Preparing to Purchase a Property
Once you decide to buy a house or land on MV, our agents will help you prepare to find your perfect house. Our brokers will work with you to get the best price and help navigate the transaction. We have put together a list of suggestions to best prepare.
The Island gets into your blood and even though you may move, there is always a draw to bring you back home. The longer you are away, the stronger the pull. For many, the draw becomes too powerful and they find themselves bringing their families back home. If you are one of these lucky ones, it’s our hope that your family continues to develop this sense of oneness with the Island.
Our Brokers/Agents know the Island! We have strong ties to the Vineyard. We have grown up vacationing and living here. We have run Island businesses, sent our children through the local schools, and have made the Island our home.
We have an extensive understanding of the real estate market and trends. Whether you are looking to move to the Island full time or are searching for an investment property, our agents are knowledgeable, friendly and professional. Our Brokers/Agents will not pressure our clients into a transaction.
Our job as your Agent is to provide information and advice to our clients so they can achieve their goals, reach an acceptable price and follow through with due diligence through closing.
A Real Estate Agent does more than just show houses!
A Real Estate Agent is a licensed professional who works closely with their Client / Customers to find property to purchase. While on the surface this may appear to be a routine task, there are many behind-the-scenes activities that agents provide buyers information that protects and makes the purchase process easier. The better the agent, the smoother the transaction appears to the buyer.
As a Buyer’s Agent (by signing a Buyer Representation Agreement), it becomes that agent’s fiduciary responsibility is to look out for the Buyer’s interest throughout the entire purchase process. Without this agreement, agents are not required to provide the same level of services and duties
Buyers need to be aware that a listing agents’ fiduciary responsibility is to the seller, not the buyer. As a potential buyer, it can be a costly mistake to use a listing agent to represent you, the buyer. This is because the listing agent represents the seller and their primary responsibility is to sell the property for the most money and best terms for the Seller.
As a Buyer’s Representative, our agents work with you, the buyer to ensure you get the best price and terms during negotiations. They also will show you other properties above and beyond the one represented by the listing agent. In other words, a listing agent may be less likely to show a comparable property that are listed with other agencies.
Buyer Representation – Protecting Buyers
What is a Buyers Representative?
An individual or couple can engage the services of a real estate agent (or agency) to purchase property. Upon signature of a Buyer Representation Agreement, the real estate agent is now the agent for the buyer(s), and the buyer(s) are now the agent’s client.
Why do I need a Buyer Representation?
This means that the real estate agent represents the buyer’s interest and not the seller’s. The agent now owes the buyer undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality and accountability. The agent must put the buyer’s interests first and negotiate for the best price and terms for their client, the buyer(s)
One of the first mistakes a potential buyer can make is to assume the agent that shows them a house has their interest at stake. This can be a costly mistake because the Listing Agent represents the seller and their responsibility is to sell the property for the most money and the best terms. They DO NOT look out for the interest of the buyer.
By signing a Buyer’s Representation Agreement with an agent from Martha’s Vineyard Real Estate, the agent’s sole responsibility is to look out for their client’s interest. The Buyer(s) now has one agent who can provide information and guidance during the search process. Once a buyer has identified a property they like, the agent is crucial because he/she is their trusted advisor who understands the purchase process and can negotiate the best price and terms.
Another advantage of signing a buyer representation agreement is to eliminate the constant pressure from other agents looking to “show you that perfect property”. A great way to get introduced to the Island community is to say you are looking to buy a house. You will be inundated with invites. With almost 700 real estate agents on MV, seems like everyone is looking to sell you a house. While this may seem like a good way to find a property, it’s actually a very inefficient and time-consuming way to search for real estate.
Integrity & Professionalism – REALTOR® Code of Ethics
We are Realtors®. All of our staff are Brokers and members of the National Association of Realtor. It’s the extra training necessary to achieve the Broker status that shows our commitment to the real estate industry that benefits our clients.
As Realtors®, we are required to follow a strict Code of Ethics laid out by the National Association of Realtors that non-Realtor® aren’t required to follow. Only about 1/3 of the on-island agents are designated as Realtors®.
How The Vineyard Life Finds Properties
Our agents don’t just look at MLS listing to find properties for sale. We scour the market using both traditional and non-traditional methods to locate homes that may not be actively on the market.
Our Agents take the time to learn as much as we can about out clients and their individual needs. We explain what the recent sales and current trends represent, which can be complicated since second home markets don’t always reflect the same patterns as primary markets.
The Vineyard Life has developed an effective program to secure properties for our buyer clients that has proven results. Our agents have strong ties within the real estate community, which allow us to network with agents across the Island to find properties that match our client’s requirements. We use a blend of traditional print media, a strong web presence, and an ever-expanding social media campaign to reach sellers. We also have an extensive database of customers who have expressed interest in selling, even though they haven’t listed their houses.
Transaction Overview – Checklist for Buyers
A Real Estate Agent does more than just showing houses!
A Real Estate Agent is a licensed professional who works closely with their Client/Customers to find property to purchase. While on the surface this may appear to be a routine task, there are many behind-the-scenes activities that agents provide buyers information that protects and makes the purchase process easier. The better the agent, the smoother the transaction appears to the buyer.
Agents begin the sales process by helping their clients identify property amenities, locations and budgets. Often these change throughout the transaction process, but that is also part of the skill necessary to keep a search moving smoothly. A talented Real Estate agent recognizes a potential issue before the buyer and usually can adjust things before they become major problems. <More>