Frequently Asked Questions – FAQs

 

 

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Buyers Agents Frequently Asked Questions – FAQs

What is a Buyers Agent / Advocate?

A Buyer’s Agent, also known as a Buyer’s Advocate are real estate buying specialists hired by a prospective home-buyer or investor to undertake property due diligence and negotiate the purchase of a property on behalf of the buyer – they’re also a licensed property professional who’s engaged by the only buyer to help them find the best available property and negotiate it at the lowest possible price with the best terms and conditions.

A good Buyer’s Agent / Advocate will be able to quickly and methodically find you the right property at the right price, while at the same time independently representing your best interests at all times. They will also provide you with objectivity and complete transparency throughout your buying journey, so you can make an informed purchasing decision.

How to find a Buyers Agent / Advocate?

In addition to licensing, buyers should also look for evidence to support the Buyer’s Agent / Advocate having skills in the areas that are important to the buyer. For example, if buying for investment purposes the buyer should ask for examples of the depth of the Buyer’s Agents / Advocates research or copy of their property due diligence report.

Buyer’s Agents / Advocates need to be very good communicators which includes listening to their client’s objectives, being able to articulate alternative methods, providing regular feedback throughout the process, and having strong relationships with third parties to the transaction.

What do Buyer's Agents / Advocates do?

Buyer’s Agents / Advocates will:

  • Find and identify the most suitable and best available properties in the market according to the buyer’s requirements, needs and property goals.
  • Evaluate and shortlist properties for buyer’s consideration and help select which property is the most appropriate based on the buyer’s criteria.
  • Undertake comprehensive property due diligence on the buyer’s selected property highlighting its strengths and weaknesses independently and objectively.
  • Negotiate the lowest possible purchase price with the best terms and conditions on behalf of the buyer.
Why use a Buyer's Agent / Advocate?

Time, money, and peace of mind are the main benefits which everyone will gain from engaging a specialist. Buyer’s Agent / Advocate have their finger on the pulse and therefore have a lot more knowledge about buying property. The thing about knowledge is that you don’t know what you don’t know. Buyer’s Agents know what questions to ask and where to get the information. More often than not, the buyer’s agent own expertise will save the buyer more money on the purchase price than their fees. The buyer will also have saved literally dozens of hours of their own time and be more likely to have made a much better decision on the property that they have purchased.

In addition, it’s worth keeping in mind that buying a property is arguably the most valuable asset that most people will ever buy. Whilst most real estate agents are professional and good people, they are contracted to work for the property owner, so I personally believe that everyone who buys a property will benefit from engaging a Buyer’s Agent / Advocate to represent your best interests. The average person buys a property once every 15 years whereas Your Australian Property are continuously buying properties on behalf of their clients every year – that’s a lot more practice than a DIY. Even if the buyer lives in the same vicinity as where they are buying, they will benefit enormously from engaging a skilled real estate buying professional. Knowing the market is a lot different to knowing the neighbourhood, especially if the property is being purchased for investment purposes.

Are Buyer’s Agents / Advocates fees tax deductible?

Fees charged by Buyer’s Agents / Advocates are usually deemed as tax deductible but only if you’re buying the property for investment purposes. In any case, we recommend you always consult a reputable accountant or tax specialist to determine your individual circumstances.

How do you become a Buyers Agent / Advocate?

It is essential before engaging or hiring the services of a Buyer’s Agent / Advocate to confirm they are fully licensed or authorised to deal in a property purchase transaction. Don’t risk putting what’s often the single largest purchase you will make in your life-time in the hands of someone without adequate real estate and negotiating experience.

Our fully trained and licensed Buyer’s Agents / Advocates are ex-real estate industry professionals with no less than 20+ years’ experience. It makes logical sense to use someone with a knowledge of the industry who can negotiate with the selling agent to secure your selected purchase at the best price.

In order for a Buyer’s Agents / Advocates to run their own buyer agency, they require a full real estate agent’s license plus an agency license for the company they are operating under. For more details you should contact the Department of Fair Trading in your relevant state to confirm the Agents license requirements.

Why should I pay a Buyer’s Agent / Advocate?

Paying a Buyer’s Agent makes excellent financial sense. With superior negotiation skills and in-depth knowledge of the Melbourne market, our Buyer’s Agents maximise your purchasing power and protect you from overpaying.

Your Australian Property understands that buying a home or investment property is one of the largest purchases you’ll ever make. It can be complicated, stressful and time consuming for many buyers.

