There is a common misconception that real estate agents only represent sellers, but did you know you can actually hire a professional specifically for buying?
Many time-poor Australian’s are increasingly turning to buyer’s agents instead of dealing directly with real estate agents when purchasing a home or investment property, similar to the model adopted in the US for some time now.
Buying property is one of the most important investments you will ever make in your life, so ensuring you have a good understanding of the property industry and having someone working for YOU, looking after your best interests, surely makes sense. Whether this be a real estate agent showing you their available stock, or a buyer’s agent looking at options across the market, it’s up to you and your needs.
So, what is a buyer’s agent?
Well, just like normal real estate agents, they are licensed professionals trained to work for you and act on your behalf when purchasing a property.
Why use a buyer’s agent?
One of the main reasons you might use a buyer’s agent is to take the stress and pressure off researching, locating, assessing and negotiating the purchase of a property by having a licensed professional do it all for you. Some of the best buyer’s agents can actually help you refine what it is you are looking for by asking great questions and having a genuine desire to help you reach your property goals.
Before getting into an arrangement with a buyer’s agent, consider what is most important to you, so you can make your objectives clear from the outset. Is it saving time, finding the best long-term investment, getting the best possible price/deal or finding a home that meets yours or your family’s objectives? Clarity is key here.
What are the main advantages of using a buyer’s agent?
Searching – It can be a time consuming and tedious process searching both offline and online for on the market properties. Hiring a buyer’s agent means you will have an experienced team searching all possible avenues, both on market and off market. Buyer’s agents also tend to have relationships with local real estate agents, which means they may be able to get access to properties being sold off market. This is very, very common.
Knowledge – A buyer’s agent should have a rich understanding of the local area. They live and breathe the local community, and their expertise in the property industry should ensure you get the best outcome when purchasing a property.
Research – Buyer’s agents can source the right property based on your needs. Whether you are a home owner or an investor, they will assess the market value and analyse potential capital growth and/or rental yield for you. They will also eliminate options that simply don’t fit your brief. It’s this investment in research that can save you valuable time.
Negotiation – Buying property can be a highly emotional decision. A buyer’s agent can take the emotion out of negotiating and obtaining the best terms of sale for you. Emotions are important but sometimes they can get in the way of solid commercial decisions that are in your best interests. Having an experienced negotiator on your side who knows how to read body language at auctions or make effective and intuitive offers will work in your favour.
Due Diligence – Buyer’s agents often manage the due diligence involved in purchasing a property and they may also be able to introduce you to a reliable conveyancer and broker as well as arrange pest and building inspections.
How to find the right fit for you?
Take the time to get to know your options with buyer’s agents. Like real estate agents, there are some you will gel with and others you won’t. You are going to be working with this person closely on a very important deal and the conversation won’t always be what you want to hear, so trust is imperative in forming a great professional working relationship.
Understanding whether a buyer’s agent specialises in a niche area of the market is important. Many work in specific niches or for specific clients such as investors versus owner occupiers or apartments versus houses or development properties. Some have even developed excellent connections with local schools or various communities, and it’s these ties that could see you access property opportunities normally not available to you. This is a huge value add and well worth considering when determining which buyer’s agent is the right fit for you.
Do you need this service yet?
Not everyone needs this service straight up, with many buyers developing close relationships with real estate agents. A good real estate agent should be offering to assist you as a buyer regardless, and for many this attention generally ends up in the acquisition of the right property.
Make your buying profile known, communicate regularly with an agent you trust and get on well with, make the steps to be finance ready and even go as far as narrowing down streets/or pockets of suburbs you ideally want to buy in as chances are that agent has appraised homes for clients who may consider selling to you off market.
The Craig Lea Team puts a lot of effort into these buyer relationships along with relationships with the best buyer’s agents in town. So, if you are unsure to what extent you need assistance with finding the right property, get in touch with the Craig Lea Team and we can put you in touch with the right buyer’s agent for your needs.