Why Would You Want To Hire a Buyer’s Agent to Purchase a Property?
So, you have decided to buy a home or investment property. Great! Between the time you make that decision and the time you sign papers to make an actual purchase a lot of steps have to be taken.
What buyers often underestimate is the power of having a buyer’s agent in their corner.
Buyers Agent Versus Selling Agent: What’s the Difference?
You may have thought you can represent yourself on this important and expensive transaction of purchasing a property.
But let’s take a moment to consider a scenario. Would you ever go to court and go up against a prosecutor to defend yourself? Probably not. You would want an extremely knowledgeable defense lawyer. This is similar to the difference between a buying agent versus a selling agent.
- Buyers Agent: Engaged independently by you (the buyer) to legally work for you and represent your best interests. They will get you the best property at the best price while factoring in your budget, brief, terms and conditions.
- Selling Agent: Engaged by the vendor to legally represent their best interests and get them the highest price and best terms for their needs and property.
Isn’t a Buyer’s Agent Just Another Expense?
While you may think you are saving a lot of money on the transaction you are in fact losing money. According to expert buyer’s agent Miriam Sandkuhler, “If you have a budget of $600,000 and you have been looking for three to six months and you keep missing out, the market has likely gone up 5% in that time, meaning you get less bang for buck or you need to find another $30,000. Not to mention the cost of paying for building and pest inspection reports each time you bid on a place.”
The increase in prices in the market and cost of reports can add up, however had you engaged a buyer’s agent they would have done all the work for you, for less money than the market increase. You would have bought a property more swiftly and your property could have been earning capital growth, instead of you slogging it out with other buyers.
Diminish the risks associated with purchasing a property on your own by employing a licensed buyer’s agent who knows the market and the property's true value. In the end, you will come out financially ahead faster than attempting this all on your own.
A buyer’s agent in Melbourne or your own city can help you make more informed choices. If you’re looking for a buyer’s advocate in Melbourne to help assist you with purchasing an investment property, Property Mavens has you covered.
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About Miriam Sandkuhler, Property Investment Advisor
With Diplomas in Property and Business Studies – in a non ASIC regulated industry, she’s uniquely qualified to develop and also fulfill successful and sustainable property investment strategies for her diverse range of clients - investors, SMSF trustees and home buyers alike.
