A buyer’s agent is a real estate professional who represents buyers in the purchasing of property. In the competitive Melbourne market, more prospective buyers are turning to Buyers Advocates to assist them in their search for the right property.
Top 3 Reasons to Use a Buyer’s Agent?
- Knowledge of particular neighbourhoods
Buyer’s Agents are experts in researching and understanding the key underlying metrics that determine price values in any given suburb. A sound understanding and knowledge of recent property data can provide a buyer or investor with invaluable knowledge of recent market trends and potential capital growth. This data and information can ensure that buyers are aware of property values and locations reducing the chance of making an ill-informed investment decision.
Your Buyer’s Agent will also sit with you and very clearly define what you are after in your property search. Their in-depth knowledge of what is possible will enable your list of priorities to be appropriate to your budget and search area.
- Negotiating and bidding
Bidding or negotiating a purchase can be a daunting task. Where emotions can interrupt, Buyer’s Agents will stick to the bidding range and will not be swayed under the heat of the moment in an auction environment. Knowledge of the likely competition and strategies to adopt will provide prospective buyers with an advantage and best possible outcome.
In an off market negotiation, a Buyer’s Agent will really come into their own. As they negotiate on property every week, they have experience with all the negotiating tricks to ensure the deal goes in your favour.
- Time saving
Finding the time to attend inspections or analyse properties while managing all other priorities in your life can be tricky. Buyer’s agents take the stress and time out of searching for properties by doing the legwork and then presenting only the select properties that match your needs. For some, the major drawcard of engaging with a buyer’s agent is having a team strategically and quickly provide options that may otherwise take you twice to three times as long.
Is there a fee in using this service?
Buyer’s agents typically charge a flat fee for service or charge a percentage of the property purchase. Other fees such as representing bidding at an auction may come into place and an initial fee for service before the property search even begins. It would be good to budget around 1% of the purchase price.
How do you find a Buyer’s Agent?
There are a multitude of Buyer’s Agent services across the country however word of mouth is a great place to start. Ensuring that the service has a good reputation and is familiar or works within the area that you’re looking to buy is an important consideration to make.
At 40 Forty, we have select partners we work with depending on what area of Melbourne you are looking to purchase.