuss homeowners insurance — its availability, how location affects cost and parts of the home that can be cautionary for insurance companies.
24. Discuss location, flood zones, elevations, nearby venues or operations and other localized nuances that impact a purchase.
25. Discuss what to look for in applicable Property Disclosures.
26. In accordance with state law, provide information on checking the sex offender registry and crime statistics for the neighborhood.
27. Discuss available resources for more details on prospective neighborhoods, such as PremierSothebysRealty.com.
28. Collaborate to identify prospective properties for consideration.
29. Advisor will schedule and coordinate all showings and community/ amenity tours.
30. Advisor will conduct property reviews and/or virtual showings, as appropriate.
31. View properties that meet your established purchase criteria.
32. Advisor will use additional tools to identify off-market properties and homeowners who may be ready to sell but have not yet listed their homes.
33. Work together to identify the right property and prepare for a future offer.
MAKE AN OFFER
34. Discuss the different types of purchase contracts and nuances and how they may differ from your previous purchase experiences.
35. Discuss title companies, attorneys and associated costs and services.
36. Discuss the challenges of using the “price per square foot” as the primary basis of an offer.
37. Review a current market analysis to affirm previously discussed market trends and identify changes since the initial conversation.
38. Verify insurability of the property.
39. Develop the strategy for the offer based on your priorities and the information gathered from the listing advisor.
40. Verify factors such as:
a. Applicable zoning and building regulations.
b. Property values.
c. Property taxes.
d. HOA/community dues and regulations.
e. Utility costs.
41. Discuss the contract contingencies as well as Buyer and Seller responsibilities in the contract process.
42. Discuss strategic negotiation techniques and how to be prepared for various scenarios.
43. Advisor will work with you to prepare the most compelling offer based on current market conditions and your priorities.
44. Utilize hyperlocal expertise and knowledge to assist you in crafting an offer with the most desirable price and terms. Serve as the intermediary during contract negotiations, providing valuable guidance and insight based on each step in the negotiation process. Advise on potential multiple offer scenarios.
CONTRACT
45. Ensure all parties, including our mortgage partner and title company or attorney have a copy of the executed contract and begin the closing process.
46. Review all contract dates, deadlines and which party is responsible.
47. Facilitate delivery and confirm receipt of Earnest Money/Escrow Deposit(s) per the requirements of the contract and explain wire fraud risks. If in North Carolina, explain due diligence.
48. If not already done, you will make a loan application with the chosen lender.
49. Discuss the options for property inspections by licensed professionals.
50. Ascertain your desired areas of inspection based on the specific property.
51. Review which items are cosmetic versus defective.
52. Discuss Seller’s responsibility in relation to a home inspection, based upon the selected purchase contract and inspection findings.
53. Advisor coordinates and accompanies the inspector at the home with your authorization.
54. Discuss findings of the home inspection and determine:
a. If any additional inspections are warranted.
b. If so, identify firms to do the inspections needed and schedule additional inspections.
c. Once all results are in, determine what may be asked of the Seller.
d. Advisor negotiates with the listing advisor to develop the plan for having requested items repaired or replaced, indicated by the contract.
e. If requested and agreed upon, document repairs that are not able to be completed prior to closing.
55. Advisor negotiates repair requests from the inspection.
56. Advisor prepares the appropriate inspection documentation and presents to the listing advisor.
57. Advisor develops a plan for post-closing resolution, if necessary.
58. Mortgage partner schedules the appraisal, if applicable.
59. Advisor coordinates and accompanies the appraiser at the home.
60. Advisor coordinates a property survey if needed.
61. Confirm with our preferred mortgage partner that the appraised value of the home meets or exceeds the contract price.
62. If the appraised value is lower than the contract price, negotiate with the Seller for a path forward.
63. Work with your homeowners insurance agency to ensure that the policy is bound by the effective date of closing.
64. Advisor will provide a list of utility providers so you can transfer utilities upon closing.
65. Continue to monitor all contract dates and deadlines.
66. Confirm loan approval with the lender and take any appropriate action needed, per the contract.
67. Obtain and review the Title commitment — and address any Title concerns.
68. Obtain and review the preliminary Settlement Statement.
69. Confirm closing — date, time and whether in-person or remote.
70. Confirm “Clear to Close” and the expected date for delivery of funds with the lender.
71. Review the finalized Settlement Statement and all charges and fees included.
72. Advisor will arrange for a communication between you and the closing advisor regarding the wiring of funds needed to close. Provide a reminder of wire fraud risks and steps to prevent wire fraud.
73. Schedule and conduct your final walk-through.
74. If any issues are found at the final walk-through, the Advisor will work with the listing advisor to resolve them prior to closing or make arrangements for resolution post-closing.
75. Facilitate remote closing or attend in-person closing. Ensure the home is recorded.
76. Congratulations — Time to celebrate your new home!
