Are you feeling overwhelmed by the prospect of purchasing property? Are you spending countless hours online trying to find a property that suits your needs? Do you want access to off-market opportunities? Enter Buyers Agents (AKA Buyers Advocates).
Many of our customers utilise buyers agents to assist them in purchasing property.
Buyers’ agents can help with simply finding you a property OR negotiating on a property (or both!)
Why use a Buyer’s Agent?
Here are some key benefits of using a buyer’s agent to guide you through the process:
- Save time – Buyer’s agents have extensive knowledge of their local real estate markets, meaning they can help you find your next home or investment property more quickly than if you were doing it all yourself.
- Gain local knowledge – Property buyers’ advocates know their service areas so well that they can give you accurate and up-to-date information about market value and potential for growth
- Receive accurate appraisals – Get the true market value of the property you have your eye on with the help of a buyer’s agent.
- Access off-market properties – Many buyer’s agents have access to off-market properties thanks to their network of real estate contacts.
- Avoid real estate agent games – Buyer’s agents will negotiate on the property and, if attending an auction, bid on your behalf. They know the tricks of the trade and have strategies in place to ensure you secure the right property at the right price.
What does a Buyer’s agent actually do?
A quality buyers agent should take their time in understanding your needs and wants in a property. Generally, a good buyers agent should follow these steps;
- First, they should listen to your needs, desires, goals, and wants and help you formulate a ‘buyers brief’. Without a clear picture of your requirements, they will be searching in the dark. If you are a home buyer, your buyers’ advocate will help you identify the best suburbs that will fit your budget and lifestyle needs. For example, if you want a large family home in Sydney that is close to good schools, your buyers’ advocate will only look in areas with suitable properties in suitable locations.
- Research – The property buyers’ agent already has a wealth of information on the cities and suburbs in their area. This cuts down the time it would take to educate the buyer about the key suburbs they are targeting.
3. Negotiate and Secure – The last step is where property buyers’ agents really show their expertise. By negotiating well and getting the inside scoop on how the sale is progressing, a buyers’ agent can save you a lot of money (and prevent you from making an emotional purchase). Buyers’ advocates aim to negotiate the best price and terms to secure the property. Moreover, they will help coordinate the required pest and building (or strata) inspections and help facilitate the exchange of contracts. That alone takes a lot of stress out of the purchase process.
4. Evaluation – Once the ideal property is found and agreed upon, the buyers’ agent will complete an appraisal of the property and give a clear indication of current market value. As seasoned professionals, real estate buyers’ agents offer valuable market insight about the true value of your potential purchase.
5. Negotiate and Secure – The last step is where property buyers’ agents really show their expertise. By negotiating well and getting the inside scoop on how the sale is progressing, a buyers’ agent can save you a lot of money (and prevent you from making an emotional purchase). Buyers’ advocates aim to negotiate the best price and terms to secure the property. Moreover, they will help coordinate the required pest and building (or strata) inspections and help facilitate the exchange of contracts. That alone takes a lot of stress out of the purchase process.
How much does a Buyers’ Agent Cost?
A buyers’ agent is paid for their professional service as either a fixed fee or as a percentage of the purchase price. Buyers’ advocates typically offer three main services: full search, appraise and negotiate and auction bidding. The fees may range from 1.5% to 3% of the purchase price or the flat fee equivalent, however, every buyers’ agent operates on a slightly different remuneration model to one another.
What is the difference between a Buyers’ Agent & Real Estate Agent?
The key difference between a buyer’s agent (or advocate) and a traditional selling agent is whom they represent. A buyer’s agent works exclusively for the buyer, while the selling agent works for the vendor (seller).
It’s important to note that a buyer’s advocate is paid for their service as either a fixed fee or as a percentage of the purchase price. They do not sell real estate. By law, an agent in Australia cannot act for (and accept a commission) from both parties in the transaction.
- Many buyers’ agents claim to service the whole of Sydney, NSW, or even Australia. Engage a buyer’s agent who is active in your search area, i.e. inner Sydney, Eastern Suburbs etc. Do your research on the buyers’ agent as well!
- We have a list of buyers agents that we can recommend depending on the location of where you are looking at purchasing – please reach out to us!
In conclusion, working with a buyer’s agent can be incredibly beneficial when searching for your next property. They can save you time, provide local knowledge, give accurate appraisals, access off-market properties, and negotiate on your behalf. A quality buyer’s agent will take the time to understand your needs and wants and guide you through the entire process. While there is a cost associated with their services, it can often save you money in the long run. So, if you’re feeling overwhelmed by the prospect of purchasing property, consider working with a buyer’s agent to help you find your dream home or investment property.