The process of buying a property can be one of the most stressful processes a buyer can go through….
- Searching property listings
- Timing and attending inspections
- Arranging the various reports
- Bidding at auctions or negotiating offers
- Sourcing finance …. The list goes on!
If buyers are time poor, are geographically located away from the area they are buying in, or are seeking guidance or support in the buying process then a buyer’s agent might be worth considering.
Simply put, a buyer’s agent is to a buyer what a selling agent is to a vendor……
As a selling agent represents the needs of a vendor by creating a sales campaign & finding potential buyers; a buyer’s agent will represent the needs of the buyer and devise a search plan, and if needed to, bid at auction or place offers on behalf of the buyer.
Basically, it is their responsibility to take away the daily grind of searching for property and do the leg work.
They will regularly check online property databases and use their professional contacts to find the best options and they can attend inspections on the buyer’s behalf.
Importantly, they bring vital industry experience, expertise, market awareness, knowledge and a network of industry contacts which most buyers simply don’t have.
A buyer’s agent will be able to connect with their network of selling agents and potentially find properties not even publicly listed yet. They may also be able to find unlisted holdings, and if the vendor is interested in selling that gives an opportunity to avoid going to auction or having to deal with negotiating on the open market.
Each buyer’s agent offers different services but generally they will all do the following:
- Develop a search criteria based on the buyer’s requirements. This will include but is not limited to budget, number of rooms, land size, location, proximity to amenities such as schools, public transport etc.
- Search listed properties through industry databases as well as source off-market holdings through professional networks.
- Submit a number of options or a specific recommendation for the buyer’s consideration.
- Research the search area, and its neighbouring areas to identify anything that might potentially affect the capital growth of the property in the future.
- Research comparative sales in the area or similar areas to gain a better understanding of the property’s value.
- If the agent identifies a property that meets the agreed criteria they can attend an inspection and/or open house. They can also arrange building, pest and pool inspections if required.
- Buyer’s agents can also give guidance on how to make the best of a property in consideration. This can help buyers to avoid over capitalising on renovations and help ensure that they get a good return on any further investment they make in renovating.
- Auctions can be daunting, so if required, a buyer’s agent will represent the buyer at auction and bid on their behalf. Alternatively they can liaise and negotiate with the sales agent to present an offer to the vendor. A great buyer’s agent will know the tricks of the trade and will work to secure the property for the best price.
- Knowing when to walk away from a negotiation is just as important. A buyer’s advocate’s experience can be invaluable in this instance. They can be objective and will know if a property is over-priced.
Now you know some of the benefits of employing a buyer’s agent to assist with the purchase of property. The next step is to research extensively to find the right agent for you! At Zippy Finance we work with many highly respected buyer’s agents. For more information on them please call us on 1300 855 022.