Many houses are sold by real estate agents who are appointed by the vendor. They can list the property to online marketplaces. Agents’ organise inspections, negotiations and offer processes on behalf of the vendor. Their incentive is to help the vendor achieve the highest and best price, which may not be of benefit to the purchaser.
If selling agents are professional practitioners trained to assist the vendor in achieving the best price and result.... who helps the buyer?
For most buyers, it takes them on average 3 to 6 months before they are able to purchase a property. First home buyers may have limited knowledge when they enter the market due to the endless choices of what to purchase. Investors are flooded with information. Houses, townhouses, apartments, house and land, vacant blocks... What is the best option?
Most people end up buying the easiest option because sometimes it is too difficult.
This is when mistakes are made due to lack of knowledge in the purchase process.
Does this sound familiar?
Inspections every weekend? organising locations, types of properties, how to buy and negotiate, contemplating what price, or whether to wait? What is a good price? What is due diligence? Is the property situated in a flood area? Does it back onto housing commission units? Auction? Private sale? Expression of interest? You may miss out a couple of times or ... you may get lucky, or... you may buy a lemon and don’t realise it.
This is where Buyer’s agents can help:
Unfortunately, most buyers are not aware that there is a growing sector in the industry of buyer’s agents. They are professionals and many of them come from a valuation, sales, and investment background. Similar to a sales agent who assists the vendor. A buyer’s agent assists the purchaser to obtain the best outcome.
Why should you use a buyer’s agent?
It is in your best interest to use one as they have inside knowledge and buying a home is one of the most important purchases of your life, even when investing.
1) Save your time from researching or understanding the market
Buyer’s agents know their local market and will track it continuously in order to alert you to the best buy or any possible red flags. They understand what to look for and how to identify good quality assets. If you are looking for an investment property a buyer’s agent will give you historical data and explain different strategies to assist you in buying, either interstate or locally where there may be more value long term and better market returns.
2) Market value vs price
A buyer’s agent will provide you with real market value recommendation based on comparable evidence. This may lead you to higher returns.
3) Unlocking off market options & insider knowledge
Most buyers’ agents will have access to off market stock. They understand the industry and the other side of the transactions. They have access to information that a sales agent may not disclose.
4) Legal, contracts & top negotiations
A buyer’s agent will negotiate on your behalf as they understand the process and legal requirements.
5) Teamwork
Buyer’s agents can make your life easier. They can connect you with other professionals in the industry whether it be; lawyers, building inspectors, pest control and tradesmen.
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