Purchasing a property is a major financial decision that may have many positive or negative ramifications for the buyer’s current and future lifestyle. Making financially astute decisions at the time of purchase is imperative. Yet “why should I use a buyer’s agent?” is a question still asked by many property buyers.
Often, these same people do not hesitate to engage the services of experts to assist with financial planning, legal matters, recruitment, accounting, health problems and many other areas where a professional opinion will deliver a better outcome for the client.
In addition to their deep knowledge of the real estate industry, buyer’s agents understand bidding tactics and are not at risk of making decisions based on emotion in the heat of an auction or price negotiation. By using an independent buyer’s agent you position yourself to achieve the best possible financial outcome.
What are the the benefits of using a buyer’s agent?
Experience. The average property buyer will only negotiate a property purchase one to three times in their life, whilst the opposing real estate agent does this regularly for their livelihood. A buyer’s agent can match a seller’s agent in negotiating skill and experience.
Access. Using an agent can provide access to a wider selection of properties that a typical home buyer cannot seek out without insider industry knowledge. Be it unlisted properties through foreclosures, for sale by owner or via the agent’s professional contacts, buyer’s agents give you a greater selection of choices when searching for your home or investment property.
Time. A buyer’s agent works with you to identify and understand your requirements as well as to assist you in determining your financial capabilities. Once the agent knows your situation well they are able to locate and screen properties, taking on the grunt work of your search whilst ensuring that your specific needs are met.
Stress. By helping with viewing property, researching property and suburbs, identifying problems, helping to secure finance and negotiating purchase agreements, buyer’s agents alleviate the stress and uncertainty of purchasing a property.
Advice. Typically buyer’s agents are experienced investors themselves and will provide you with relevant research on good capital growth areas. They may also be able to help by explaining legal documents and financial or real estate terms that you may encounter on the way, or refer you to a qualified professional that can.
Confidential. Should there be any relevant factors or information that could impact your negotiating position, your buyer’s agent will keep it confidential. On the flip side, they are able to share with you any knowledge they are able to obtain through their professional networks regarding the seller’s position and why they are selling.
Price. A buyer’s agent will help you to formulate and negotiate an appropriate offer for the property you are interested in. Based on their knowledge of the fair market value of the property and research into comparable sales in the area, an agent will use this information as well as other influencing factors to advise you. Using a buyer’s agent means that you can be confident and take comfort in the fact that you are negotiating the lowest possible fair price.
For the smoothest property buying experience and to achieve the optimal investment outcome, an independent buyer’s agent should represent you throughout the entirety of your property transaction.