What is a Buyer’s Agent, and why do you need one?
Plenty of people buy houses without the help of an agent, in fact you may have already bought and sold property without ever engaging a buyer’s agent before.There are a number of benefits to having a buyer’s agent however, and chief among them are experience and advocacy. While sales agents work for the property seller, to get them the best possible price, buyer’s agents work solely with your interests as a buyer in mind.
What is a buyer’s agent?
A buyer’s agent is a professional agent, with experience in buying property and a detailed knowledge of the property market. Your agent will work for you, to ensure not only that you pay the appropriate price for a property, but that you choose the right property. Buyer’s agents are skilled not only in negotiation, but also in researching property (both listed and non-listed). They have a strong background in the property market, and understand the current market trends, as well as the investment potential a property may hold. Buying property, especially for investment, an be fraught with many hidden hurdles which the average property buyer is not aware of. A buyer’s agent can support you through the entire property buying process, from researching, to choosing the best property, to detailed inspections, to negotiation and settlement. Engaging the services of a buyer’s agent means that you’ve got a wealth of knowledge at your disposal.
Why should you use a buyer’s agent?
Industry knowledge, local expertise
A buyer’s agent has a great deal of experience in the property industry, and works with sales agents every day. As a result, your buyer’s agent has a network of key contacts in real estate, insurance, finance and more. There are so many aspects to buying property, that it can save a lot of time and heartache to consult an agent who can help to bring all of these elements together, for a successful property purchase. Having a healthy relationship with a number of sales agents also gives your buyer’s agent the advantage of knowing the seller’s circumstances and otivations. You are in a much better position to negotiate when your buyer’s agent has the inside scoop on the sale.
Knowing the industry, and understanding market trends is both complicated, and critical to the purchase of a property. A buyer’s agent has a finger to the pulse of your local property market, as well as the greater national trends for investors and owner-occupiers like. With an understanding of the current legislation, such as taxation and tax concessions, your buyer’s agent can help you to make the best financial decision based on your situation and our goals for the property purchase you are about to make.
Finally, and importantly, you buyer’s agent has access to both on-market and off-market properties. This means that you will have the ability to view properties before they go to market, and before auction. This advanced access gives you the competitive advantage over those who are searching for similar properties.
Whether you’re hoping to invest, or purchase a home for your family, buying a property can be an emotionally charged time. With heated negotiations, competitive auctions and sales agents working to secure the best price for their clients, it can be hard to keep your head. Your buyer’s agent will take you through a thorough information-gathering process in order to truly understand your needs, your situation and your goals. Working as your representative, your buyer’s agent can help to remove the emotion from the buying process and ensure that you don’t end up paying too much, or settling on a property which isn’t right for you. An experienced, professional agent will go in to bat for you, and secure you the best possible result.
Not only is negotiating a difficult skill to master, property negotiation is awash with misunderstandings, heated emotions and a great deal of guesswork on each side of the equation. A buyer’s agent who has experience in negotiation, as well as a wealth of industry knowledge is in a better position to negotiate the best possible outcome for their client. Not to mention, a good relationship with the sales agent and an understanding of the seller’s motivations (as mentioned above) can help your buyer’s agent to negotiate with a much greater understanding of the situation than the average buyer.
Help for the time poor
Whether you’re new to the property market, or a savvy investor with a large portfolio, property buying is a process which few have time to pay the proper attention to. Many buyers engage a buyer’s agent simply because they are time poor, and require a trusted advisor to help accomplish their goals. Dedicating their knowledge and expertise to your property search, a buyer’s agent will save you time (and no small amount of stress) in finding the most appropriate properties, arranging inspections, negotiating with seller’s agents, and overseeing settlement proceedings. Once your property search is complete, your buyer’s agent can also assist you with after-sales services such as finding insurance, and engaging a trusted real estate managing agent for your investment.
How to choose the right buyer’s agent for you
From a ‘full-service’ package to simple help with negotiation and auction bidding, choosing a buyer’s agent will depend on the type of service you require. The initial consultation (link) process will help both you and the agent determine if their services and experience are a good fit for you. Be sure to ask questions, and be open about your concerns, your current situation, and ultimately your desired outcome. The right agent will make you feel at ease about the process, and demonstrate their level of experience while in consultation with you.
Porters House has over 17 years’ experience in both buying and selling property. We understand the Sydney property market like no one else. To find out more about how our strategic, skilled and personal approach can help you to find the perfect property, at the right price, get in touch today.