10 TIPS TO FIND THE BEST BUYER’S AGENTS IN MELBOURNE
1. DETERMINE THE BUYER’S AGENTS EXPERIENCE
Buyer’s Agents assist you throughout the entire buying process. A top-rated Buyer’s Agent should have extensive real estate connections and access to Off-Market properties taking the stress and risk out of purchasing. Engaging a Buyer’s Agent adds immense value to owner occupiers and investors by fully supporting, protecting and representing your best interests in a professional and independent manner.
Using a Buyer’s Agency can save a buyer considerable money on a purchase and enhance a buyer’s overall buying experience provided the buyer chooses the right Buyer’s Advocate for them. Therefore, it is important buyers understand how to assess a Buyer’s Agent based on their experience.
Buyers should look for the following when appointing a Buyer’s Agent to represent them in a purchase transaction:
- A minimum of ten (10) years’ experience of the buying and selling process in the wider Melbourne real estate across all price points. A Buyer’s Agent who is only familiar with your local area will not be the best choice for buyers. In particular he/she should be a Licensed Agent for at least 10 years.
- The Buyer’s Agent extensive buying and selling experience will provide you with expert, objective real estate advice, help you source properties and negotiate your purchase transaction. A Buyer’s Agent who has previously worked as a selling agent will understand and can relate to how selling agents operate a must when it comes to putting their client in a strong position when representing them in negotiations.
- The Buyer’s Agent should live in the Melbourne area and have a thorough understanding about the ‘ins” and ‘outs’ of the wider Melbourne Property Market. Let’s be honest, nothing beats the knowledge and experience of a Melbourne resident.
2. ASK FOR THE BUYER’S AGENTS CREDENTIALS
Buyer’s Agents or 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
3. ASK ABOUT THE BUYER’S AGENTS NETWORK
Exceptional Buyer’s Agents have access to an extensive real estate network. Not only are they well-connected they are also RESPECTED amongst the wider Melbourne real estate industry. A good Buyer’s Agent will have many peers who respect the way they do business and be in a position to put you in front of more properties than what the average buyer will see. Well-connected Buyer’s Agents often receive the best properties first and can get their clients an inspection as a priority over other buyers. They are also privy to Off-Market properties and secret listings. A great Buyer’s Agent is a well-connected Buyer’s Agent.
4. ASK ABOUT THE BUYER’S AGENTS RECENT RESULTS
Buyers should ask Buyer’s Agents to produce examples of recent results achieved for clients they have represented. These results may include how the Buyer’s Agent saved the client money, how the Buyer’s Agent was able to source the best property for the client or detailed sales analysis of past and future capital growth. If the Buyer’s Agent cannot demonstrate real results, it may be a red flag that this Buyer’s Agent will not be able to provide value for their professional fee.
5. ASK FOR REVIEWS FROM PREVIOUS BUYER’S AGENTS CLIENTS
It is always a good idea for buyers to ask about the Buyer’s Agent’s past clients and the experience they had with the Buyer’s Agent. Buyers should never be afraid to ask to be put in touch with previous clients so they can learn about that buyer’s experience first-hand. If the Buyer’s Agent refuses or is reluctant to put a potential client in touch with a past client, you should be sceptical.
Remember, raving fans trump awards when it comes to real estate and property professionals. Buyers should be wary of Buyer’s Agent who boast about winning awards because most of the time, these awards are in-house, self-nominated and are not based on actual client experiences.
Here’s where our friend Google plays a role in helping to select the best Buyer’s Agent in Melbourne. Do a Google search on the Buyer’s Agent business and check their online reviews. Be sure to dig a little deeper and see if you can find any negative reviews or negative feedback online. When reading online reviews, be on the lookout for genuine reviews as opposed to friends and family of the Buyer’s Agent who have simply posted a 5-star review to boost the online reputation of the Buyer’s Agent. The Buyer’s Agent will usually have client reviews or testimonials on their website. Buyers should inspect these carefully and ask the Buyer’s Agent to put them in touch with at least three (3) of the clients who have reviewed the Buyer’s Agent online to check they are in fact authentic reviews.
7. ASK ABOUT THE BUYER’S AGENTS FEES
Finding out a Buyer’s Agent fees is crucial. Some Buyer’s Agents charge a commission as well as an upfront fee and it is important buyers are clear on what the fees are and when they are payable. Some Buyer’s Agents charge a fixed fee as opposed to a commission rate. Ask about the difference between the two and why the Buyer’s Agent charges the way they do. Some tailor their fee to your requirements. Remember, you are looking to appoint a Professional, so don’t just appoint a Buyer’s Agent because they have the lowest fee. This can be a sign that their service is not as comprehensive as you might think. Be sure you are comparing apples with apples and not apples to oranges. As the saying goes, you get what you pay for.
8. FIND OUT IF THE BUYER’S AGENT RECEIVES FINANCIAL INCENTIVES OR KICK-BACKS
A Buyer’s Agent who receives financial incentives or kickbacks from third parties MUST disclose these to you upfront before you sign with him / her. Buyers need to ask this question because it can determine how independent the Buyer’s Agent really is. If a Buyer’s Agent is receiving an incentive or a kick-back from another party (for example a builder, developer or another real estate agent), they may not be working in the buyer’s best interest. This is a huge red flag for purchasers who are looking for unbiased, independent property advice as to which property is best for their individual situation.
9. FIND OUT ABOUT THE BUYER’S AGENT BUYING PROCESS
Buying a property is a complex task and can be stressful for the purchaser. An experienced Buyer’s Agent will be able to show the process they use to ensure that you buy the Right Property at the Right Price. Better still they should have an easily understood Flow Chart for you to follow their process. You should also make sure the Buyer’s Agent isn’t going to redirect you to a less experienced worker that is part of their team. Many of the larger firms do this. If you are the type of person who doesn’t like the idea of being redirected to lower level staff within a firm and you prefer to work one on one, you may need to rethink which Buyer’s Agency Firm is best for you. The Buyer’s Agent should be able to demonstrate to you in a step by step format how the buying process is managed on their end and what value they are adding to your purchase at each phase in the process.
10. ASK WHY YOU SHOULD USE THEM INSTEAD OF A COMPETITOR
This is a great question for buyers to ask. A good Buyer’s Agent will be able to promptly explain to you their unique value and how they differ from other Buyer’s Agents in the market. If their fee is higher, ask them to justify it in a way that gives you confidence they will deliver the result you are looking to achieve with your purchase. Make sure you ask this question in person or over the phone so you can gauge the Buyer’s Agent’s tone of voice and authenticity in what they are telling you. You will be easily able to spot a great Buyer’s Agent because you will get a sense if they are in it for the clients and not the fee. Emailed replies to this question can be manufactured to suit and will be difficult to determine how genuine the Buyer’s Agent is. If they can’t be bothered phoning you at this stage what sort of communication will you get from them moving forward if you decide to engage their services?
Your Australian Property lives and breathes property and knows the Melbourne Property Market! We at Your Australian Property 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. Our Independent Buyer’s Agents in Melbourne, will take the time to understand your situation and work out what your individual needs, specific requirements and property goals are, so we can begin searching for your next property. To get in touch with us today, please complete our Enquiry Form so we can discuss your objectives and outline our process in clear and simple terms.