However, we ensure your property buying experience is as smooth and efficient as possible and that you secure the right property at the right price and avoid making a costly mistake.

How experienced are your Melbourne Buyer’s Agents?

Your Australian Property is an independent, boutique buyer’s agency with over 30 years industry experience and expert knowledge of the Melbourne property market for both owner occupiers and investors.

Our team is led by Zac Newbold, who has a diverse property background and expert knowledge of the leasing, buying and selling process spanning over 30 years’. He has been a fully Licensed Estate Agent since 2001.

But can’t the Sales Agent help me?

We represent YOU the Buyer whereas the selling or Sales Agent represents the Vendor or person selling the property. It’s the Sales Agent’s job to try to secure the highest price for his/her vendor.

As a result they can’t give you unbiased advice as they want you to purchase the property for the maximum $Amount. We give you an accurate buying range using our specific tools.

Is there any cost for my first meeting with you?

No, your first meeting with Your Australian Property is a free individual session in a relaxed and friendly environment where we assess and discuss your needs, desires and property goals to identify the most suitable option for you.

Your Australian Property use this meeting to make sure we all communicate easily and will be able to work together to achieve your property goals. There’s no obligation to proceed with any of our services.

Our Buyer’s Agents are excellent at what they do and we think that after you meet us, you’ll agree.

Do you help Property Investors?

Definitely! Utilising our extensive network of industry contacts, we search for and identify properties that best fulfil your specific Investment requirements and wealth creation strategies – this includes Off-Market / Pre-Market Sales that are not advertised to the general public.

For Property Investors, our focus is to find properties that offer the best potential for capital growth. We cater to experienced or first time Property Investors across Greater Melbourne.

Can I get someone else to bid for me at Auction?

If you’ve never bid at Auction before, having an experienced Buyer’s Agent or professional Auction Bidder do your Auction Bidding is the smartest purchasing strategy for you.

At Your Australian Property our Buyer’s Agents and professional Auction Bidders will fully plan and execute the Auction Bidding Strategy on your behalf, giving you an enviable edge over your competitors – saving you significant amounts of time and money, and providing you with peace of mind. We also have 30 plus years’ experience of the Melbourne property market and use innovative Auction Bidding Strategies to secure the WINNING BID at Auction – we push boundaries so your interests always come first and exceptional results follow. With so many benefits you are in a WIN-WIN situation!

HOW TO REACH US: Talk to our team today about how our experienced Auction Bidding Strategists can save you far more than our fees. Call us directly on 0418 144 644 or send us a message via our Enquiry Contact Form.

Why do I need pay a Buyer’s Agent to bid for me?

Selling agents generally bid in a very different way to how a Buyer’s Agent would bid at Auction. Generally they bid the way they would like buyers to bid at their Auctions (and push the price to the limit). Even though they may be not connected with the vendor, ask yourself if there is any vested interest or conflicts of interest? Ask yourself ‘Why are they willing to bid at Auction for free?’ Usually it’s because they want to list your property for sale once you’ve purchased your new property. Beware and remember the golden rule: “Free advice is often more expensive than paying for the advice upfront”.

HOW TO REACH US: Talk to our team today about how our experienced Auction Bidding Strategists can save you far more than our fees. Call us directly on 0418 144 644 or send us a message via our Enquiry Contact Form.

Are Buyers Agents / Buyer's Advocates Licensed?

Buyer’s Agents / Buyers Advocates in Melbourne MUST hold a full Real Estate Agent’s Licence in order to be able to legally act on behalf of a client in a property transaction in the state of Victoria. Buyers should ask to see the Buyer’s Agent’s real estate license and also check the expiry to ensure their licence is currently active.

You can easily run a search to find out whether a Buyer’s Agent is registered and a fully licensed estate agent on the Victorian Government website at: https://registers.consumer.vic.gov.au/easearch

We at Your Australian Property are dedicated buyer’s agents focused on making your life easy when it comes to buying property. Our Buyer’s Agents will take the time to understand exactly what you are looking for and provide detailed market analysis in the area you are looking to purchase in. Whether it’s your first property or if you are a seasoned property investor, our Buyer’s Agents will take the time and stress out of property buying process. We know how selling agents work and can negotiate a better price on your behalf because we are experts in the industry and do this every day. From start to finish we will assist you with every aspect of the Property Buying Process, everything from providing a shortlist of properties and arranging inspections, to bidding on the property on your behalf and organising all of the paperwork once the property is settled.

