Why use a buyers agent at auction?
November 13, 2014 / Written by Rich Harvey
By Rich Harvey, CEO, propertybuyer.com.au
If you're looking at taking on an investment property in Sydney, there's every chance you're interested in doing so at the auction block. The latest RP Data figures for October have shown that for the first time, Sydney has overtaken Melbourne for the sheer volume of auctions going on in the city. With so much property going on the block, you may be looking to get a bargain bid in.
But before you head into this sort of arrangement, consider your options - including getting a buyers agent to bid on your behalf. Here's how we will help.
Removing the emotion
Auctions are high stakes, high emotion and, in this property climate, high price. When you get directly involved in the auction process it can lead to getting hot-headed and bidding more than you should. Buyers agents have extensive experience at the auction yard, and we know the tricks auctioneers and other bidders like to use. We'll keep it cool and make the right bids at the right time - and of course, stick to a financial plan we set out with you beforehand.
When you win at auction in New South Wales, there isn't a cooling off period for you to back out of a deal - that's why you need the calm-headed expertise of a buyers agent acting in your interests at auction.
Tax benefits
When you buy property for investment, there are a lot of potential tax benefits - especially if you decide to negatively gear your property. But regardless of your property gearing, investors can claim buyers agent fees as tax deductible - just another benefit of engaging their services.
What's more, when you use a buyers agent you are only dealing with one person to find you a suitable Australian property, rather than having to put up with several selling agents who aren't necessarily working in your best interests. Licensed buyers agents will only ever act in your favour at auction, so you should make sure they are the real deal with the Office of Fair Trading in whichever state you're buying in.
These are just two of the benefits of working with a buyers agent at auction. We can also conduct research about the property you want and the surrounding suburb to determine how much it is worth, and whether or not you will really get good value at auction.
With so many benefits available, it's a great idea to engage Australia's most awarded buyer agents here at Propertybuyer when you want to head to auction.
