What Is A Buyers Agent?
working for the buyer.
Professional Buyer's Agents, otherwise known as Buyer's 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 Buyer's Agent works exclusively for the buyer. Experienced Buyer's Agents stop 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 Buyer's 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. Buyer's Agents can also help their clients navigate a fast moving market and get 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 Buyer's Agents and Buyer's Advocates are signing Contracts and moving forward.
Why You Need A Buyers Agent.
don't risk making a huge mistake.
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 under any obligation 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 they unknowingly made a mistake during the purchase.
No one wants to be stuck with a dud property!
brisbane BUYERS AGENT fees.
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Who Engages A Buyers Agent?
Interstate investors, international buyers and time poor professionals are among the most common clientele of Buyer's Agents and Buyer's Advocates.
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.
5 Things You need to Ask.
Not all Buyer's Agents are the same.
After you've done the google search and social media stalk of your intended Buyer's Agent, here's what you should ask to find out if they are truly legit, and 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 others in the industry who are paying you?
- some agents will "double dip" when it comes to receiving commissions from both you and the selling agent. This is highly unethical. A reputable Buyer's Agent will work for you and only you. No biases and kick-backs. If they are receiving an incentive, they'll tell you about it beforehand.
4. Will I be working exclusively with you throughout the entire process, or will I be dealing with others in the 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. No one likes to be downgraded, and it will likely affect your overall result.
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 to get you access to the off-market properties and secret deals.