5 reasons to engage a buyers agent for your next investment property purchase
Buyers agents. Who are these mystical creatures and what exactly do they do? If you're planning to invest in property, the benefit of engaging a buyers agent is worth considering.
Buyers agents. Who are these mystical creatures and what exactly do they do? We’ve all heard of real estate agents, but the term ‘buyers agent’ tends to be an unfamiliar one for first-time homeowners. If you’re planning to invest in property though, it’s something that should be at the forefront of your mind to assist you in the process.
Buyers agents are not real estate agents who sell properties. A buyers agent is a licenced real estate agent who is engaged by a property buyer to find the most suitable properties and negotiate on their behalf.
Generally, a buyers agent will offer two types of service. The first is a full service, where they’ll navigate the entire process of buying a property, from the initial research, right through to the final negotiation and settlement stages. The second service option is to purely bid at a property auction or negotiate a good buying price on your behalf.
Whether you’re buying a home to live in or for investment purposes, house hunting comes with a jungle of paperwork and hair-pulling moments. The process is an exciting one, but it’s also complex and can be stressful. This is why having a professional buyers agent by your side is a smart investment. Here are a few key advantages to consider:
1. Benefit from their expert advice
Buyers agents are specialised in separating the sales hype from fact. They know the industry jargon and how the property market works, with expertise in finding a good property aligned with your investment strategy, or search criteria. With their expertise comes access to a wider range of properties – ones which you may not stumble across if you were doing the work yourself. Engaging with these expert property investment services provides you with the right advice at the tip of your fingertips, in a language that you can understand.
2. They’ll do the hard work for you
Time poor, executive-type baby boomers can benefit greatly from a buyers agent because they’ll handle all the hard work for you. Research (and a lot of it, too) plays a pivotal role in finding the perfect investment property for your needs. Exploring the various opportunities can be exhausting and extremely time-consuming. And without the right knowledge, it’s easy to miss out on options which could be the ultimate fit for your investment strategy.
A buyers agent will handle all of this for you, saving you huge amounts of time. The time that otherwise would have been spent sifting through the internet, calling agents and trekking around to multiple home opens. This freed-up time is invaluable for those of us who live busy lifestyles. Thus, any stress associated with the research stages of property investment is generally eliminated.
You can then shift your focus to the properties which are the most likely to tick your boxes. A buyers agent makes your best interests their priority, helping you to stay ahead of the competition and locate a suitable property at a favourable price.
3. Bidding and negotiating
Price. It’s always a big deal and not all of us have great negotiation skills to fight for the best one. Buyers agents have the expertise and experience to bid and negotiate successfully. They understand the auction process. If you decide to go down that path, and they have the emotional detachment required to secure a good property at the right price. Negotiation and bidding processes can be mentally exhausting, but the stress and headaches can be prevented by engaging a professional to represent you. Being supported throughout the process is important. A good buyers agent will ensure you get a great buy and most likely save you money.
4. Investing know-how
Buying an investment property compared to buying a home to live in comes with key differences. And if it’s your first purchase, it’s very easy to get the two mixed up. By engaging with a buyers agent, you can tap into their investment knowledge. They will keep you on the right path with your purchase, reducing your risk of making an ill-informed investment decision or an emotional buy. Through their experience in analysing the market and identifying the locations with the best opportunities for capital growth, you’re in a better position to secure an investment property which could be the start of a successful investment portfolio.
5. No need to worry about property viewings
When you’re hunting for a property, a lot of time is spent at home opens. Say goodbye to your weekends, because they’ll be spent racing from one home to another to see its potential in the flesh. If you’re unfamiliar with the areas in which you’re searching, this can add to the time consumption of the process too. Buyers agents don’t just support you through the buying and research process, but all the running around that goes with it too.
They'll conduct the property inspections for you and narrow down the options, so you only need to view the strongest contenders, rather than everything on the market which could potentially match your search criteria.
The biggest advantage of engaging a buyers agent is that it’s the quickest and most effective path to finding the home of your dreams or the perfect investment property for your strategy. Too often, decisions with big investments are clouded by emotion. Research stages can be skimped on due to lack of time and budgets can be stretched to something that isn’t financially manageable due to emotional pulls. But with the right buyers agent, your purchase will be an expertly informed decision, made with all the relevant facts and options to set you up for a successful investment future.