Episode 25: What Home Buyers Need to Know with Erika Myers Hudson
In this episode, Reside Broker/Owner Brady Bridges sits down with Erika Myers Hudson to talk about what it means to be a good buyer's agent, the importance of negotiation, and share her best advice for today's home buyers.
Watch the video below or listen at anchor.fm/residedfw, and don’t forget to subscribe to be notified of new updates.
Erika said she personally loves working with buyers. She feels that establishing a healthy relationship with a buyer client starts with sitting down and going over the buying process and expectations in an initial buyer consultation. Making sure clients have talked to a lender and gotten a pre-approval letter is an important step so that they're financially prepared and ready to go as soon as they find a home they love.
As a client, you should look for an agent you trust, someone who understands what you're looking for and why, can confidently advocate and negotiate on your behalf, and has your best interests at heart. Some agents want you to buy every house you look at, Brady said, but a good agent will tell you when you shouldn't buy a house - whether that's because you're not quite ready financially, or because this home specifically doesn't meet your needs.
Erika recently earned her Accredited Buyer's Representative (ABR) and Real Estate Negotiation Expert (RENE) designations, which allow her to elevate her services and better assist her clients through their property transactions. "I am able to negotiate strongly for them and really help them understand the process as we're going along" with the training she got during her ABR and RENE certifications, in addition to her experience and past transactions as a Realtor.
Erika thinks negotiations shouldn't be adversarial, but "more about bringing people together and finding a solution and being able to provide options for all parties" to have a smooth transaction. She's very competitive, so she enjoys multiple offer situations when her clients can create a really strong offer and best meet the seller's needs. This might mean not offering the highest price, but offering a leaseback or other terms that the seller is looking for can help.
In today's market, Erika says home buyers need to be both prepared and patient. She recommended they should get pre-approved with a local lender, so they know exactly what their budget is and have someone who's easily reachable if they have a question or concern. Being patient is also important - Erika explained that "sometimes you might execute a contract at a home that you thought was going to be the one, and then we get that inspection report back and you have a lot of concerns" that makes it not the right home, and the search will start over.
Communication is the key to a successful home purchase, Erika says. Everyone involved in the sale of the home, from the buyer and their agent, the seller and their agent, the lender, the title company, and the home inspector, need to communicate frequently to have a good experience and a smooth transaction.
Erika can be reached at [email protected] or 570-485-9050.