What is a buyer’s agent
Buyers’ agents are licensed property professionals that represent investors, home buyers and developers in purchasing their properties. A buyers’ agent works exclusively for the buyer, whereas the selling agent works for and is obliged to get the best deal for the seller.
A professional buyers’ agent can:
- Save you time, money and stress by helping to purchase property at the best possible price under the best terms.
- Research, negotiate and acquire your property on your behalf.
- Assess the market value of suitable properties to help you make an informed buying decision without all of the “hype” often generated by sales agents.
- Ensure you don’t pay too much by not becoming emotionally involved in the auction or negotiation process.
- Saving you money by locating suitable properties in a timely manner.
- Source the right investment property in the right location, which will outperform the market averages.
- Help investors build their property portfolio faster and safer by representing the investor, not the seller, developer or project marketer
- Act in a confidential and professional capacity
But beware… not all buyers’ agents are the same. Choosing the wrong buyer’s agent for your investment property could cost you tens of thousands of dollars!
Here some questions you could ask your buyer’s agent before engaging them:
Are you a fully licensed real estate agent?
Be wary of hiring someone who doesn’t hold a real estate license and hasn’t had years of experience in the property industry.
There are people out there calling themselves a buyer’s agent who are not licensed estate agents. Don’t risk putting what could be one of the largest purchases in your life in the hands of somebody who hasn’t had the years of experience necessary to negotiate on your behalf.
Don’t be tempted to engage somebody just because they offer lower fees. If they provided great service and real added value to their clients, they wouldn’t have to win clients by offering low fees.
Are you a member of the State Real Estate Institute?
This should give you the reassurance that they are operating to professional industry standards.
Do you have current professional indemnity insurance?
If something goes wrong with your property purchase you will have absolutely no recourse if this is not the case.
Are you a dedicated buyer’s agents?
Or are they just a division of a real estate agency or a one man band working from home or out of a post office box? You can’t possibly offer a high standard of service when searching and negotiating for properties for your clients unless you have dedicated professionals purely focused on this process.
Do you specialize in the geographic location and the price range I am looking at?
If the buyer’s agent doesn’t have a strong recent track record of buying in the area you are looking at purchasing in, we suggest you don’t engage their services. Don’t be shy to ask them for at least 4 recent purchases in your area you are looking at buying in. For example, you would want a Melbourne Buyer’s Agent to have made several purchases around Melbourne and the nearby suburbs. If all their recent purchases are in regional Victoria or maybe Brisbane or Sydney, perhaps Melbourne is not their strongest market and a different Buyer’s Agent would suit you better.
Do you specialise in home buying or property investment?
Buying investment properties requires certain expertise and strategies to maximize the capital growth of your property. Most buyer’s agents don’t specialise or even understand property investment. If you are an investor ensure your buyer’s agent has experience in purchasing property investments and a proven track record. If you are buying a home make sure your buyers agent fully understands your needs and geographic territory.
Can you provide a reputable team of professionals to help me make a more informed investment decision?
Do they have a proven team of solicitors, accountants, property managers, builders and pest inspectors to ensure you buy the right properties and maximize your investment returns?
Does your buyer’s agent have access to “silent sales”?
At Metropole, many of the properties we purchase never hit the public market. It is imperative that your buyer’s agent has years of personal relationships with all the real estate agents in the area you are looking at purchasing in, so as soon as properties come up for sale you have access to them before they go to the general public. Most of these properties are sold before they ever get advertised to general public.
Call us today on 1300 20 30 30 to find out how we can help you buy your new home or a top performing investment property in Brisbane, Melbourne or Sydney.