HOW TO REACH US: Call us directly on 0418 144 644 or send us a message via our Enquiry Contact Form.

What is the benefit of using a Buyer's Agent?

WE MAKE IT EASY for you. We are dedicated to making your life easy when it comes to buying property. We take the time to understand exactly what you are looking for and also provide guidance and direction in relation to your requirements.

Whether it’s your first property, upsizing / downsizing or an investment, we will take the time and stress out of property buying for you. We love what we do and we know all the little tricks and games that can be played. We are experienced Negotiators and we can achieve a better price on your behalf because we are experts in the industry and we do this every day.

The most important thing is that a Buyer’s Agent won’t have the same emotions and inexperience that most buyers have. A Buyer’s Agent brings a level head and good solid guidance based on experience. A good Buyer’s Agent will be able to qualify what’s a good property fast and will have the ability to narrow down the field so you can act quickly and avoid buying a lemon.

From start to finish we will assist you with every aspect of the buying process

  • Communicating and dealing with your nominated Solicitor, Finance Provider, Building & Pest Inspector throughout your property buying journey
  • Search and identify appropriate properties based on your individual needs, requirements and property goals
  • Inspect and evaluate properties
  • Short list of properties
  • Property due diligence 
  • Presenting offers on your behalf to the selling agent / vendor
  • Bidding at Auction on your behalf
  • Attending Final Inspections with you

HOW TO REACH US: Call us directly on 0418 144 644 or send us a message via our Enquiry Contact Form.

How does 'Auction Bidding' work?

Auctioneers have different ways of conducting an auction. Generally, they aim to encourage as many people as possible to bid in order to achieve the highest possible price.

If the bidding has reached or is close to the reserve price (the lowest price at which the seller will sell), the auctioneer will ask the seller if they are ready to sell the property at the highest bid. If seller agrees, then the auctioneer will announce to the crowd of bidders that the property is now ‘on the market’. Bidding may continue for this property but is subject to other bidders whether they keep bidding or not. Bottom-line is that because the property has been declared ‘on the market’ the highest bidder ‘wins’ the auction and ultimately secures purchase.  

If bids do not meet the seller’s price expectations or ‘sellers reserve’, the property is then ‘passed in’ or ‘withdrawn from auction’. The highest bidder then gets ‘first right to negotiate’ a price with the seller. If the highest bidder and seller cannot agree on a price, the selling agent may approach the other bidders to try and negotiate a sale for their seller client. If the seller is unable negotiate an agreement with any of the other buyers, the property will then become a private sale listing. 

What does 'Auction Bid' mean?

The auctioneer can set the amount by which bids increase. These are called ‘auction bids’ or ‘auction bidding advances’. You can bid at the amount stated by the auctioneer or offer an alternative amount but it is up to auctioneer whether or not to accept an alternative amount.

The auctioneer may:

  1. Refuse an auction bid at any time during the auction, including when the auction hammer is falling
  2. Resume the auction at the last undisputed bid or start the bidding again, if there is a dispute over a bid
  3. Refer a bid to the seller at any time before the conclusion of the auction
  4. Withdraw the property from sale at any time.
When is the property considered ‘sold’ at Auction?

There is no legally binding contract until both buyer and seller have signed the contract of sale.

If you are the successful bidder at auction:

  • you will be offered a contract in the same terms that was on display before the auction. You cannot make the contract subject to any further conditions – for example, obtaining finance or having a longer settlement period, unless the seller agrees to them
  • you will be asked to sign the contract to make your formal offer to buy the property. The seller accepts your offer by also signing the contract
  • you must pay the deposit specified in the contract (unless otherwise agreed)
  • there is no cooling-off period.

When you and the seller have signed the contract and the deposit has been paid, the property has been sold and the sale is binding and enforceable.

The sale is then finalised at settlement when:

  • all checks have been made
  • the title and transfer documents have been exchanged
  • the balance of the purchase price has been paid.
What is 'proxy bidding' at Auction?

Using a Proxy Bidder means that you appoint a licensed Buyer’s Agent / Advocate to bid on your behalf as a buyer when either you cannot physically attend a property auction, simply feel uncomfortable or hate the stress of the auction bidding process, or have little to no experience with the auction bidding process. In order for the Buyers agent / Advocate to act as your Auction Bidding Proxy, you will need to sign an auction bidding service authority, plus provide written instructions of your maximum purchase price limit and proposed settlement term conditions, including any depot monies.

