Buying a home is a serious investment. This major life experience should not be taken lightly nor should it be stretched out for an extended time period. This is why purchasing a home or property requires the guidance and assistance of a professional, working for you to get the best deal. This is what a buyers agent does.
In order to choose the perfect property for your needs or plans, you need to have a lot of information already sorted out. This includes what you can and cannot afford, where you plan to buy and what kinds of homes are available when you are entering the market. A buyers agent can clarify exactly what you need to consider, making the whole process easier for you.
What is a Buyers Agent?
A good buyer’s agent will bring much to the table in order to assist you in achieving your goal of home ownership. As a buyers agent is not a selling agent, they work for you. They are being paid by you so their primary goal is to work for you as an advocate protecting your interests.
Essentially, buying property without the aid of a buyers agent puts you at risk. With a buyers agent working for you they will help you to purchase the property best for you, at the best price and under the right terms. They do all of this on your behalf with an unbiased eye.
For more information on how a buyer’s agent can help, click here.
The Benefits to Using A Buyers Agent
There are many pluses to using a buyers agent when you are shopping for your first home or seeking an upgrade or planning to relocate. Buyer’s agents are also effective when you are downsizing. Here are a number of the benefits to using one:
1. Market Knowledge
A buyers agent will be completely up-to-date with the current real estate market. This means that they will have a complete understanding of what exists in the market, what trends are forming and changing as well as the economic conditions that may impact the real estate market.
A good buyers agent will know all the specifics of the market and will keep informed on changes and variations as a result of personal research. Based on this vast knowledge, a buyers agent should be able to negotiate positive outcomes for each individual buyer.
2. Emotionally Unattached
Because purchasing a home is an emotional experience, buyers sometimes make errors as a result. They can become attached to details or end up spending too much for something they think they cannot do without. They often also do not handle stressful situations like auctions or negotiating the offer very well.
As a buyer’s agent is not emotionally attached to the purchase, they can see all circumstances objectively.They can handle the stresses that come from hard negotiations and calmly make key decisions that can make the difference between a good and bad purchasing experience.
3. Seek Perfect Matches
A buyer’s agent takes time to get to know you and your buying needs. They spend time learning about what you want, what you can afford, where you want to be and discuss all the pertinent details related to getting you into the home you desire without spending too much.
By taking the time and making the effort to connect you with the right property, a buyers agent does not try to move you onto the first available home. They seek to match you and your long-term plans with a property that you will be happy with.
4. Strong Networks
One of the biggest advantages of using a buyers agent is that they have access to far more properties for you to choose from. This is a result of connections within the real estate marketplace and other industry contacts… connections that have taken years to form.
With this kind of access, your buyer’s agent will be able to bring options to you that will include on and off market properties. A regular real estate agent can only offer properties that are for sale and listed through real estate firms. Off-market properties are often available to buyer’s agents.
The Cost of Using A Buyers Agent
Buyers advocate fees are one variable that you must factor into the purchase price of your new property. Although on paper it may seem like this increases the cost, a good buyers agent will ultimately save you thousands of dollars on the property you end up purchasing so any fees associated with their services will be made up in the savings.
What The Property Buyers Agent Fee Should Cover
A buyers agent fee will vary between different agents. Some work with a flat fee, while others work using a percentage of the final sale price. Others may require an up-front initial registration fee, then a success fee is added once they locate and successfully negotiate a great price for you on the property you purchase.
The fees should cover all of the following:
- Any and all personal meetings and communication with you during the process
- Consultant referrals (legal, financial, accounting professionals)
- Property searches and meetings with agents
- Research database use
- Property evaluations to meet your needs
- Property report preparation of properties recommended for you to examine
- All communications with your accountant, solicitor, and finance broker
- All further property checks and inspections
- Purchase strategy execution and price negotiating
- Final contract inspections
- Pre-Settlement inspections
Is It Worth It?
A buyer’s agent should be providing you with impartial advice that is as individual to you and your needs as your fingerprints. The buyers agent’s final goal is to get you the best deal on the right property to fit your personal circumstances. They do this by acting on just your behalf.
Without the assistance of a buyers agent, you are at the mercy of a seller’s agent. The seller’s agent’s goal is to get the highest price for the vendor. This means you could easily overspend and not get the best property you could have had you hired a buyers agent to represent you.
If you require a buyer’s agent to work on your behalf, taking away the stress and hassle of finding and negotiating a property for you then make sure that you get in touch with us.