What is a Buyer’s Agent?
By Casey Taylor | Buyers Agent
Buyer’s Agents are licensed professionals that are there to represent the buyer when purchasing a property. They are potentially an essential part of your property buying team.
They will help you source, negotiate, secure, research, and guide you through the purchasing journey ensuring it’s a seamless experience and get you the results that you are after.
If you would use a sales agent to help you sell your property, why would you not use a Buyer’s Agent when you’re making one of the largest purchases of your life?
Buyers in the Australian property market are typically under-represented, meaning that often they simply don’t get the best possible deal for their needs.
They are going up against sales agents that are in the game, day in and day out.
There is a shift going on currently where more and more purchasers are making the change to having a professional help them secure a property.
Why use a Buyer’s Agent?
You might be asking yourself the question, why do I need to use a Buyer’s Agent? I can just do this myself.
The reality is that you simply can’t compete with a Buyer’s Agent that does this day in and day out.
Purchasing property isn’t a part time job that you can do on the side, it requires a massive amount of attention and time investment.
Data and Research:
If you’re looking to purchase an investment property you need to put a massive amount of time and energy into analyzing many different metrics to ensure that you are purchasing a property that performs above average and gets you to your financial goals and financial freedom.
Seamless and Stress-Free Purchase:
Once you purchase a property you need to project manage the purchase all the way through to settlement. You need to ensure your cooling-off period is satisfied, your finance and pest and building deadlines are met, you arrange a property manager and have all documentation completed to ensure you settle on the due date.
Relationships with Agents to access Off-Market Properties:
You want to have strong relationships with agents where they’ll preference giving you off market properties that might not ever make it to the market, and you see them online.
Agents will preference working with people they have worked with in the past and are confident in how they operate to ensure a purchase is seamless and successful.
Access to the team of specialists:
When purchasing you MUST surround yourself with a high-quality team. You need to leverage each professionals skill set in their given field.
This will ensure you don’t make any mistakes when purchasing and due diligence is delivered in each of the necessary fields.
Due Diligence:
Finding the right location is crucial however you still need to complete your due diligence on the individual property to make sure it’s in a quality pocket of the suburb and the land is a quality that will have scarcity and desirability long term.
This will ensure the property performance.
Property Specific Negotiation Skills:
Negotiating on property is an art and you are going up against sales agents who do this day in and day out.
Being knowledgeable, confident and experienced with property specific negotiations will be crucial to you getting a property secured and purchasing the property under market value and not overpaying on the property.
Saving you your valuable time:
If you’re working full-time or part-time and you’re trying to juggle purchasing property on top of work and your personal life you won’t
give it the attention it requires. This will ensure that the property search is getting the attention that it deserves and you’re not missing valuable time outside of work to spend with your family or friends.
What are the benefits of using a Buyer’s Agent?
- Saving you your valuable time with family and friends
- Give you the confidence to invest and take action
- Give you access to off market properties eliminating competition
- Help you secure property under market value making money from day one
- Complete the data, research and due diligence to ensure it’s a quality purchase that performs long term
- Leverage their knowledge, skills and experience to ensure you don’t make mistakes
What are the costs involved in using a Buyer’s Agent?
Buyer’s Agents are paid professionals and they are paid directly from their client.
If you are speaking with someone who is getting paid elsewhere and not from you directly the client they are a property spruiker.
Get your best pair of running shoes on and RUN!
Most Buyer’s Agents have the following structures of services.
- Full Service Buyer’s Agent: Fees can range from approximately 1.5% to 2.5% or the purchase price OR they may charge a fixed price
- Negotiation Only: Fees on this could be from 1% to 1.5% and is purely to negotiate on the property after you have found the property you want to Purchase.
- Auction Bid: Fees can vary along with the structure. There will typically be an amount to attend and then a price for successfully securing at Auction.
The majority of Buyer’s Agents will charge a retainer fee upon engagement of their services. This fee is for the time and effort put into sourcing the property and getting access to the data and research on where to purchase.
This retainer will vary depending on the Buyer’s Agent and typically expect this to be from 30% to 50% of the total fee payable.
Where do we help clients purchase?
We specialize in helping investor clients purchase high quality, high performing investment properties nationwide.
Right now in the current property cycle we see value in Brisbane, Adelaide and Perth.
Sydney and Melbourne we believe have had their time for now.
But, that will change again in the future and become an area to focus on again.
We are always complete in house research to ensure we are investing in areas primed for growth.
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