Experience in what property to buy, in what location and at what price is what a good buyers agent brings to the table.
Property is one of the most significant purchases you will make in your lifetime. If you’re going to spend anywhere from five to thirty years making loan payments on your home, you need to be sure you’re getting the best deal you can.
what does a real estate buyer’s agent do?
As licensed professionals, it’s their job to help your property purchase go smoothly. Their real estate expertise means they can help find the right property, keep you informed, negotiate the purchase price on your behalf, and make sure you get the best deal on your property purchase. They can also bid as your proxy at housing auctions or negotiate by private treaty.
Their efforts streamline and protect your entire experience, from finding the perfect home to signing your name on the dotted line.
They work for you.
should you use a buyer’s advocate?
You can’t afford to trip over real estate jargon or not understand the implications of an inspection report.
Whether you involve a buyer’s agent from the very start or bring them in during the home or rental property purchase, they can save you time, stress, and money. They work 100 percent on your behalf and are there to protect your interests.
After all, sellers have an expert on their side. Why shouldn’t you?
when should i use a buyer’s agent?
You won’t have to spend hours researching properties and visiting homes ill-suited to your needs. A buyer’s advocate can help you separate your home wish list into needs vs. wants, allowing you to focus on what really matters in your home.
They can help shortlist your available choices and be your point of contact with the seller’s real estate agent. A buyer’s agent may also have access to silent listings and pre-market listings. This means your agent can show you more properties than you would find on your own, increasing the chance that you’ll find your dream property.
When brought in at the beginning, a buyer’s agent can also take care of inspections and surveys for you. They interpret real estate jargon and make sure you understand what each report and contract means, preventing costly surprises once the purchase is complete.
Property buyers that work with a buyer’s agent are more informed, their home or property purchase go more smoothly, and they pay less overall. Using a buyer’s agent can protect your interests and assets.
what to look for when choosing a real estate buyer’s advocate
Are They Licensed and Insured?
Every state in Australia has different laws and licensing regulations. A buyer’s agent must have the proper credentials to practice. Also, check the consumer affairs or real estate agent institute office in the territory you’re considering to ensure your agent is licensed there.
What Experience Do They Have in the Area Where You’re Searching?
Local knowledge of the neighbourhoods you’re considering is invaluable. Agents should have a minimum of 24 months actively working in the area you’re interested in and should have several recent purchases there.
How Much Experience as a Buyer’s Agent Do They Have?
You want someone with a proven ability to work with real estate agents on a buyer’s behalf. The more experience an advocate has, the broader their network of contacts. These networks are important—it gives them access to pre-listed and off-market properties before they’re made public, increasing your chance of getting the perfect property. Their connections are also useful in referring you to other representatives you might need during your property purchase.
Are They Working Exclusively as a Buyer’s Agent?
Some buyer’s agents also work as real estate agents. Knowing the answer to this question can help prevent any conflicts of interest. If your advocate also accepts sales listings, they are not independent agents working exclusively as a buyer’s advocate.
Are They Familiar with the Kind of Home You Want to Purchase?
Knowledge of investment properties, first-time buyer plans and incentives, and any government savings opportunities can save you hundreds, if not thousands, of dollars.
Can They Share Any Referrals from Previous Clients?
Most buyer’s agents proudly display testimonials from their happy clients. You can typically find this information on their personal or business website. If it’s not there, proceed with caution.
What is Their Fee and Cost Structure?
When purchasing property, costs and fees can add up quickly. Understanding how your agent gets paid and what they charge for can not only add clarity on the value of their services but whether or not they’re charging industry standard.
Do You Have to Pay a Buyer’s Agent?
Yes. And many buyer’s agents will offer several different options when it comes time to cut that check.
Buyer’s Agents costs and fees will change based on when you brought them into the process. If you’ve involved them from the beginning, their fees will be higher. Their time and the services you use will also affect the final cost of their bill.
Some buyer’s agents will offer a fixed fee structure, while others work for a percentage of the sales price. According to REBAA, buyer’s agents’ full-service commission should work out to approximately 1.5-2 percent of the purchase price.
An experienced buyer’s agent can pave the journey to your dream home. Trust Top 10 Real Estate Agent to help you find the right advocate to represent your interests. Answer our five easy questions and let us send you a referral. Our free service comes with no obligation and may save you thousands.
Source: https://www.abs.gov.au/ausstats/[email protected]/mf/5601.0