frequently asked questions.
... and things you need to know before you commit.
What Is A Buyer's Agent?
Professional Buyers Agents, otherwise known as Buyers Advocates or Property Buying Strategists help investors and first home buyers purchase the right properties at the right price.
Unlike traditional real estate agents whose job is to represent the seller, a Buyers Agent works exclusively for the buyer.
Experienced Buyers Agents prevent their clients from making costly mistakes when buying real estate. They take the leg work out of searching for property and secure the best deals for their clients through their networks, negotiation skills and local market knowledge.
A skilled Buyers Agent can potentially save you thousands by eliminating buying mistakes and placing you in a stronger position than if you were to go it alone in the marketplace. Specifically, they will perform a thorough due diligence of any potential property, making sure you know EXACTLY what it is you're buying and potentially stopping you from over-paying.
Buyers Agents can also help their clients navigate a fast moving market and give you access to secret listings, off-market deals and ahead of market listings. Properties that other buyers will simply never see.
Whilst other buyers are missing out, the buyers who choose to work with local Buyers Agents and Buyers Advocates are signing Contracts and moving forward.
5 Things You Should Always Ask.
What if I told you that not all Buyer's Agents are the same?
After you've done the google search and social media stalk of your intended Buyers Agent, here's what you should ask to find out if they are the right fit for you.
1. Do you receive kick-backs or incentives from third parties such as developers or builders in connection with your services?
- kickbacks may mean this agent will be giving biased advice to receive their incentive.
2. How connected are you in the local real estate industry?
- does your agent have good working relationships with local sales agents or are they unknown and unlikely to receive the off-market and secret listings that are reserved for the inner circle?
3. Are you completely independent or are you connected to anyone else in the industry who is paying you?
- some agents will "double dip" when it comes to receiving commissions from both you and the selling agent. This is highly unethical. The right Buyer's Agent will work for you and only you, without being biased due to an external incentive.
4. Will I be working exclusively with you throughout the process, or will I be dealing with others in your firm?
- some agents will win your business and then palm you off to an assistant or less experienced agent for part or all of the buying process.
5. How long have you been in real estate and do you specialise in buying property in Brisbane?
- put simply, a rookie agent will produce sub-par results. An out of town agent will likely do worse because they are unfamiliar with the local market and won't have the local connections.
Who Typically Engages A Buyer's Agent?
Interstate investors, international buyers and time poor professionals are among the most common clientele of Buyers Agents.
These people recognise that by appointing an industry professional they will achieve a better outcome and grow a strategic, rather than hit and miss property portfolio.
First home buyers are also seeing the benefits of working with Buyers Agents as they help them to avoid costly mistakes made through poor judgement in property selection and lack of expertise in property negotiation.
In a fast moving market, more and more local buyers are engaging Buyers Agents to act for them to help secure property before it even hits the market.
This is where Buyers Agents' professional networks can be a real advantage.
Brisbane Buyer's Agent Fees & Charges.
Why You Need A Buyers Agent.
Buying property, whether it be a home to live in, or adding to an investment property portfolio can be an exciting process. It can also be a stressful one.
The trouble is, we're not taught how to buy property or negotiate in school, nor do most of us have the time (or the patience) to learn, and this is where most buyers go wrong.
Too much trust is placed on real estate sales agents who are not obliged to work in the best interests of the buyer.
At worst, inexperienced buyers can lose thousands (and not even realise) simply because they didn't know how to negotiate their contract or made one of the several mistakes that novice investors often make.
More and more buyers are turning to Buyers Agents to eliminate these problems and ensure they make smarter purchasing decisions.