Buyer’s Agents: 7 Reasons Why You Need One in Your Life
From finding your perfect home to negotiating the sale price, we breakdown what buyer’s agents do and the reasons why you should consider engaging one to help you enter the property market.
In essence, a buyer’s agent is a coach for people looking to buy property. They take the stress out of the experience as your eyes, ears, and voice on the ground.
But a good buyer’s agent will bring you along on the journey, so that you learn the industry’s ins and outs and the best ways to achieve success. Working with a buyer’s agent can be a very educational and rewarding experience, particularly if you’re looking to repeat the process down the track.
In the past buyer’s agents were typically used as a service for the time-poor, expats, overseas investors, and those who need third-party help to settle differences, but today, everyone has or wants one.
Head of Advisory at Maker Advisory, Reece Coleman explained: “Since Maker Advisory's launch, we’ve experienced demand for our buyer’s agent services increase six-fold, and it’s a trend we can expect to grow bigger and bigger.”
To help you get ahead and be well equipped to start your property journey, here are seven reasons why you should consider engaging a buyer’s agent.
1. They’ve Seen it All…
As real estate professionals, with years of selling experience, they know what it takes to secure the right place, at the right price, at the right time. They’ve been on the other side, so they have an inside edge.
“Right now, the Australian property market is like a pub with no beer, or only the really overpriced stuff,” explains Reece Coleman.
“We have an influx of expats returning to our shores, large numbers of city folk fleeing our capitals in favour of coastal and rural settings, and home loan interest rates reaching historic lows – all of which are creating a huge groundswell of buyer demand that far outweighs actual supply.”
2. …And They Know it all too!
They know the tricks of the trade, when to apply tactics, and how to open closed doors. They pride themselves on being connected, offering real transparency into the market and providing insights on trends and areas to watch.
“DIY is likely to continue to be a trend for flipping houses, but with a nationwide auction clearance rate of 80% and off-market sales significantly increasing, the 2021 property market calls for professional insights and experience,” Mr Coleman said.
Buyer’s agents offer a professional service that affects one of the biggest monetary investments of your life. Your buyer’s agent sits within a broader remit of professional services like lawyers, business advisors and financial planners – equipped to unlock potential through future-proofed strategies.
3. They Will Help You Find Your Forever Home or Next Investment Opportunity…
As the Australian and global property markets continue to go from strength to strength, buyer’s agent services are no longer a luxury, but a necessity needed to level the playing field and make the market work for you.
To kick off the property search, your buyer’s agent will start by locating properties, both on and off market, that match your exact brief. Whether it be ROI benchmarks, a particular community, or a home you have driven past and have fallen in love with, your buyer’s agent will work on strategically shortlisting properties suited to your wants and needs.
4. You Can Expect a Seamless End-to-end Property Buying Experience
Buyer’s agents collaborate with you to facilitate every element of the buying process – from researching to negotiation. And most importantly, they handle the administrative paperwork from start to finish so you can make sure everything is done correctly and above board.
“The bottom line is: you wouldn’t represent yourself in a court of law knowing that you won’t get the best result, so you should think twice about ‘do it yourself’ for one of the biggest investments of your life,” Mr Coleman said.
5. …In the Right Neighbourhood
Your buyer’s agent will conduct in-depth suburb and area analysis, identify the true value of properties, and arrange building and pest inspections, and strata and title searches.
Whether you are looking to make lifetime memories with your family in your new neighbourhood or seeking an investment opportunity to grow your property portfolio and income, a buyer’s agent has the guidance, support and connection you need to fast track your dreams and goals.
6. They’ll Wheel & Deal on Your Behalf
Negotiation. Not a skill everyone possesses, but one that your buyer’s agent will have in spades. They will efficiently navigate regulatory requirements, liaise with mortgage brokers and conveyancers, and negotiate with agents and property developers, where needed.
When it comes to auction time, they will stand in for you, using experienced tactics to win without wavering from the agreed ceiling price.
7. Buyer’s Agents Will Save You Time & Money
The old saying “time is money” has never been more appropriate, particularly where buyer’s agents are concerned.
“Gone are the days when having a buyer’s agent was seen as a luxury – used as a service for the unemotional or foreign investor – today, the service is a necessary and effective strategy to level the playing field, open closed doors, and get ahead,” he said.
House prices are expected to increase by 30 per cent over the next three years – thanks in part to the big banks committing to historically low interest rates, which in turn are increasing home loan applications and market competition.
On average, it takes Maker Advisory buyer’s agents just under eight weeks from signing a new client to signing settlement papers. What the clients pay in buyer’s agent fees is often a fraction of the price of what they would have paid had they waited months to get into the market and purchase.
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