While real estate is an age-old industry, buyer’s agents are a relatively new division of real estate and even now remain a mysterious concept for many. I believe buyer’s agents are an underutilised advantage for those looking to buy property. The big questions is ‘why use a buyer’s agent to buy property?’
Firstly, allow me to define what a buyer’s agent is. They are exactly what the name suggests - a real estate agent who assists buyers in the process of purchasing property. They will search and evaluate properties on your behalf and assist you through the process of actually purchasing the property. Below are some of the advantages of using a buyer’s agent.
Buyer’s agents are in the market everyday
I believe this is the biggest advantage a buyer’s agent gives to a property buyer. Experience and time in a market can make the difference in securing a great property at a great price, compared to a suitable property for a reasonable price. Most people may only buy a property every five to seven years but in some cases it could be decades between purchasing property, and yet they are expected to know the market and understand the conditions they are buying in.
We use selling agents when we sell our properties because we know and trust that the knowledge and guidance they provide will secure us the best possible financial outcome in the shortest time frame.
In the same way, it’s essential to take full advantage of the knowledge and guidance of a buyer’s agent when purchasing property. They have developed an eye for all things property as well as the art of negotiation to secure us the best possible outcome in our property purchasing endeavors.
People are time-poor
Life is always packed with work and commitments that require our time and for many it is hard to find a free moment. The average buyer may have to search through hundreds of properties, considering both their budget and the kind of property they are looking for. They would then need to make the time to call selling agents and arrange inspections to view these properties, only to find one potentially suitable property.
A buyer’s agent is able to wade through the 80% of unsuitable properties to provide you with the best possible few. This saves you time and keeps the stress of buying to a minimum.
Great properties sell fast
There is always heated competition when a great property comes on the market. Unfortunately we can get caught up in a war for the ‘perfect’ place and end up over bidding at an auction or having to put in a higher purchase price than we had originally planned.
There are many property sales that never hit the open market. When a new property comes through, a sales agent normally talks to those they already know are ready to buy before any advertising takes place. One of the biggest advantages a buyer’s agent holds is their network and connections in the real estate industry. A buyer’s agent can give you the advantage over the competition by helping you find the property sooner and secure it faster than an average buyer.
A buyer’s agent is not ‘attached’
Two of the biggest factors in buying property are finances and emotions. Unfortunately they often clash with each other. Both of these factors are very important when buying your own home. Your home should be a place where you love to be in, while not placing unnecessary strain on your income. A buyer’s agent is both emotionally and financially detached from the individual or couple and as a result can deliver sound advice, greatly assisting in the decision making process.
This is also true for investors. Emotion is not normally a factor, but the financial return takes on a whole new level. A buyer’s agent can help you understand the rental return you might gain from a property as well as the possible capital gains. A buyer’s agent knows their area and can help avoid the dead spots where capital gains may be flat or minimal.
Buyer’s agents are knowledgeable
This point really ties up all the advantages a buyer’s agent can provide you with as a buyer. When you are appointing a buyer’s agent to represent you they are bound to serve you in your best interests. By appointing a buyer’s agent you will have increased your knowledge and expertise for your goal of purchasing a property. As competition in the market increases it’s going to be important to have the upper hand and that is what a buyer’s agent can deliver.
Here at Simplicity Buyers Agency we aim to do all we can to help our clients reach their property goals. Whether you are a first homebuyer, slightly more experienced and climbing the property ladder, a savvy investor or a business looking for a base to trade from we can help you. We understand the stress involved in purchasing property and we look forward to partnering with you to simplify the process and make those property dreams a reality.
Simplicity Buyers Agency