Buyer’s agents, at their very core are professionals who will help you buy the right property by researching, evaluating and negotiating on your behalf. They can be the difference between finding a good property at a great price and overpaying for a property which is not worth your time.
Types of service they offer
Buyer’s agents usually offer a full service, or smaller targeted services. For example, generally you would hire a buyer’s agent to aid your through the process of buying a property from start to finish. This includes researching property based on your search criteria, inspecting properties you are interested in, evaluating their potential as an investment or principle place of residence, negotiation with the real estate agent and vendor, purchasing of the property, and attending an auction if necessary.
This is a very comprehensive service and should make you feel comfortable that you’re receiving expert property advise. They are supposed to answer all your questions and work for you.
Buyer’s agents may also provide specialised services such as attending an auction on a buyer’s behalf or conducting property or suburb evaluations for smaller fees.
Advantages of engaging a buyer’s agent
One of the major advantages of using a buyer’s agent to find a property for you is that you will save a lot of time. They are doing all the groundwork, and all you need to do is touch base with them every week to chat about what they have found. If they find something that is worth your time, they will move quickly and contact you immediately.
Buyer’s agents analyse and evaluate the property market on a daily basis so they can advise you on where the best place to buy is within your budget if you’re looking to invest. They understand how the property market works and increase your chance of buying a property which will provide you with strong rental yield and capital growth.
Bidding at an auction can be a daunting experience and prevents many buyers from acquiring the property they have their eyes set on. It makes sense to hire someone who attends and bids at auctions multiple times a week. Buyer’s agents can bid at auction effectively and without emotion, giving you the best possible chance of winning the property. If you have your eyes set on a particular property, the worst thing you can do is let your emotions cloud your judgment and prevent you from scoring the property of your dreams.
Negotiating with real estate agents can also undo even the most experienced buyers. Buying and selling property involves transactions of hundreds of thousands of dollars, if not millions, and can be unnerving when you are putting your life savings on the line. Having a professional on your side when putting forth an offer on a property allows you to be sure that all bases have been covered and that you are not being ripped off.
Real estate agents tend to respond differently when they know they’re dealing with other property professionals who know what they are doing. They are much less likely to be devious and tell you things that you want to hear just to convince you to buy the property.
If vendors have real estate agents working for them, you should arm yourself properly and have a buyer’s agent working for you.
Image Credits: Evan Dvorkin