buyer’s agents work exclusively for buyers.
Professional Buyer's Agents, otherwise known as Buyer's Advocates or Property Buying Strategists help home buyers, 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 in the best interests of 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 as they can often negotiate a lower price and better outcome because they are emotionally removed from the purchase and can help keep your decision making rational. They stop you from over-paying for a property or buying a “dud”. Essentially, Buyer’s Agents often put you in a stronger position than if you were to go it alone. Whereas many buyers don’t do thorough research before they buy, a Buyer’s Agent will perform due diligence and other checks on a potential home to ensure you know EXACTLY what it is you are buying before you sign a Contract. Buyer's Agents can also help their clients navigate a fast moving market and get their buyers access to secret listings, off-market properties and ahead of market listings. Properties that other buyers may simply never see.
Whilst other buyers may be missing out due to lack of experience and local market knowledge, the buyers who choose to work with Buyer's Agents and Buyer's Advocates are signing Contracts and moving forward.
Why You MIGHT Need A Buyer’s 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. Buyer’s Agents remove a huge amount of stress from buyers because they take on the emotional and physical burden of house hunting, dealing with selling agents and negotiating. The reality is, many of us were never taught how to buy property or how to successfully negotiate, nor do we have the time (or the patience) to learn. 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 purchase. Out of area buyers who don’t know the local market conditions can potentially over-pay tens of thousands of dollars for a home because they didn’t have the local market knowledge. Buyers who continuously miss out on homes also benefit from working with a Buyer’s Agent.
how much do buyer’s agents charge?
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Who typically engages A Buyer’s 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 Buyer’s 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 Buyer’s Agents to act for them to help secure property before it even hits the market.
This is where Buyer’s Agents' professional networks can be a real advantage.
5 Things You need to Ask before you commit.
Not all Buyer’s Agents are the same, offer the same level of service and are a good fit for you. When choosing a Buyer’s Agent to work with, you often will not be comparing apples with apples. Smart buyers dig a little deeper before they commit to a certain Buyer’s Agent.
1. Do you receive kick-backs or incentives from third parties such as developers, builders or real estate agents in connection with your services?
- kickbacks may mean this agent could be giving biased advice in order 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 process, or will I be dealing with others in your firm?
- some agents will win your business and then send 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.
I also suggest performing a google search on your potential Buyer’s Agent and checking their social media accounts to see how connected they are, and to get a feel for what they are like “off the clock”.