For an impartial viewpoint on Buyer’s Agent services we have linked to a RealEstate.com.au article “Do I need a buyer’s agent?”
Do I need a buyer’s agent? by Venessa Paech
Who are these mystical creatures? And how can they help you if you’re buying property?
Buyer’s agents (also known as ‘buyer’s advocates’) are licensed professionals that specialise in searching, evaluating and negotiating the purchase of property on behalf of the buyer.
They do not sell real estate.
Buyer’s agents specialise in searching out, locating and negotiating the purchase of property on behalf of a buyer.
Whereas real estate agents primarily represent the seller of the property, a buyer’s agent (like it says on the tin), looks after you, the buyer.
What does a buyer’s agent do?
A buyer’s agent generally offers two types of services:
1. The full service sees them search out properties meeting their client’s criteria and negotiate the purchase of the property ultimately chosen, whether by private sale or auction. They may look for one specific property, or an entire portfolio, depending on your needs.
2. Buyers may also engage buyer’s agents purely to bid for them at the auction of a property they have found for themselves.
How much does it cost?
Some buyer’s agents charge an engagement fee before they begin the search for a home. Users of the full service can expect to pay a flat fee or a percentage of the property purchase price.
Using a buyer’s agent to bid at auction, meanwhile, carries a lower fee as there’s much less time involved.
Their fees may be tax deductible if you’re buying an investment property.
Investors should note that the cost of using a buyer’s advocate is generally tax-deductible when purchasing an investment property.
Why use a buyer’s agent?
Early and wide access
Some buyer’s agents have access to a wider range of properties that you may ordinarily be exposed to (some may not even be advertised).
They will utilise their network to connect you with focused opportunities, often ahead of others in the market.
Having a professional seek out a property that meets your needs can save you countless hours, shortlisting efforts and stress.
Your weekends are freed up to attend inspections and focus only on the properties with a great chance of ticking your boxes.
Though there’s an increasing array of tools and data out there to help you make an informed choice when buying, it still takes valuable time, and if you can outsource that work to someone working in your interest, why not?
Buyer’s agents who specialise in investment properties can help you source the right type of property in locations with good prospects for capital growth.
They understand market indicators and won’t just work from your requirements, but will consider how to optimise your shortlist based on their experience.
This can save you time, money and stress in the long run – lessening your chances of making an ill-informed investment decision.
Bidding and negotiating
One of the most popular reasons people use a buyer’s advocate is to support them during the auction and negotiation process.
Bidding at auction can be an intimidating, emotionally daunting business and it helps to have someone objective to represent your needs in the heat of the moment.
It helps to have someone with the confidence, emotional detachment and tactics representing you at auction.
Buyer’s advocates implicitly understand the process, including the tricks of the trade, and bring to auctions the confidence, emotional detachment and tactics necessary for a successful bid.
Many insist they can net their clients a purchase price often below that which they are willing to pay, while saving people precious time and emotional distress.
How do you find a buyer’s agent?
You can also ask friends, family or others you trust if they have one they can recommend. Word of mouth is a great way to track down an agent with a good reputation. Just make sure they work in the area’s you’re looking at buying in.
Ask your prospective agent if they accept sales commission from vendors or developers. This isn’t common, but it’s important to know if they are not only acting in your interests.
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.
Read more At WikiPedia Buying Agent.
Buyer’s agents (also known as ‘buyer’s advocates‘) are licensed professionals that specialise in searching, evaluating and negotiating the purchase of property on behalf of the buyer.
As One Of Melbourne’s Leading Buyer’s Agents We Can Help You Buy A Home And Save Time And Money Finding The Right Property. We offer services in Buying a Home, Auction Bidding and/or Negotiation as well, Buying to Invest, and Buying Off Market Properties from our extensive real estate network and property market connections.
We run a fee for service model – our fee’s are derived from our consultation fee (known as an engagement fee) and then a percentage of the sale of the property. Fee’s can vary on the services required, be it fixed or percentage based which typically vary from 1% to 2%.
Signing Up With Elite Buyer Agents
We have a simple process of new clients signing up with Elite Buyer Agents by reviewing your needs and what you are wanting to achieve from the property purchase be it as a home to live in or investment property. We want to ensure your goals are met by understanding in depth what you are wanting to achieve. We then offer a top-level solution which will form part of a wider solution in which we will then commence work after you have a signed up with Elite Buyer Agents.
Fee’s can vary on the services required, be it fixed or percentage based which typically vary from 1% to 2%.
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