Whether you’re looking to buy your first home, or your next investment property, buying a home requires that you devote a lot of time to researching, attending auctions and open homes - time which some buyers may not necessarily have.
But rather than miss out on potential property deals, buyers now have the option to hire the services of a professional buyer’s agent to represent their interest.
Unlike a real estate agent, a buyer’s agent has no connection with the seller. Instead their job is to help their clients achieve their goals by guiding them through the entire property buying process.
Do I really Need a Buyers Agent?
Here are the top five reasons why you might want to engage the services of a buyer’s agent.
1. Advocate on your behalf
Once a buyer’s agent has been briefed on your specific requirements, they will work on your behalf to find and secure your ideal property.
2. Cost Savings
Buyers agents can often obtain sales history, suburb information and market data that an ordinary buyer may not know how to access. Not only will knowing this information allow the buyer to make better decisions, it can help to stack the odds in their favour of buying in their desired location and within budget.
3. Access to off market properties
Over time a professional buyers agent will often develop valuable contacts with selling agents. This means that they are often presented with off-the-market opportunities - particularly if the selling agent has a seller that is desperate to make a quick sell.
4. Make informed decisions
Like real estate agents, a buyer’s agent tends to specialise in a particular location. And because they research and buy property for their client on a regular basis, they often have an intimate knowledge of an area, such as council regulations, possible plans for gentrification and median house prices – valuable information that can only be gained from personal experience.
5. Contacts
During the buying process you will often need the services of a reliable lawyer, a pest and building inspector, a property manager or a reliable handyman. A buyers agent will have had the opportunity to work with many of these local professionals, and can thus recommend to you someone reliable to work with.
As a general guide, a buyers agent will typically charge 1.5 to 2 per cent plus GST of the purchase price. This is similar to the fees charged by most real estate agents.
For a typical buyer, the process of buying the right property can be a very lengthy and drawn-out out process. If you’re stressed or bogged down by analysis paralysis, it might be worth engaging he services of a professional buyers agent who can help you to cut through the maze of options.