Buyer's Agents: What You Need to Know Before Purchasing a Property
What is a buyer's agent?
It’s a term you may be familiar with, but do you know what a buyer’s agent actually does? Buyer’s agents are licensed professionals who find, evaluate and negotiate a property purchase on behalf of a buyer. They manage the buyer’s interests ensuring the buying process is smooth and leads to a positive outcome.
What does a real estate buyer's agent do?
From finding the right property to getting the best price, below are some of the numerous duties and responsibilities of a buyer's agent.
- Establish and develop the client brief
- Research the market and provide buyers with a range of properties that fit within their criteria and budget.
- Provide clients with market research and pricing information.
- Support clients during the whole home or investment property buying process.
- Arrange client access to properties for inspection, measurement etc.
- Attend on-site property inspections
- Conduct due diligence and provide reporting for clients.
- Ascertain the best buying methodology for the property
- Negotiate price, terms and conditions and submit offers, ensuring the entire negotiation process is smooth.
- Attend auctions and implement bidding strategy
Having a buyer's agent help you purchase your desired property offers a number of advantages. Here's why:
- Saves time, money and stress. Searching for properties is time consuming and stressful. There’s plenty of information out there that will help you make the right decision. However deciphering this information and understanding what factors are most relevant can be confusing. Buyer’s agents have the skills, experience and knowledge to ensure you’re fully informed with the right information. Delays in buying the right property at the right price in a fast moving market can cost you much more in the long run if you keep missing out.
- Easy access. Many buyer's agents have access to a range of properties that are not even advertised. Thanks to their connections, this opens up new opportunities to help ensure you find the right property. Plus properties that are not advertised means less competition and often better prices.
- Apt for the job. Buyer’s agents will not only understand your requirements but they also know the market very well. Pricing trends, demand and other knowledge will help you maximise your capital growth and returns.
- Bid and negotiate. Bidding and negotiating are two daunting tasks. But buyer's agents know exactly how such processes are done and the tricks and techniques involved. They also have the confidence to use tactics to ensure a successful outcome, while protecting you from getting caught up in the emotion of the auction and overpaying for the property.
Now how do you find a buyer's agent?
Finding a trusted agent can be quite difficult. You need to assess and evaluate your options carefully to get the best outcome and ensure you are comparing ‘apples with apples’. Make sure you choose an agent who has relevant qualifications and extensive experience in the field.
Discuss their service offering and ensure they will assist, guide and help you with the entire process. If you are buying investment property ensure that your buyer’s agent has additional formal property qualifications to understand growth drivers and other important factors that influence a properties capacity to grow in value.
At Property Mavens, our team of qualified and experienced professionals will help you find the perfect property that suits your individual taste and budget. Our full service offering makes the process convenient from start to finish. Talk to our team today and find your dream property.
Related Posts:
- When Should You Buy a Home?
- What Makes a Good Investment Property?
- 4 Reasons Why You Need a Buyers Agent/Advocate
- 6 Red Flags to Watch Out for When Hiring a Buyer’s Agent