In the situation, where you cannot attend the auction yourself a Power of Attorney is required. This will allow the buyers agent/ advocate to sign the contract of sale on your behalf, without requiring you to be at the auction. Your Australian Property always recommends obtaining independent legal advice when it involves preparing a power of attorney form as they can vary. Luckily, we can recommend a very good and reliable legal firm who are extremely cost effective and highly personalised. They will provide a free review of the contract of sale and section 32 vendors statement, to make sure everything is in order, prior to the auction or private sale negotiation. They will also prepare the Power of Attorney (if required) at no extra charge, due to our current and ongoing relationship with them.

How much do Buyers Agents / Advocates cost?

At Your Australian Property, we pride ourselves on listening to our client’s needs and also providing you with complete transparency throughout your buying journey. All our Buyer’s Agents Fees are tailored according to each customer’s specific requirements. Prior to commencement, we meet with you on a ‘one-on-one’ session to discuss your individual needs and agree on the appropriate fee based on the services provided.

Buyers Agents / Advocates versus Selling Agents

The difference is simple. Buyers Agents / Advocates are paid to represent the buyer only, finding the right property according to their client’s specific requirements, and then negotiating price with the selling agent to ensure the right price is paid. Whereas, Selling Agents are paid to represent the seller to secure the highest possible price from the buyer, and is more motivated about securing a transaction rather than worrying about whether it’s the right property or not for the buyer!

How long will it take to buy a property?

Our successful track record representing clients just like you shows virtually all our Clients buy the RIGHT PROPERTY at the RIGHT PRICE within 60-DAYS of signing up with us. If your time-frame is urgent let us know at your first meeting and we can accommodate that.

Will you help with the paperwork?

Whether the sale is off-market, private sale, auction, expression of interest or tender process, Your Australian Property Buyer’s Agents negotiate the best price and terms for your purchase and help you with all the paperwork including the Section 32 and contracts. Our Buyer’s Agents will assist with coordinating the settlement process along with your conveyancer / solicitor and can recommend a lawyer if you wish to seek legal advice prior to purchase. We can also act as your Power of Attorney at no extra cost, if required.

Do you conduct building inspections?

We can coordinate the services of a building inspector of your choice to arrange a building inspection and report on your behalf if you wish.

How do I know I’m not overpaying for a property?

Comprehensive Property Due Diligence is undertaken on your selected property – we analyse comparable sales, current market conditions and future price growth potential within the locality. Drawing on their years of experience and our sophisticated software, our Buyer’s Agents prepares a detailed Report highlighting the strengths & weaknesses of your selected property, allowing us to propose a realistic estimated buying range so you can buy with confidence.

What makes you different from other Buyers Agents?

Quite simply, our Buyer’s Agents are totally dedicated to ensuring your property buying experience is enjoyable, exciting and stress-free, and above-all you have a fun and rewarding customer experience. Clients can track every step using our Online Property Tracker to keep up to date with our progress in real time. You can have as little or as much input as you like. And of course, the biggest benefit of our Buyer’s Agents Service is that Your Australian Property will continue to inspect, evaluate and negotiate on an unlimited number of properties within an agreed time-frame.

You’ll be impressed by our Buyer’s Agents in-depth knowledge of the Melbourne Property Market. Head over to our ‘Reviews’ page to read our clients stories and watch what our clients have to say about us.

What does the term ‘On the Market’ actually mean?

‘On the Market‘ and ‘Reserve Price‘ are fundamental terms to know when bidding at Auction. A Reserve Price is a minimum Price a seller is willing to accept from a buyer. During a 4-week Auction marketing campaign, a seller is not required to disclose their Reserve Price to potential buyers prior to the Auction.

A property is sold ‘under the hammer’ at Auction only once bidding is at or close to Reserve Price (the minimum price a seller is willing to accept from a buyer – the auctioneer will declare the property ‘On the Market‘ and it will be sold to the highest bidder.

If the Reserve Price is not met, the seller is not required to sell their property, even to the highest bidder. If bids do not meet the seller’s price expectations or ‘Reserve Price’, the property is then ‘passed in’ or ‘withdrawn from Auction’.

While our Auction Bidding Strategy is to bid at least once at the start, a property going ‘On the Market’ is the most important step during the Auction. Buyers should not be scared to ask the question “is the property On the Market?” Once auctioneer declares property is ‘On the Market’, you’re playing for keeps and that’s when Your Australian Property ups the ante and bids strongly and aggressively at the Auction.

