We often get asked, “do I really need a buyers agent?” It’s always an interesting question and we have a regular response for those who ask. It usually goes something along the lines of “well no, but how long have you been looking for your investment property or new home?” Then we follow up by asking them if they really understand what a buyers agent does and how they can help their clients.
We hope to answer a few of these questions in this article – we’re going to touch briefly on what a buyers agent does, what benefits they give clients and, finally, who they can help.
So, what does a buyer’s agent do?
There are two services generally offered by buyer’s agents:
- Auction Bidding – They act on behalf of a client, bidding for them at an auction for a property found by the client.
- Full Service – Buyer’s agents seek out and find properties, negotiate the purchase and manage the process end to end. The client and agent work together to develop the criteria for the property purchase.
Focussing on the full-service offering, let’s look at why people may engage a buyer’s agent.
People are time-poor – People are time-poor. They don’t have the time to go to open-house after open-house. They don’t have the time to bid at auction and manage inspections. A buyer’s agent can do this on your behalf.
Buyer’s Agents are well connected – Buyer’s Agents can get you access to properties others don’t know about. They can help you get access to off-market sales. They also have a level of insider knowledge – meaning you can find properties in areas that make better investments than others
Buyer’s Agents can be unemotional – Buying property can be an emotional experience (but you don’t want it to be.) This can lead to you making mistakes and spending too much money. A buyer’s agent can help you take the emotion out of property purchases, and this is in your best interests. You’ll end up with a better price for your home or a better investment portfolio.
Buyer’s Agents are skilled negotiators – Buyer’s Agents are skilled real estate negotiators. They may be able to drive a better deal than you can when it comes to property purchase.
They help you make the right decisions – Price isn’t everything. Buyer’s Agents will help present the facts on property purchases so you know what you are buying.
Finally, let’s look at who uses a buyers agent. Buyer’s Agents have a variety of clients, each with slightly different needs
Busy First Home Buyers – Many busy young professionals don’t have time to find their dream property. They know what they want, they earn good money and they’re looking for their first home. But they don’t know what they are doing and they want to make sure they are getting the best deal. A buyer’s agent helps them do this.
Investors – Property Investors often engage buyer’s agents to manage their investment portfolios. They can be engaged to buy multiple portfolios across various geographic regions. They may also be looking for a diversified portfolio.
Interstate or overseas buyers – Property investors may be looking to seek the best deals in areas where they don’t live. They may be looking for investments interstate or overseas. They generally won’t have time to fly to these destinations themselves so will engage a buyer’s agent to purchase these investments on their behalf.
Are you ready to make your first, or next, property purchase? Or do you have some further questions? Don’t hesitate to get in touch today if you are ready to take your next step in real estate. Get in touch today.