Real Estate Agents are often struggling with lack of supply, demand is usually high and competition is always tough. Buyers are regularly being priced out of the market, particularly first home buyers, young families looking to upgrade and the Mum and Dad investors as well.
Buyer’s Agents in Victoria are seeing purchasers being out bid and out played and either losing or overpaying… not only at auction in other situations such as a sale by set date or an expression of interest campaign. This is a game best played by those who are experienced and who know the pitfalls of the industry, not to mention the rights of the purchaser and the obligations of the selling agent.
Increasingly Buyer’s Agents or “Buyer’s Advocates” are being engaged by educated buyers to navigate the minefields of the real estate industry on their behalf and to show them the real value of property, this of course in turn will save them money, time and stress. The difference between buying an average property and a good property can be a difference of tens or even hundreds of thousands of dollars.
With over 220,000 new dwellings constructed in 2015 throughout Australia (70,000 of those within Victoria) one would think that there would be plenty of choice for purchase and that supply is stable. That certainly is the case if you are willing to live, invest or migrate to a rural town touted as Melbourne’s new suburban city. For the rest of us, residing in an established urban and thriving metropolis is still the dream.
Back to the minefield. Where to buy? How much to spend? What is it worth? These are all fair questions and require educated responses. A Buyer’s Agent is trained in locating, evaluating, assessing and negotiating, and it is the negotiating where they will save you far more than the fees that they charge. A Buyer’s Agent must be licenced to work in the industry (with the Business Licence Authority). The industry is heavily regulated and bound by a code of ethics. Your Buyer’s Agent should know the processes of purchasing and the legalities associated with any purchase. If unsure check to see if your Buyer’s Agent is a member of REBAA (Real Estate Buyers Agents Association of Australia) and/or a member of the REIV (Real Estate Institute of Victoria).
So when looking to make that next big purchase a Buyer’s Agent can be your best friend. Choose the right Buyer’s Agent and you could find yourself with your Saturdays back, sitting in your new home in one of Melbourne’s healthiest growth corridors (with change in your pocket) or with an investment portfolio that will make your friends green with envy.