What is a Buyers Agent?
A buyer's agent — sometimes referred to as a buyer's advocate — is a property professional who only works on behalf of the buyer. A buyer’s agent will represent the buyer’s best interests throughout the entire search for a property and its eventual purchase and settlement.
Buyer’s agents will work with buyers to define their personal goals and objectives. Once they understand what their client is looking for, the buyer’s agent will search for the property via different on, and off-market sources. They will then identify, analyse, and assess whether a potential property purchase meets the goals and objectives of their client. If it does, the buyer’s agent will then manage the entire purchase process on behalf of the buyer; inspection, price negotiation, and settlement are all taken care of by the buyer’s agent.
Unlike a real estate sales agent who earns a commission from the seller, a buyer’s agent is paid by the buyer after they have successfully researched and found a suitable property for the buyer - and then negotiated the best possible price, and secured it on their behalf.
Why Use a Buyer’s Agent?
Ultimately, a buyer’s agent helps to level the playing field on behalf of the buyer. For first-time home buyers and investors, navigating the sales process and negotiating with real estate agents can be daunting. Many buyers think Real Estate agents are their 'friends." They're not! They represent the seller and they're professionals at negotiating and influencing buyers to pay the highest possible price.
A buyer’s agent only represents the buyer. There are no other interests involved outside of what benefits the buyer. They provide an invaluable service to buyers by negotiating on their behalf. They are also experts in their markets and have in-depth knowledge of the local markets they operate in and what properties should be worth. With this knowledge, a buyer’s agent can save their client’s time, money, and stress by finding a suitable property and making sure they don’t overpay.
Below are a few more reasons why more property buyers are starting to invest in buyer’s agents to help them with their next purchase:
Knowledge of high-growth suburbs.
When it comes to Investment-focused buyer’s agents, they will have deep knowledge of which locations to invest in and which ones to avoid. This comes from having their own systems and experience in identifying suburbs that are likely to experience high growth and high cash flow. An investment-focused buyer’s agent can also help their clients to buy in suburbs that are not too “cold”, not too “hot” - but “just right” before they are going to experience a strong period of growth.
Access to more properties.
Often, a buyers agent, through their established relationships with local real estate agents will have access to off-market properties and soon-to-be-listed properties. This gives their clients the advantage of being able to quickly secure a property before it is available to the public through websites such as realestate.com and domain.
Negotiation
Buyers Agents have a lot of experience in dealing with real estate agents and have an understanding of different techniques used in the negotiation process. As experts in their markets, buyer’s agent will also make sure their clients are paying a fair price that is below or in line with the current market value. They’ll also have knowledge of properties that have sold in the area and do an in-depth analysis of comparable sales to make sure their clients don’t overpay for a property purchase.
Support and due diligence
For most people, buying a property will be the biggest purchase of their lives. Buyer’s agents provide their clients with guidance and support throughout the buying process to make sure they’re making the right decision.
Overall, a buyer’s agent combines their market knowledge, research, and analysis to get the best possible deal for the buyer.
Most Suitable For:
Busy families who don't have enough time to research suburbs and properties, or attend inspections.
Busy professionals who are looking to buy a property, but prefer to outsource this significant purchase to a professional.
Anyone wanting to invest in property but unsure what to buy or where to buy.
Anyone who prefers to work with a professional to minimise risks.
Anyone who wants professional guidance to make sure their investment is safe and gives them the best possible returns in the short term and long term.
Not Suitable For:
Buyers who prefer to do everything themselves and do not see the value of working with a property investment professional.
Experienced buyers who prefer to deal directly with selling agents and feel confident in their ability to negotiate.
Buyers who are confident in their ability to do it on their own and have enough time to research properties and attend inspections
Buyers who are not in a rush and don’t mind searching for several months before they secure a property.
Anyone who is unsure if they’re ready to make a purchase or are just monitoring the market with a “wait-and-see” approach.
Are you looking to buy a property, but would like to learn more about how a buyer’s agent can help, or if it’s suitable for you?
If so, book a free consultation.
No obligation.
No pressure.