With Sydney’s property boom behind us and the market demonstrating a much slower rate of growth, buyers are understandably unsure about where to buy next in the Harbour City.
Whether you’re searching for your own home or sizing up a potential investment, when it comes time to purchase, there are so many aspects to consider.
First and foremost, property buyers want good value and great quality, and in the current market, that can be difficult to gauge.
You may be wondering how a buyer’s agent could help.
It’s an important consideration in a slow property market, when saving money is a high priority.
At Metropole Property Strategists, we have seen Sydney’s property market cycle through many different markets since we opened our Sydney office in 2008.
During that time, we’ve assisted in over $3billion worth of property transactions on a national scale, with our advice and guidance backed by our thorough research department.
Our team boasts extensive knowledge regarding properties in Sydney; they aren’t just your run-of-the-mill, enthusiastic property agents, but rather, they are experienced and strategic real estate professionals.
This prediction was made when the market’s median was sitting at around $650,000 – so the idea of growth to $1m seemed far-fetched.
For the clients who followed this advice, they were able to create substantial wealth in Sydney’s property market over the last five years.
This is the depth of experience and analysis that our team offers – and, given that each of them have over a decade’s real estate experience, they are able to level the playing field for buyers as a strategic buyer’s agent.
That said, in an industry where every Tom, Dick and Harry knows a buyer’s agent or thinks they can pick the market, how can you select the right buyer’s agent for you – someone who can help you move your property goals forward?
When the market favours property sellers
The first thing to note is that, while it isn’t mandatory to use a buyer’s agent when shopping for real estate, it is often the most effective way to get the best bang for your buck.
It can often feel like the property market is set to favour sellers rather than buyers, which is exactly why so many people are opting to use buyer’s agents for help.
So, what does a buyer’s agent do for you, and how can you find the best one in Sydney?
At its very basic definition, a buyer’s agent is a real estate professional that is hired by potential home buyers or investors to conduct research of potential properties, evaluate each property and, once one is chosen, handle all the subsequent negotiations during the transaction.
A buyer’s agent will also bid for the buyer if the property is to be sold at auction, which is hugely beneficial for the novice, as auctions are notoriously tricky for those who aren’t used to them.
Sydney is definitely a cut-throat property market.
Having a buyer’s agent on your side will allow you to see some properties that might not be advertised on the market yet – those “off market” properties buyers love to get their hands on.
This is a great way to get in before other prospective buyers, and it’s something that usually can’t be done without the help of a buyer’s agent.
Hiring a buyer’s agent will also save you time, given that you won’t be doing the actual searching yourself, but simply reviewing the shortlist given to you by your agent.
This is a great way to focus on the end result and minimise your efforts and stress.
At Metropole, our service is unique because when investors consult with us, they’ll first see a property strategist who will help formulate their own individual Strategic Property Plan.
This is how we go the extra mile to ensure that the property you buy not only suits you now, but that it will be part of your “bigger picture” plan to build wealth for the long-term.
Questions for your buyer’s agent:
1. What are your qualifications?
Don’t be afraid to ask their credentials upfront.
You can start but asking whether they are fully licensed with the relevant real estate boards and peak industry bodies, such as REINSW, REBAA or PIPA.
2. How experienced are you at buying within the location/s we’re looking at?
By the time you’re selecting a buyer’s agent, you’re likely going to be pretty set on the locations you’re wanting to purchase in.
If it’s your won home you’ll have a good idea where you want to live.
If you’re an investor you’ll have narrowed your search to a number of investment grade locations with your property strategist.
So this is a very important question to ask a potential buyer’s agent right off the bat, because if they have no experience purchasing property in your desired location, they won’t be able to leverage their insider knowledge and expertise for your benefit.
Local, specialised agents will know aspects neighbourhood culture, the quality of the local schools, where the most desirable lifestyle amenities are, and which strips or streets are better/worse than others.
3. How many years have you been in business as a buyer’s agent/real estate professional?
Real estate can be a fickle beast, and while there may be no harm in hiring a young gun who’s just entered the business, a buyer’s agent with more years of experience is likely to have deeper market knowledge when it comes to value and performance.
There many years of finely-honed negotiation expertise will also fall in your favour.
4 . What sort of properties do you specialise in?
You ideally want to work with someone who specialises in the exact property type you want.
So now you know what a buyer’s agent can do for you, as well as what you should ask once you’re vetting them, what’s your next step?
5. What resources do you have?
I wouldn’t be working with a one-man-band – I’d look for someone who’s part of a professional team?
Ask them what their team and network are like.
6. Who has trained them?
Have they been properly mentored by an experienced industry professional or not?
I wouldn’t be working with an enthusiastic amateur
7. How do you get paid?
Remember your buyers agent should be working exclusively for you, not be selling properties part time and never take vendor or developer kickbacks.
For further help in choosing and purchasing your Sydney property, contact Metropole Property Specialists today to discuss your options with our industry professionals. Just click here now or call us on 1300 METROPOLE