Buying a home is exciting and can be a time of pleasure and achievement. But sometimes without the best professional advice, the process can burn up a lot of time and energy. And worry can take a toll. A Buyers Agent solves this.
Selecting, and even more importantly, finding the perfect property comes down to knowing what you need and what you can afford. Plus what’s going to be on the market in the period you’re ready to purchase. Sellers have real estate agents working and negotiating for them. You also have to compete with so many other keen buyers. So is the market stacked against you? Yes it is. So it’s not surprising so many people opt for having a Buyers Agent on their side. It’s a good feeling knowing you have an experienced professional going in to bat for you.
What does a Buyers Agent do for you?
A Buyers Agent is paid to work for the buyer or home purchaser. They are a licensed estate agent working for you and protecting your own interests. They help you buy what you need, at the best possible price and on the best terms they can get for you, all the while providing unbiased advice.
Why pay a fee if you can do this work yourself?
It takes a lot of experience to do this work more effectively. When you do it everyday as a living you know every tricky issue that might arise. And how to make the circumstances of the sale work best for you, the buyer.
A quick list of benefits includes:
• The Buyers Agent’s research saves you money – they know exactly what’s happening in your property market right now.
• Their skill reduces your stress. They take the nerve-wracking aspects out of the process. They do the footwork and research and handle a lot of the exhausting parts of the procedure.
• Their experience saves you time. You will not have to sacrifice weekends, sometimes for months on end.
• Their network of industry contacts gives you broader options. They are likely to hear about listed properties sooner and can access the off-market sales that some buyers never find out about.
So shouldn’t everyone use a Buyers Agent?
In fact, in many overseas markets most people do. In Melbourne and Sydney the popularity of Buyers Agents is growing and it’s estimated 1 in 5 buyers are now engaging one, or are seeking independent professional advice.
Why don’t selling agents help buyers just was well?
Because a selling agent has to act in the best interests of the seller, who is their client.
They certainly do not, and should not, work for the buyer. We are aware some Melbourne real estate agents would like to have it both ways but clearly, there’s a conflict of interest. And guess who gets the disadvantage?
How do I locate a good Buyers Agent?
You need to choose carefully because they are not all the same. Your Buyers Agent should have these qualifications:
i. Is the Buyers Agent a fully licensed real estate agent?
ii. Does the Buyers Agent have up to date professional indemnity insurance?
Without this, if something unexpectedly goes wrong with your property purchase you’ll have no recourse.
iii. Is he or she a dedicated Buyers Agent?
And he or she is not just a division of a real estate agency, or also works on the other side i.e. acts as a vendor advocate.
iv. Does the Buyers Agent specialise in the geographic location and the value range you are looking at?
v. Does the Buyers Agent have access to off market sales?
Melbourne’s best and most long-standing Buyers Agents have years of personal relationships with the real estate agents in the area you have focused on. Sometimes agents have properties for sale that are not promoted to the general public.
How much is a Buyers Agent fee?
Most Buyers Agents generally charge an engagement fee of $1,000 to get the ball rolling which should be rebated back to the client after a successful acquisition. Plus there is a success fee when the right property is found and negotiated for you. This is sometimes a fixed fee, or a percentage of the home purchase price.
i. The fee should cover all services they conduct on your behalf including:
• All referrals to finance and legal professionals
• All the searching for a property and meetings with real estate agents
• Use of the Buyers Agents research databases
• Valuation of properties using comparable sales data
• Communications to your finance broker, accountant, or solicitor
• Arranging due diligence checks like organizing a Building & Pest inspection
• Checking final contracts
• Pre-settlement inspections
So when thinking about buying a home, consider the benefits of having a Buyers Agent, the ‘secret weapon’ working on your side, working for you and getting the best possible deal for you, the buyer.
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