Have you ever heard of a Buyer's Agent? Buyer's agents or advocates represent property buyers during real estate transactions. They're often confused with real estate agents, but these aren't synonymous professions. Real estate agents are those who provide services for a seller, while a buyer's agent is hired by a prospective buyer.
These are the 3 key reasons you should seriously consider using a buyer's agent.
1 - Save you money
Trusted professional buyer's agents engaged to work on your side are highly experienced negotiators and will therefore be able to secure you the best possible price and settlement terms on every property they purchase.
Often the lower price alone more than compensates for the buyer's agents fees.
A twin and sometimes hidden benefit of using a trusted buyer's agent is that they can also guide you towards making a smarter purchase, resulting in higher capital growth over time.
2 - Save you time
Our market research shows that buyers typically make offers on no fewer than six properties before finally making a successful purchase, often overcompensating for missing out on multiple attempts by snatching (at and overpaying for) an opportunity to buy.
A trusted and objective buyer's agent can help you to short-circuit this process, because they are in the market every day, and because they have access to a sales database which will inform them far more accurately as to where the true market value of a property lies.
Buyer's agents can often gain early access to properties before they hit the market, helping you to steal an edge on other prospective buyers.
3 - Save you stress
It's often said that changing jobs and moving house are the two of the most stressful things we do in life, but it needn't be so if you work with experts in those respective fields.
It's become more important than ever before that every step you make on the property ladder is a well-informed one.
Sadly, construction defects in recent years have resulted in heartbreaking financial and emotional outcomes for some buyers, while some buyers making mistakes end up in a negative equity positions, trapping them for years to come.
A trusted and experienced buyer's agent can significantly reduce the stress of purchasing a property, guiding you through all the different steps in the process to make an informed purchase decision.
The insider's edge
Using an independent buyer's agent puts a property expert on your side to work exclusively on your behalf through the purchase process.
Remember the seller's agent works for the vendor, and in their interests…not your own!
Buyer's agents may also have access to databases and information that are not readily available to the general public, including access to 'silent sales' or off-market deals.
Make sure that you use an experienced buyer's agent, who should b able to provide you with testimonials upon request.
Only around 2 per cent of Aussie homebuyers use a buyer's agent, compared to more than 40 per cent of those in the US.
That's partly due to the perceived cost, which we have addressed at Buyers Buyers by offering a range of packages, which every Aussie homebuyer can afford.
It's also in part due a lack of awareness of what a buyer's agent does, and how they can save you money and reduce risk when buying a property.
Happy house hunting this year!