In our Google-everything, crowdsourcing, DIY culture, property buyers may be tempted to navigate the property market on their own. Why not? The internet has all the info you need, and a buyer’s agent is an expense you don’t really need to spend… or is it?
Here’s the thing: buying a property is a complex transaction, with many moving parts. Having an expert on your side could help you find the ideal property, by leveraging their connections, resources and the expertise gained from years of experience in the field. And when it comes to negotiating on price, you might find the buyer’s agent fee pays for itself in the savings gained. Also with house prices on the rise they can secure you a property off market NOW rather than you spending 6 months looking whilst house prices rise and your budget can no longer stretch to what you wanted to purchase
Dealing directly with a seller or a real estate agent means you first need to understand that they have a different set of priorities from yours. To help you get your own priorities met, a buyer’s agent can step up in a number of ways:
- Help you figure out exactly what you want
Whether you’re looking for a place to live in or to invest in, a number of goal posts need to set upfront, including the suburbs where you should look and how much you should pay. You may have some ideas about what you’re looking for, but with a long list of wants, it might be tricky to figure out what to prioritise.
Your buyer’s agent’s priority is to be on your side and get you what you need, and that means helping you put together your priority list in terms of budget and lifestyle needs. They can help you create a wish-list of non-negotiables – and then help you go after it.
- Provide guidance based on deep expertise
Even if you enjoy researching, you’ll never get access to all of the properties on the market that meet your criteria. That’s because many properties don’t even make it onto the market: buyers agents spend years cultivating contacts, and can have access to listings not found on www.realestate.com.au or in any classifieds.
Aside from finding you hidden gems, your buyer’s agent can also help you assess potential properties and make recommendations based on their deep expertise in the area. Trying to decide whether an extra bathroom or off-street parking is a higher priority? Your buyer’s agent can let you know which features are likely to be more valuable to future buyers, and give you guidance towards the best quality property your money can buy.
- Manage the negotiation process
It’s never as straightforward as ‘you see it, you like it, you buy it’ when it comes to property transactions. You want to pay the lowest possible amount, and the vendor wants to achieve the highest possible sale price – and somehow, you need to meet in the middle.
This is where your buyer’s agent can be worth their weight in gold. They can be unemotional and detached as they act as a third party between you and the “other side”.
You need to know how much the property is actually worth and how much you should offer, and this is another key benefit of having a buyer’s agent: they can advise you on the market value and the best approach to help you secure the property. Having the buyers agent represent you will also help you stay objective and avoid making any impulsive or emotional decisions.
- Get you settled in the closing process
Once you’ve agreed on the price, terms and conditions, your offer has been made and it’s been accepted, there will still be plenty left to settle.
Your buyer’s agent will help you manage the next steps and will have connections to other professionals that you’ll need to help you close the deal, whether it’s a lawyer to review the contract or a mortgage broker to help you arrange finance.
Buying a property is such a huge decision and with so much money on the line, it makes sense to pay professionals who can help you not only achieve your goals, but to give you the competitive advantage. Buyers’ agents are specialists in their own right and investing in one may be one of your best investments in your property buying journey.