Buyers’ agents typical offer varying levels or types of services, take a look at these common buyer’s agent services.
Consultation. For those new to the property market, or new to investing, it can be difficult to know where to start. An agent will begin by sitting down and helping you to define what you’re after and prioritise your requirements. With their knowledge of local markets, they can provide important insights at this early stage and help you to understand what is realistic for the money you are willing to spend.
Sourcing. With a good understanding of what you’re looking for, where you’d like to buy and how much you will pay, an agent then sets about researching the area and eliminating unsuitable properties. In addition to cutting out huge amounts of legwork for the buyer, agents often have access to or knowledge of properties that are available for sale but not being openly marketed. In some cases, an agent can even identify properties that are not for sale and approach the owner to express interest on your behalf. These strategies give you a much greater chance of getting the property you want in the right price range.
Inspection. Having identified suitable options, the agent will conduct physical inspections to rule out any glaring issues with the shortlisted properties.
Bidding. If a property you are interested in purchasing is going to auction, the agent can be given authority to bid on your behalf. This removes the risk of emotions getting in the way of a well thought out bidding strategy. In addition, being represented at auction by your agent will provide anonymity. On occasion, agents may be able to negotiate with the seller and secure the purchase prior to auction, removing the risk that you will lose out to a competitor.
Negotiation. Whether the property goes to auction or not, at some point you will need to enter into contract negotiations with the seller. With in depth knowledge of the local market, an agent is extremely well placed to ensure that you pay a fair price. Agents have been known to save buyers tens of thousands of dollars in comparison to what they would willingly have paid for a property.
Purchase. Property buyers understand all the steps required to successfully transact a property purchase in your state. They will prompt you to complete all necessary steps and help to ensure that nothing is overlooked.
Referrals. In their line of work, buyer’s agents build a strong network of people connected to the real estate industry. Whether you are in needs of building or pest inspections, legal or accounting advice, a mortgage broker, financial planner or even a property manager, your agent may be able to recommend someone suitable. And in the interest of protecting their own reputation, they will only put you in touch with quality service providers.