Buyer's Agent
Vicky McLoughlin No Comments

In this current property climate, where stock is low and demand high, many potential property purchasers are utilising Buyer’s Agents to navigate their property journey, and for good reason!

We recently sat down and spoke to a Buyer’s Agent to discuss the service that they offer home buyers and the benefits of using one.

Their key point in the current market is:

 You cannot sit passively, waiting for the right property to come to realestate.com where there are a dozen other people waiting – you need to be proactively searching and connecting with sellers/agents and being the only buyer in the picture when negotiating. That is what we do day in day out for our clients.

Let’s take a closer look at our conversation!

Can you give us a run down in a statistical sense on your off-market purchases?

Seventy percent of the purchases we made for clients last year were off market. These are properties that are sold without advertising e.g realestate.com. There are many reasons vendors are deciding to sell off market: they save thousands on marketing, sell quickly and quietly because of several factors, whether personal reasons, privacy or they simply see the benefits of using a Buyers Agent. Several clients have purchased their next home and want to sell quickly with minimum fuss.

What about post-market purchases?

Normally a post market purchase is where a property falls over due to finance etc. – we follow suitable properties for our clients and buy these post market properties at a discount as the vendor is usually 45+ days into the campaign and now not confident with the sale process.

Can you summarise the services a Buyer’s Agent provides to buyers who engage you in their property journey?

We save our clients time in three ways which include:

Due Diligence – Due Diligence should always be undertaken before you inspect a property. There is nothing worse than finding your perfect home, negotiating, going under contract of sale, and then discovering it floods or the neighbour has an approved Development Permit for a high-rise construction. We provide detailed information on zoning, flooding, underground infrastructure, neighbouring development, crime rates, school catchment and local suburb trends before we inspect.

Inspections – we provide detailed video inspections that clients can view when they have time – if they like the look of a property we inspected on their behalf, we book an in-person inspection at a time that suits them. If they are interstate, we negotiate the right price and put the property under contract subject to inspection so they can come up, look for themselves and if for whatever reason they do not want it, they can terminate without penalty.

Off-market and Post-market opportunities – We get our clients access to every property that is available not just what is on Realestate .com. Meaning we find the right home sooner, last year we bought within a 2–8 week period – some within a 48-hour period due to our strong off-market data base.

Can you summarise the benefits in a monetary sense for engaging a Buyer’s Agent?

We save our client money – On average we purchased on their behalf between 5-9% below market valuelast year. 

We achieved this by:

  • Being the only buyer in the negotiation.
  • Understanding the vendor’s motivation for selling.
  • Negotiating on property each week, we have developed strategies for specific situations.
  • We provide detailed Current Market Analysis reports on suitable properties every day of the week, this allows us to have a deep understanding of current property values meaning our clients never overpay.

It is important for you to decide if using a Buyer’s Agent is the right decision for your family, taking into account the fees involved when engaging one. Most Buyer’s Agents will offer a free in-depth consultation, where you can ask any questions you have before making your decision.

In conclusion, Buyer’s Agents have a lot to offer and provide benefits and savings to their clients. They are also instrumental in securing the right property that meets would be property owners’ specific objectives and requirements. 

If you would like to discuss Buyer’s Agents in more detail with our Seek Financial brokers, or if you have questions about the home buying journey, please do not hesitate to contact us, we are always here to help.

 

 

 

 

 

 

 

 

 

Disclaimer:

The above information is general in nature. It has been prepared without taking into account your objectives, financial situation or needs.

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