A buyer’s agent is a licensed real estate agent who works exclusively for buyers. Their job is different from that of a traditional real estate agent; the latter largely work on behalf of the seller. When buyers are purchasing property, it’s common for them to believe that a selling agent will also look after their welfare.
Looking After Your Interests
The fact is that by legislation, a selling agent will not be able to look after both the buyer & the seller. He/she must try to obtain the highest possible price for a property; if they look after the interests of the buyer, they will not be able to achieve this. Contrastingly, a buyer’s agent attempts to get the best possible price for the buyer and exclusively looks after their interests.
It’s true that a number of properties in Australia are quite expensive and a lot of it is also sold via auctions. This is when a buyer’s agent looks after your interests, bids on your behalf and gets the lowest possible price for the property you want. This also helps save you a lot of time and effort and you benefit in more ways than one. In a number of countries across the world, over 50 percent of property buyers use the services of a buyer’s agent.
Do I Need a Buyer’s Agent?
This trend is also catching on in Australia and a larger number of buyers are now choosing to use the services of these professionals to help them secure the property they want, at the right price. If you are wondering whether you really need a buyer’s agent, take a look at the advantages of hiring one. There are a number of situations in which using their services makes sense:
- People who do not have the time or do not wish to spend it looking for the right property, find a buyer’s agent to be an invaluable resource. A number of overseas buyers work with a good agent as it’s not always feasible for them to personally inspect all the properties on sale.
- Foreign investors will not be familiar with all the areas in Australia. A buyer’s agent from a particular area will have deep knowledge of the locations and how the local market functions; this can be very helpful while a purchase is being made.
- Bidding at a property auction can be quite nerve-wracking and when you have a buyer’s agent handle this task, you get a person who is objective and one who knows all the tactics required to get the best price for you.
How They Can Help You
In addition to all these things, a good buyer’s agent doesn’t just make an appearance on the day of the auction & put up a hand. He or she will assist and support you through the complete property transaction process, including:
- They will do all the legwork to find suitable properties for you.
- Review & assess properties to make sure they’re suitable and that they equate to a very sound purchase-decision.
- Many overseas buyers find negotiation very challenging. When you hire a buyer’s agent, you are assured that the person will negotiate effectively and help achieve the lowest-possible price.
- Buyer’s agents who have very strong connections in the market also have access to properties that are “off-market”. This is a significant advantage for a person who wants to get to a property ahead of other buyers; this puts you in a position to negotiate effectively.
A competent buyer’s agent is a qualified & experienced real estate professional. He/she will be completely in-sync with the market pulse & know how real-estate trends work. Since they work for you, they are able to give you unbiased and genuine advice about which property you should purchase and what you should be paying for it.
This is something a real estate agent will not be able to do as they work on behalf of the seller. There are a number of aspects that have to be taken into consideration when you are buying a property and having a well-established buyer’s agent help you along the way is one way of ensuring that you get the right property at the right price.
Thanks for reading,
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