I’m seeing more clients coming to me asking about buyer’s agents recently.
What is a buyer’s agent, what does a buyer’s agent do, should I be using a buyer’s agent?
If you’ve heard the term on shows like ‘The Block’ but are unsure of exactly what a buyer’s agent is, then this is for you.
What buyer’s agents do
When house hunting, many buyers feel that finding a suitable property is the hard part, but this is just the first step.
The main challenge is not finding a property, it’s actually buying it. This is where the hard work begins.
In order to complete the purchase, and avoid making costly mistakes a lot needs to happen in a very short period of time. Often anywhere from 1-7 days, including:
- Knowing the property’s true market value and making correct offers
- Negotiating with experienced sales agents
- Competing with other buyers in a hot market
- Organising pest, building and strata inspections, and knowing what to look for in these reports
- Pre-auction offers and bidding at auctions
This is where an experienced buyer’s agent can add a lot of value, saving the buyer time, stress and money.
In a game that often feels stacked against the buyer, it’s no surprise more people are turning to a buyer’s agent to help level the playing field in the property market.
7 Ways a buyer’s agent can make the property buying process easier
An experienced buyer’s agent can assist with any or all steps in the property buying journey, including:
- Needs analysis: working with you to help define the ideal property for your needs.
- Property Search: utilising online and off market access through their networks to find properties that match your specific requirements.
- Accessing Off-Market Properties: experienced buyer’s agents have extensive networks, and relationships with local real estate agents. This means having access to properties before they hit the market. Many of the best properties never even get listed publicly.
- Property Inspections: a buyer’s agent can inspect properties on your behalf and provide their expert opinion.
- Property Appraisals: forget about auction guides and list prices, an experienced buyer’s agent will use their local knowledge, backed with the latest property data to accurately advise on what a property is actually worth.
- Negotiation and Bidding: a buyer’s agent can negotiate with the selling agent on your behalf to secure your property. If the property goes to auction, your buyer’s agent can bid on your behalf, eliminating stress and emotional decisions.
- Project Management: generally, after the contract is signed, the bulk of the buyer’s agent’s work is complete. However, buyer’s agents will continue working closely with your mortgage broker, solicitor or conveyancer and other associated professionals to ensure a smooth settlement.
We can see, a buyer’s agent can save time, money and eliminate stress from the property buying process. This is particularly helpful for clients who are too busy, inexperienced in the property buying process or buying an investment property interstate.
In our next post, we’ll explore how much it costs to work with a buyer’s agent and critical questions to ask before engaging a buyer’s agent.
Written in conjunction with Paul Siwek, from Logica Property, an independent Sydney North Shore based buyer’s agent.