Should I Use A Buyers Agent?
If you are not 100% sure of how to buy a property, abuyer's agentcan do all the difficult work for you, from property selection to negotiation.
Buying a property can be a daunting task because of all the time, effort and research involved. That’s why more people than ever are turning to buyers agents to handle all of the hard work.
A buyers agent is your personal representative who researches and finds the right property, negotiates the best deal and guides you through the whole buying process.
What is a buyers agent?
Buyers agents are experts in the property market and do everything from locating and evaluating a property, to negotiating and buying on a buyer’s behalf.
They are licensed professionals who act on behalf of a buyer. They are different from vendor advocates and selling agents because they do not sell or acquire any property.
They are not legally allowed to accept a commission from both the buyer and the seller, and they charge a fixed, upfront fee.
Their goal is to inform a buyer as best as possible and present them with the best possible options for purchase. They work closely with buyers to ensure they reach their purchasing and/or investment goals.
The services a buyers agent offers can vary based on need. A buyer can request a complete search and purchase, or stand-alone services such as auction bidding or property evaluation.
An experienced advocate with knowledge about the property market and the purchasing process is an invaluable resource that will make your life a whole lot easier.
A good buyers agent should work closely with you and ask you about what your long and short term goals are with this purchase.
Is a buyers agent really necessary?
For the fee of a buyers agent, you are saving yourself the trouble of learning some of the most common mistakes that many buyers make, such as:
- Buying the wrong property and experiencing little or no capital growth
- Paying too much for a property because they did not have the right information
- Falling prey to hidden fees and costs when buying a property
The buyers agents fee is much less than the cost of learning these lessons the hard way!
Using a buyers agent gives you access to years of experience and expertise and saves you the trouble of making costly and irreversible mistakes.
The secrets that only buyers agents know
Buyers agents have a wide perspective of the property market because of their years of experience. This means they know the tricks of the trade and little things that will save you money and get you a better property.
By using their knowledge you can cash in on secrets such as the fact that some properties are worth as much as 15% more than others on the same street, simply because it has a better view! Or that properties closer to a main road are less valuable than others.
Getting an overview of the market is pretty easy these days, and anyone can do it on the internet. But it’s the little things – the things that make the difference between a good property and a great property that are harder to see and take years of experience to learn.
Qualities of a good buyers agent
The main goal of a buyers agent should be to provide you with quality, unbiased advice, and help you buy the perfect property for your needs. Here are some things to consider when looking for a buyers agent.
- They work for you
You pay them, and they should not receive commissions for anything else. They should not have any special interest in particular properties and should provide you with a shortlist of selected properties that meet your criteria.
- Using an agent will save you money
Look for agents that charge a flat fee. This means you pay them once, and they will work for you until they find a property that you are happy with.
- Research tools
Buyers agents should have detailed statistics on properties from all the major markets in Australia. They will be accessing data on market trends, sales history and other factors that will influence future property values.
- Save time
Buyers advocates do the work for you, so you can focus on your career and family life. Your job is to inspect the shortlists they provide and choose a suitable property.
- Extensive experience
A buyers agents experience should extend beyond just buying. They should have experience in other aspects of the property market such as selling, vendor advocacy or even property management so they can provide you with well-rounded advice and steer you away from the common pitfalls involved with buying a property.
- Tailored results
They should tailor their search to your needs and goals so that their advice is personal to you.
- Stress-free process
Buying shouldn’t be a stressful process once you have an agent working for you. Their job is to streamline the process and make it hassle-free. They should also help you organise the relevant support services such as solicitors, mortgage brokers, building inspectors and insurance brokers.
Don’t go at it alone
If you want to find the right property for your purposes then hiring an experienced buyers agent to guide you will make the whole process a lot easier. Using them for their experience and expertise will save you time, money and a lot of stress, and will leave you with a sense of confidence.
Buyers agents help everyone from first home buyers to property investors managing over 30 properties, so don’t hesitate to contact one, whatever your circumstances are. Whatever your property goals are, there is a buyers agent out there to help you achieve them!
Article by: Benjamin Peska