Three Questions You Should Ask Your Buyers Advocate Before Engaging Them
Frank Valentic shares three questions you should be asking your buyers advocate to ensure that you choose the right person for the job.
Purchasing a property is no small undertaking which is why I truly believe in my role as a Buyers Advocate. The vendor is represented in their sale so why shouldn’t you, as the buyer, have someone working on your behalf? During my client meetings, I am still surprised by some of the common questions I get asked but more so, I am surprised by the questions that are not asked as frequently as they should be. So from the perspective of an experienced Buyers Advocate with over eighteen years’ experience I compiled the three questions I believe you should be asking your Advocate when you meet with them to ensure you choose the right person for the job!
Do you have a property portfolio?
I do not get asked this question enough, the reality is while it is great buying property for other people, there is nothing like having some skin in the game so to speak. I believe I am great at buying for investors because I have been a property investor myself for twenty-three years and I come from a place of not just professional experience but from personal experience in building a large successful property portfolio.
Are your fees negotiable?
The reason for asking this is probably not what you are initially thinking, over the past eighteen years since I started my business the landscape of the Buyers Advocate industry has changed immensely and the number of new Advocates has increased, often meaning that they offer low fees due to their limited experience. Like most things in life, you pay for what you get and an Advocate who drops their fees at your first request will not be an Advocate who will push hard for you when they are negotiating on your final purchase price.
Do you have a team?
Some businesses solely focus on the purchase only, which is all well and good but there are many contributing factors that bring together a successful purchase. All too often opportunities can be missed simply through lack of understanding of some particular details. It is great to engage someone who has experts working alongside, such as a Leasing Consultant or an Owners Corporation Manager whose expertise can assist you not just during a property purchase but after settlement and beyond.
Most experienced Buyers Advocates will be able to answer these questions comfortably and as the old saying goes, you get what you pay for. If you pay peanuts you get monkeys and a property purchase is no time to monkey around and achieve poor results.