The Homebuyers’ Secret Weapon – Having a Buyer’s Agent on your Side
Buying a home is normally a major experience, filled with excitement, pleasure and pride. However, in many cases without professional guidance, stress and fear can consume much of your precious time, money and energy. Choosing the right property for you or your family comes down to knowing what you need, what you can afford and knowing exactly what’s available at the time you are ready to buy. Many purchasers feel the market is stacked in favour of the vendors because that’s who the agents work for, which is why more and more home buyers are turning to buyers’ agents or buyers’ advocate for help. Selecting a good buyers’ agent helps level the playing field and at Your Australian Property we’re recognised as leading Buyers’ Agents and property strategists. It’s a great feeling having an experienced agent on your side levelling the playing field, rather than working for the seller. So let’s find out a bit more about this interesting breed (or class) we call buyers’ agents. What is a buyers’ agent? A buyers’ agent or buyers’ advocate is the opposite of a sales agent, because they work for and are paid by the purchaser. They are licensed real estate agents and their job is to work for you the buyer and protect your interests. A buyers’ agent helps you buy the right property for your specific needs, at the right price, with the right terms and deliver unbiased advice. Why pay money for something you can do yourself? Great question… I’ll give you 5 reasons a good buyers’ agent will help you:
- Their research saves you money– they know what’s really going on in the property market – after all that’s what they do all day long.
- Their skills reduce your stress. Buying a home or investment property can be extremely stressful. It’s emotional, exhausting and sometimes really discouraging. A buyers’ agent’s job is to make the process as hassle free as possible for you.
- Their industry knowledge levels the playing field– selling agents are not your friend, they represent their client – the vendor.
- Their industry contacts widen your options– they have access to every property for sale and a good buyers’ agent even has access to “off market sales” or silent that you may never find out about.
- Their experience saves you time– and time is one of your most precious assets. Using a buyers’ agent will give you back your weekends.
Why doesn’t everybody use a buyers’ agent?
Actually, many people do, especially those living overseas. In Sydney, Melbourne and Brisbane the numbers are growing and we have seen estimates that up to 1 in 5 buyers now use an advocate or seek independent professional advice.
Why can’t a sales agent help me?
A sales agent must act in the best interests of their client – the seller or vendor. They do not and should not, work for you – the buyer. We know some sales agents would like to work for both sides and have it both ways, but when you think about it, they cannot possibly do both effectively as this would create a clear conflict of interest.
How do I find a good buyers’ agent
Not all buyers’ agents are the same. Some are definitely better than others. Here are some questions you could ask your buyers’ agent before engaging them:
1. Are you a fully licensed real estate agent? Avoid someone who doesn’t hold a real estate licence and hasn’t at least ten (10) years’ experience in the real estate industry. There are many people calling themselves a buyers’ agent/advocate who are not a licensed estate agent. Don’t risk putting what could be one of the largest purchases of your life in the hands of somebody who hasn’t had the years of experience necessary to negotiate on your behalf. And don’t be tempted to engage somebody because they offer lower fees. If they provide great service and add real value for their clients, they wouldn’t have to win new business by offering low fees.
2. Are you a dedicated buyers’ agent? Or are they just a division of a real estate agency or do they have an established business, business address and website you can visit with a social media presence. They can’t offer a high standard of service when searching and negotiating for properties for their clients unless they are dedicated professionals focused on the process.
3. Do you specialise in the geographic location and the price range I am looking at? The buyers’ agent should have a strong track record of buying in the area you are looking at purchasing in otherwise we suggest you don’t engage their services. Don’t be shy to ask them for results of recent purchases in the area you are looking to buy in.
4. Do you have access to “Off-Market” sales? Many properties that are sold never hit the public market. It is imperative that your buyers’ agent has a wide network of personal relationships with real estate agents in the area you are looking at purchasing in. As soon as properties come up for sale you should have access to these before they go on sale to the general public.
What do I pay a buyers’ agent? Generally, buyers’ agents charge a registration fee and will then charge a success fee when they find the right property for you and have successfully negotiated the purchase on your behalf. This can be a fixed fee but it can also be a percentage of the final property purchase price. Their fees should cover:
- All communications and meetings with you.
- Searching for a suitable property including messaging and meetings with agents.
- Use of their software and research databases.
- Evaluating properties to ensure they suit your requirements.
- Preparation of detailed property reports to help you evaluate the properties recommended to you.
- Communications with your finance broker, solicitor/conveyancer and accountant.
- Referrals to any appropriate consultants such as finance, accounting and legal professionals as requested.
- Arranging further due diligence checks – including strata, building and pest inspections as required (you will be required to pay for these separately).
- Execution of strategies to purchase the property for you at the best price and then negotiating your property purchase.
- Checking final contracts.
If you are considering purchasing a property in the near future, why not employ this great secret weapon and get Melbourne’s premier property buyer’s agents on your side, working for you and not the seller? Have a chat with the team at Your Australian Property and find out why we’re seen as Melbourne’s leading Buyers’ Agents and property strategists. Now is the time to take action and set yourself up for the opportunities that will present themselves as the market moves on If you’re wondering what will happen to property for the rest of 2020 and in 2021 you are not alone. You can rely on the team at Your Australian Property to provide you with direction, guidance and results. In the challenging times we are currently experiencing you need an advocate you can trust, who takes a comprehensive approach to your wealth creation and that’s exactly what you get from the team at Your Australian Property. If you’re looking at buying your first home, next home or investment property here’s 4 ways we can help you:
- Strategic property advice. – Allow us to build a Strategic Property Plan for you and/or your family. Planning is thinking about the long-term consequences of the decisions you make now! This will give you direction, results and more certainty. Click here to learn more
- Buyer’s Agency– As Melbourne’s most trusted buyers’ agents we’ve created wealth for many of our clients and we can do the same for you too. Our on the ground teams bring you years of experience and knowledge – that’s something money can’t buy. We’ll help you find your next home or an investment grade property. Click here to learn how we can help you
- Auction Bidding– we use innovative strategies to take the stress out of Auction Bidding to secure the Winning Bid at Auction. Click here to learn more
- Off-Market Properties – through our 500+ Real Estate Agency Network we give you access to Off-Market and Pre-Market Properties other buyers don’t get to see. Click here to find out
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.