Do I Need a Buyer’s Agent?
In an increasingly competitive market, having a buyer’s agent on your side could be the secret weapon to property buying success.
With seemingly never-ending price rises and a shrinking property pool, it is becoming increasingly difficult to ‘buy well’ in the contemporary Australian market. For many it is becoming more a matter of ‘buying anything’ rather than being able to tick off your checklist of must-have features and location.
Astute buyers are turning to buyer’s agents not only for the benefits of professional expertise and negotiation but because of access to the ‘hidden’ property market – off-market properties that the general public never see.
With real estate agents firmly on the side of the seller, buyer’s agents serve to ‘level’ the playing field working solely on your behalf to find the right property and the best deal for what will probably be the largest investment you’ll make in your life.
Time to ditch the DIY approach
It doesn’t matter if you are a first home buyer, investor or seasoned property owner, if you are struggling with finding the energy, money and patience required to find the right property for you, it may be time for you to seek the expertise of a buyer’s agent.
You could benefit from using a property agent if you can tick off some of the following:
- Have been looking for four or more weeks.
- Have been previously misled on price guides
- Are worried about the competitive nature of auctions
- Have weekend commitments that conflict with inspection times and auction days
- Are increasingly frustrated with the lack of communication from real estate agents
- Have little or no negotiation expertise
- Are willing to buy within eight weeks
- Are unable to commit adequate time
- Are geographically restricted.
What Can I Expect From a Buyer’s Agent?
To find the right agent for you, a detailed consultation is necessary to establish not only your goals and requirements but also to ensure the buyer’s agent has the right experience of buying the type of property you’d like in a preferred location.
It is also important that they are fully aware of your budget and timeframes. A good buyer’s agent will establish upfront if they feel that your expectations are too high and will clearly outline what they see as being realistic for your situation. They should also provide client testimonials and be willing to discuss their networks with vendors, developers and agents.
You might like to ask them the following questions:
- How many properties have they bought in the past six months in the area you are looking?
- How many properties have they bought in the past six months at the price point you seek?
- Are there any other fees they accept besides your fee? If yes, does this hinder an independent search in your best interests?
While buyer’s agents are a regular part of the property industry in the United States, in Australian they are still a relatively new concept. As such legislation and comprehensive quality guidelines have yet to be established so it is important that you do your due diligence on any company or buyer’s agent you are interested in hiring.
10 Reasons Why You Should Use a Buyer’s Agent
The following are some of the ways a buyer’s agent can specifically help you with your property buying goals:
- Knowledge of more properties from a wide variety of resources (not just publicly available online listings)
- Access to off-market properties
- More time and resources devoted to researching your market
- Ground work seven days a week
- Industry knowledge and expertise
- Eliminates stress and emotion from the buying process
- Established relationships with real estate agents and industry networks that are leveraged to work for you
- Strong negotiation skills
- Ability to represent you and bid on your behalf at auctions
- Advice and guidance on risks and the opportunities involved in property buying.
Buying a property can be an emotional and stressful process, especially if you are keen to buy in the highly competitive markets of Australia’s capital cities. Buyer’s agents have the expertise and skills to make buying property – whether residential, investment or commercial – a much easier and smoother experience.
Cohen Handler is Australia’s leading property buyer’s agency group with six offices located in New South Wales, Queensland and Victoria. Contact us on 1300 420 160 now about how we can help you secure the right property at the right price.