The purchase of property seems to be simple until you embark on the task yourself.
You find yourself spending hours browsing through listings, inspecting properties, analyzing different suburbs, communicating with real estate agents, and deciding whether the property is affordable or not. After which comes negotiating the terms of the purchase. It is here when negotiating that most buyers find themselves overwhelmed.
Enter the buyer’s agent.
A buyer’s agent is a real estate expert who acts in the best interest of the buyer instead of the seller. They assist you to identify, analyze, negotiate, and buy a suitable property. This could include finding you the perfect family home, a holiday property, or an investment property.
Here at Best10 Real Estate Agents, we connect you with qualified buyers agents in Australia.
What Does a Buyers Agent Do?
The particular service varies somewhat depending on the buyer’s agent you choose, but in general, their role goes much further than merely finding property for you online.
A buyers agent in Australia might:
- Look for the right property for you
- Find off-market listings
- Research suburbs and market conditions
- Value property
- Accompany you to inspections
- Negotiate on your behalf with the selling agent
- Bids at auction
- Handle the process of purchasing right up until the exchange
Many buyers initially consider that they just want help with negotiation. What they don’t realise is that in many cases, the greatest advantage of a buyers agent comes from someone filtering out the options for you and pointing out any problems early on.
What’s the Difference Between a Buyers’ Agent and a Real Estate Agent?
Without doubt, this is the question we get asked the most.
The real estate agent is appointed by the vendor, and they will sell your home to secure the best result for their client.
The buyers’ agent, however, is appointed by the buyer and gives advice on what to do in relation to achieving the buyer’s desired result, not the seller’s.
While there may be similarities between the two, they have very different purposes.
Knowing this about a buyers’ agent goes some way towards explaining why so many Australians are now looking for independent advice when buying a property.
Why Hire a Local Buyers Agent?
Property purchase is not just about viewing and making offers. Timing is crucial. Market awareness is crucial. Negotiation is crucial.
There are numerous reasons why buyers hire a buyers advocate, including their need for:
- Professional property insight
- Off-market connections
- Improved negotiating
- Expert assistance in highly competitive markets
- Greater assurance in the entire process
- More efficient search and research
This can be especially useful for those who are buying from interstate, working buyers, or investors in unknown markets.
Does a Buyers’ Agent Help You Save Money?
A reputable buyer’s agent does not make any guarantees that she/he will help you save money on all purchases.
However, what a reputable buyer’s agent will do is enable you to make more informed decisions.
An experienced buyer’s agent knows the local market well, understands pricing, has knowledge of comparable sales, and understands the general trend of negotiations. She/He knows how to recognize a good deal when they see one and how to recognize when it is best to avoid making any purchase at all.
Who Needs to Use a Buyers Agent?
Buyers agents can help different types of buyers, including:
- First-home buyers
- Families growing in size
- Downsizers
- Homebuyers who live in another state
- Those buying holiday homes
- Investment property buyers
- SMSF investors
- Expatriate Australians
A buyer’s agent for investment properties can also help with suburb research, rental demand, and future growth potential.
Can Buyers Agents Provide Off-Market Listings?
An off-market listing is one that is ready for purchase but is not marketed through leading property websites. Whether you benefit from an off-market listing will depend on the local market situation and the strength of the agent’s contacts.
It does not necessarily mean that each off-market property is a steal. Nevertheless, being able to tap into additional resources can definitely give you a boost when stock is low.
What are typical Buyers Agent Fees?
A buyer’s agent usually gets paid by either charging a fixed fee, taking a percentage of the cost of the property, or a combination of both.
Some factors that determine the price for buyers agents include:
- Property costs
- Geographical location
- Property type
- Level of services needed
- If the buyer needs a representative at auction
It is crucial to know what the agent will charge and what services they provide before working with any buyer’s agent. Considering how much money people spend buying properties, most buyers view hiring a buyer’s agent as a means of investing their money wisely.
Finding the Ideal Buyers’ Agent for You
All buyer’s agents are not a match for everyone.
Some specialize in luxury homes while others specialize in investment properties or first time buyers, or perhaps relocating from another state altogether. Knowledge of the local market, personal style of communication, and experience can all make a difference in the result.
At Best10 Real Estate Agents, we guide buyers to find their ideal agents according to their needs. See our suggestions for buyers’ agents here:
It is absolutely free to access our buyers agent match-making service, and you have no commitment whatsoever to work with a buyers agent or purchase a property.
Are you ready to proceed? Fill out our Buyers Agent Form to let us know what you are looking for in a property. We will need as much information as possible from you so that we can find a buyer’s agent who suits your needs.