Five things Buyers’ Advocates Do Best - November 2022
November 7, 2022 / Written by Rich Harvey
I think most people respect specialist skills. You wouldn’t ask a plumber to perform your appendectomy. Conversely, a surgeon would probably mess up repairs to your hot water system.
Even so, I am occasionally frustrated when someone suggests they can purchase a property just as well as a skilled buyer’s advocate. They’ll reason, “Why pay someone to buy you a house when you’re perfectly capable of doing it your own?”
While I appreciate that the mechanics of making an offer and signing a contract aren’t complicated, it’s high time we set the record straight on why a buyer’s advocate should lead your purchasing team.
Here are just five ways buyers’ advocates make a huge difference.
1. Off market opportunities
You may have heard the term “off market” before. Simply put, it’s where a home is purchased without being publicly advertised for sale.
There are several reasons why a seller might choose to sell a property off market. Perhaps they need a quick, no fuss sale. They might not be prepared to have open home inspections. They might even be private individuals who don’t want to deal with anyone but genuine buyers.
Whatever the reason, unless you are well connected in the industry, everyday buyers won’t hear about great off-market opportunities until well after the ink has dried on the contract of sale.
On the other hand, buyers’ advocates spend years cultivating relationships with agents. As such, when off-market opportunities present, they are the first to know. In addition, buyers’ advocates can communicate their clients’ real estate requirements directly to the right agents. In many instances, they will know of a home that suits and may even approach an owner to see if they’re open to a sale via the buyer’s advocate.
2. Unemotional (when it counts)
No matter how hard buyers try, removing their emotions from a purchasing decision is almost impossible. Buyers walk through properties and fall in love with the possibilities of ownership. Even an investment property will light some sort of fire in a buyer.
But this can be your undoing. Buyers who go it alone are at risk of overpaying for a property they fall in love with.
A buyer’s advocate has no such emotional attachment. They can spot the fundamental advantages and flaws of each home and weigh these up practically, without fear or prejudice. They can also deal with the agent on your behalf, ensuring the sellers don’t push any “emotional buttons” that could lead to a bad decision.
3. Professional analysis
Buyers’ advocates are constantly analysing markets to unearth the best locations for their clients. They are keeping track of micro and macro factors that will influence prices and sales activity throughout their specialist suburbs. They’re watching listing numbers and studying which price points are moving. They know what types of people are buying, selling and renting so they can determine quickly if a property will meet the needs of their purchaser client.
This sort of effective qualitative and quantitative analysis comes from years of experience, and it can be put at your disposal by simply appointing a buyer’s advocate.
4. Determining price
The buyer’s advocate’s skills in straightforward analysis of a property opportunity mean they can determine market value far better than the average everyday purchaser.
The buyer’s advocate will look at the hard and fast numbers on your behalf. Even if you have access to one of the major property databases, I guarantee you will not have the breadth and depth of knowledge to truly understand what’s happening in each location.
A buyer’s advocate can take that unemotional stance and assess a property’s value based on hard facts. They also have insider knowledge about any sales evidence doing the rounds There’s usually a reason that a sale price doesn’t seem to be at “market value”. It could be a family sale or a divorce settlement for example. A well-connected buyer’s advocate will be aware of these circumstances and can factor that into their considerations around price.
Understanding how to treat information properly goes a long way towards ensuring you are offering the right amount for a home.
5. Process expertise
The negotiation, signing and settlement process involves a lot of moving parts and personalities. Knowing what things are important and who to deal with can be confounding if you’re not experienced in the property buying process.
A buyer’s advocate is right across all these details. With them representing your interests. you will not miss any crucial elements related to your property purchase. They can guide you through the process and ensure everything is carried out appropriately and within the necessary timeframes.
When it comes to buying real estate, it’s not simply a matter of “sign and settle”. To get the best outcome and fully enjoy the journey, rely on the skills and networks of an experienced buyer’s advocate. They’re your unfair advantage in the property purchasing game.
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