Buying a home or an investment property can be a daunting process. Knowing where to start and how to negotiate a good deal can leave some people feeling overwhelmed. Purchasing a property can also be time-consuming, from finding the right location to negotiating a reasonable price. This is where hiring a buyer’s agent can come in handy. You can ease the stress of navigating the property market and save yourself time by making the most of their industry knowledge and expertise.
What Does a Buyer’s Agent Do?
A buyer’s agent is a real estate professional who does the legwork for you in searching, inspecting, negotiating and purchasing phases. They can save you time and money by providing you with a shortlist of properties, attending auctions on your behalf or may even find you an off-market hidden gem.
- They have access to current market data and have knowledge of the area you would like to buy in. By using a buyer’s agent, you save time to securing your dream home or investment property.
- Having a buyer’s agent negotiate on your behalf also evens the playing field. Real estate agents want the best price for their clients, and you may end up paying above the property’s market value if you’re a little ‘green’.
- They can also help in the decision-making process by remaining objective, particularly when emotions run high at auction.
- They can be costly. Some – although not all – buyer’s advocates cater primarily to high-end property buyers, interstate or overseas investors or commercial property investors.
- Hiring the right buyer’s agent can be tricky too. If they don’t understand your needs, you may be given poor advice or incorrect information. This can also occur if they do not have an appropriate real estate license.
How to Choose a Buyer’s Agent
Knowing how to choose a buyer’s agent is essential to avoid potential issues. Ask about their experience, if they’re licensed or a member of an association such as the Real Estate Buyers Agents Association of Australia (REBAA). You may also want to read their customer reviews and speak to some of their previous clients.
Last, find out whether they earn a commission from vendors or developers, and make sure you get clarity on whether they charge a flat fee or a percentage of the property’s price. These factors will help you find the right buyer’s agent and confidently secure your dream home or investment property.
Contact us for our recommendations on outstanding buyer’s agents. We’d love to hear from you.