HOW TO REACH US: Talk to our team today about how our experienced Auction Bidding Strategists can save you far more than our fees. Call us directly on 0418 144 644 or send us a message via our Enquiry Contact Form.

Should I have an Auction Bidding Strategy?

Buying at Auction can be intimidating if you have never attended a property Auction before. Maybe you’ve heard all the obvious advice about property Auctions. For example, someone may already have warned you to ‘decide on your maximum bid before the Auction starts’. But what about bidding at Auction strategies and tactics that can actually help you gain an edge over competitors come Auction day?

Ultimately, success comes down to how much you are willing to pay for the property, but there are ways to give yourself the best chance of WINNING. Here are 6 tips for buyers to help them get the winning bid at Auction. They are:

  1. Do your research and due diligence
  2. Write down your upper limit
  3. Commit to a bidding strategy
  4. Does body language matter?
  5. Take the emotion out of Bidding

We at Your Australian Property are professional Auction Bidders who have over 30 Years of Experience using Innovative Auction Bidding Strategies to get the WINNING BID!

HOW TO REACH US: Talk to our team today about how our experienced Auction Bidding Strategists can save you far more than our fees. Call us directly on 0418 144 644 or send us a message via our Enquiry Contact Form.

How does Buyer's Agent determine market value?

Engaging a Buyer’s Agent adds yet another layer of protection by analysing the data, negotiating on behalf of the purchaser and ensuring they make an informed decision rather than an emotional one. The buyers’ agents have access to real time data with the most recent sales and suite of other historical databases and predictive reports. Knowledge and information is power, especially when it comes to having access to sales data information! Buyer’s Agents have access to confidential sales data at its fingertips from state of the art technology.

The first thing that a licensed Buyer’s Agent does is understand what the property is worth. They look at comparable sales within the same locality or suburb. After property due diligence has been completed, the Buyer’s Agent will know what the property’s estimated buying range is and can move forward and negotiate with confidence. It also helps you determine the best purchasing strategy on how to negotiate on a property. It helps you determine the best strategy on how to negotiate on a property. A good relationship with a selling agent can assist with inside knowledge and help with the negotiation by previewing properties before listing and understanding the real price the vendor wants. Why? Typically, a selling agent prefers to deal with a Buyer’s Agent they know and trust, versus a buyer who they have never seen before, because they are more confident, they will make the sale. 

At Your Australian Property, we offer comprehensive end-to-end support from identifying and analysing your selected properties to dealing with selling agents, attending property inspections, purchase negotiations and / or auction bidding on your behalf. 

HOW TO REACH US: Call us directly on 0418 144 644 or send us a message via our Enquiry Contact Form.

Do you work with Interstate or Overseas Buyers?

YES. Your Australian Property have a great deal of experience working for buyers who do not live in Melbourne. Interestingly, many of our Interstate or Overseas Clients have never met us in person, but we have seen each other face to face via Skype or Zoom. We also understand issues like time-zones and arranging such matters as a Power of Attorney. Anyway, the great news is that we do have the property expertise, tools and systems in place to ensure you achieve a successful home or investment purchase!

With a network of over 500+ Real Estate connections across Melbourne, Your Australian Property becomes your direct link to Off-Market or Pre-Market Properties, private listings and receiving access to the best properties before they even come onto the market. Today, approximately 25% of the properties our Melbourne Buyer’s Agents buy for our clients, across all prices, are bought Off-Market as a result of WHO We KNOW in the real estate industry. 

Your Australian Property is continuously purchasing a wide range of properties All Over Melbourne for its clients, from studios and apartments through to multi-million dollar homes or commercial properties, including: 

  • Prestige Buyers
  • First Home buyers
  • Local, Interstate or Overseas Buyers
  • Expatriates
  • Property Developers
  • Residential & Commercial Property Investors
  • Self-Managed Super Funds (SMSF) & Large Corporations

Additionally, Managing Director & Founder Zac Newbold has a real zest and passion for property over many years, as he lives and breathes the Melbourne Property Market! Zac has developed a number of specialised tools aimed at providing his clients with objective information so they can make informed and successful property decisions.

HOW TO REACH US: Call us directly on 0418 144 644 or send us a message via our Enquiry Contact Form.

How To Reach Us For Further Information:

Simply call us directly on 0418 144 644 or send us a message via our enquiry contact form.

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