For many people wishing to purchase a property, either as a home or an investment, their first port of call when assessing the market is often local Real Estate Agents. Whilst Real Estate Agents undoubtedly have local area knowledge, there is one major flaw buyers overlook when relying on Real Estate Agents for help; they represent vendors. Real Estate Agents make their income by selling properties at the highest possible price for their vendors. Essentially, this is in direct conflict with the objectives of buyers and is one of the reasons more and more people are choosing to engage a Buyer’s Agent when attempting to secure the perfect property.
Why Use a Buyer’s Agent?
Properties Targeted to Your Needs
A Buyer’s Agent will take the time to understand your individual circumstances and what you are trying to achieve through your property purchase. Whether you are looking for a home or an investment that will deliver cash flow or capital growth, a Buyer’s Agent will only show you properties that best suit your requirements. This eliminates the frustration often associated with inspecting and bidding on properties that are ultimately outside your budget or unsuitable for your needs.
A Professional Negotiator on Your Side
For most people, purchasing a property is something they will only experience a handful of times throughout their lives. On these occasions, they may find themselves needing to sit down and negotiate with Real Estate Agents, who have benefitted from years of training on how to secure higher prices for their vendors. Whether it’s bidding at auction or negotiating a private sale, a Buyer’s Agent is also highly experienced, but unlike Real Estate Agents, is there to secure the lowest price possible for the property. Since a vendor is always professionally represented when selling a property, it makes perfect sense that the buyer also has an experienced advocate representing their interests throughout the purchase process.
Access to Off-Market Properties
Buyer’s Agents usually have extensive networks of developers and Real Estate Agents, providing them exclusive access to off-market listings which may not be advertised publicly. This is particularly relevant to investment properties and can result in opportunities for buyers to save thousands, sometimes tens of thousands, of dollars when purchasing off-market or ‘off the plan’. Being able to tap into the extensive network of a Buyer’s Agent significantly broadens the pool of potentially suitable properties for a purchaser and provides access to opportunities that, without the Buyer’s Agent, would not be available to them.
Local Market Knowledge
Buyer’s Agents tend to specialise in specific geographic locations so have considerable, in-depth knowledge of the market conditions affecting their local area. A Buyer’s Agent can provide access to historical data relating to recent sales and can help fine tune your aspirations in terms of property style, quality and budget. If your goal is to secure an investment property, a Buyer’s Agent can provide considerable expertise around which areas are most likely to deliver the outcomes you require in terms of capital growth, rental return or a combination of the two.
Purchasing a property can be a stressful, frustrating and emotional experience. Regardless of whether you’re looking for a home or an investment property, it’s not uncommon to have your heart set on a particular property, only to have your hopes dashed. Furthermore, some buyers find themselves in over-spending on a property because they have formed an emotional attachment to it or are simply tired of the buying process and want it to be over. A Buyer’s Agent will carefully assess your goals and approach the whole process from an independent, professional and analytical perspective. Ultimately, they will ensure your objectives are met whilst helping you avoid the costly mistakes that can occur from making impulsive or emotional decisions.
Save Valuable Time
Thoroughly researching an area in which to purchase can be an extremely involved and time-consuming process. Pouring over listings, reviewing sales data, conducting inspections and attending auctions are all required on an ongoing basis in order to achieve a balanced and informed understanding of the market. Buyer’s Agents perform these tasks on a daily basis over an extended period of time so already have access to much of the valuable information needed by buyers to make intelligent purchase decisions. They also have mechanisms in place to ensure they are alerted as soon as new properties become available, ensuring their buyers can access suitable properties ahead of the rest of the market.