EVERYTHING YOU NEED TO KNOW ABOUT BUYERS AGENTS

Buyers agents help anyone that is seeking quality advice on a property purchase whether they are professional executives, first time home buyers, experienced investors, commercial buyers or even developers.

The key difference between a buyers’ agent and a traditional selling agent is who they represent. A buyers’ agent works exclusively for the buyer, whereas the selling agent works for the vendor (seller). A buyers’ agent is paid for their service as either a fixed fee or as a percentage of the purchase price. A buyers’ agent does not sell real estate. By law an agent cannot act for (and accept a commission) from both parties in the transaction.

Be careful in dealing with a buyers’ agent (or buyers' advocate) that is situated within a traditional sales office.

They would have an inherent conflict of interest or bias in recommending their own local stock of listings. Exclusive property buyers’ advocates will search the entire market and not have a vested interest in any specific property or selling agency.

 

Save Time: A buyers’ agent can shortlist properties faster.

Searching the internet, calling agents, arranging inspections and viewing properties every weekend for months on end can become a very tiring process. Professional buyers’ agents will have an extensive and established network of real estate agents to draw on to produce a qualified list of properties to suit your preferences.

From this list the buyers' agent will efficiently cull the unsuitable properties leaving only the most ideal properties for you to view at a convenient time.

The average home buyer or investor typically takes 6 to 12 months to get to know the local market, find properties and eventually secure one (by which time a rising market may have seen prices rise over 10%). Even with all the latest apps and online tools, it still takes time to vet the vast array of options and work out what is worth inspecting. With a qualified Sydney buyers' agent on your side, this process can take a little as 30 days.

Save Money: We’ll negotiate the lowest possible price.

A skilled real estate buyers' agent will be able to save you a lot of money! As they are in the business of buying properties on a daily basis they become very proficient at negotiating. A Sydney buyers' advocate will protect you from making an emotional purchase – they don’t have a vested interest in the property so they can negotiate objectively on your behalf.

Negotiating is an art – especially when dealing with real estate agents. Selling agents have lots of tricks and tactics to use on unsuspecting buyers.

An expert buyers' agent will be able to level the playing field and give you the upper hand in negotiations.

Knowing the local property market values intimately they will be able to provide you with confidence you are paying the right price. When it comes to bidding at auction, the buyers agent know which auction tactics to make to prevent you from getting caught up in the heat of the moment.

Save Stress: Don’t let emotions cloud your judgment. Let a professional deal with the agents.

Let’s face it – dealing with real estate agents is not top of everyone’s priority list. Research has shown that selling agents rank poorly on the trust scale of professionals (doctors at the top car salesman and real estate agents on the bottom). Using an experienced and licenced buyers’ agent means you never have to deal with real estate agents.

Underquoting is a common practice that is causing many buyers incredible frustration. A skilled Sydney property buyers' agent will be able to determine in a heartbeat if the price quoted is realistic and if you have a chance of securing the property. Having a buyers' advocate on your side means you get the truth about the market, the property and what needs to be done to buy it successfully (without the selling agent knowing you are emotionally attached).

Discover silent listings: We can uncover the other 40% of properties sold on the quiet.

Did you know that our property buyers' advocates in Sydney can uncover many “off-market” opportunities for you to view?

With a wide network of agents at their disposal, the buyers' agent can get access to new listings before they hit the open market. Some vendors prefer to sell on the quiet and avoid the hassle of open inspections or avoid marketing fees. Sales agents like dealing with buyers' agents as they present a qualified buyer, with finance approved and ready to buy.

Off market opportunities abound in the prestige market with a very high percentage sold in this manner. Privacy and discretion are the main reasons for luxury property vendors choosing a silent listing method of sale. Buyers' agents are usually the first to be notified of these opportunities.

Buy right: Location is everything. Discover the facts about the hot spots before you buy.

Whether you are buying a home or investment property, selecting the right suburb is paramount for your success. Buyers' agents that specialise in investment property, will have access to the latest research and statistics to help you pinpoint the best areas for long term capital growth. There is a clear science behind property investing and sticking to the fundamental drivers of population growth, employment opportunities and infrastructure growth means you can optimise your investment decision making.

The investment buyers’ agent will provide research on the areas recommended then commence shortlisting specific properties that fit the investment criteria.

This removes the guess work and provides you with the opportunity maximise your returns.

A buyers’ agent is paid for their professional service as either a fixed fee or as a percentage of the purchase price. Buyers’ Agents typically offer three main services - full search, appraise and negotiate and auction bidding. The fees may range from 1.5% to 3% of the purchase price or the flat fee equivalent. Buyers agents generally charge a smaller amount upfront as an engagement fee which forms part of the total fee to ensure commitment by both client and buyers agent.

The majority of buyers agent set fees around three main services:

1. Full search – Fees are set at 1.5 to 2.0% +GST of purchase price (or flat fee equivalent)
2. Appraisal & Negotiation only – Fees approximately 0.9% +GST of purchase price (or flat fee equivalent)
3. Auction bid only – Fees are $500 + GST for attendance and $1000 + GST success fee.

Most professional buyers’ agents charge an engagement fee as a form of retainer. This is simply compensation for the amount of time and effort the buyers agent will spend searching for properties and undertaking research. This ranges from $1500 up to 50% of the total fee payable.

The total buyers’ agent fee will depend on your specific requirements, search parameters, budget and degree of difficulty. It’s important to understand you are engaging a professional property consultant to act impartially as your representative in searching and negotiating for your next home or investment property. Beware of selling agents masquerading as “Buyers’ agents” within a sales agency and only presenting their own listings.

Propertybuyer is Australia’s most awarded buyers’ agency that helps you locate your dream home or investment property. Established for over 19 years, credited with over 34 Awards for Excellence and over 3000 transactions completed, the propertybuyer team has the experience, credentials and utmost integrity to deliver the best buyers advocate service.

Our team of local experts provides independent advice and excellent support to help you find and negotiate your ideal property.  CEO & Founder Rich Harvey says “Buyers’ Agent's should have professional support at each step of the buying process to save time searching, understand current market values, and avoid over-spending by making an emotional buying decision.”