Madonna Boon
Property Manager
When purchasing a property, first home buyers are like deers in the headlights and can very quickly be taken advantage of.
A common trap a buyer often falls into is putting their full trust in real estate agents, forgetting the agents are working for the seller – not the buyer.
Often, a selling agent will sniff out a first home buyer and assume they lack the industry knowledge or the skills to get a better price for their dream home.
And often, they are right.
A buyers agent works with a home buyer to ensure they get their dream home, for the best price possible.
With an extensive knowledge of the property market and expert negotiating skills, a buyers agent is able to leave emotions at the door, often saving the buyers thousands of dollars in the long-run.
Universal Buyers Agents director Darren Piper offers his top five tips to become an expert negotiator.
“Successful negotiators are assertive and challenge everything – they know that everything is negotiable,” Darren says.
“I call this negotiation consciousness. Negotiation consciousness is what makes the difference between negotiators and everybody else on the planet.”
“I am amazed by all the people I meet who can’t stop talking,” Darren says.
“Negotiators are detectives – they ask probing questions and then shut up.
“The other negotiator will tell you everything you need to know – all you have to do is listen.”
3. Do your homework.
“This is what detectives do. Gather as much pertinent information prior to your negotiation. What are their needs? What pressures do they feel? What options do they have?
“Doing your homework is vital to successful negotiation. You can’t make accurate decisions without understanding the other side’s situation.
“The more information you have about the people with whom you are negotiating, the stronger you will be. People who consistently leave money on the table probably fail to do their homework.”
“If you depend too much on the positive outcome of a negotiation, you lose your ability to say no,” Darren says.
“When you say to yourself, ‘I will walk if I can’t conclude a deal that is satisfactory’, the other side can tell that you mean business.”
“Your patience can be devastating to the other negotiator if they are in a hurry because they start to believe that you are not under pressure to conclude the deal,” Darren says.
To learn more about the benefits of a buyers agent, visit www.universalbuyersagents.com.au.
About Universal Buyers Agents
Australian-owned and operated, Universal Buyers Agents is made up of an experienced and passionate team driven to ensure your future is secured financially by investing in blue chip localities. To us, it’s not about the transaction today but rather, the ten into the future.
The Universal brand was born as a result of increasing market demand for a service that was not only comprehensive but served the buyer, not the seller. In today’s fast paced industry and market competitiveness, making a mistake has increased tenfold, so don’t make one. Working with Universal Buyers Agents takes the pressure, risk, and stress off the purchase so we can focus on uncovering and buying the right property, at the right price, every time. Whether you’re looking for your first property, a development opportunity, commercial or industrial sites, land and house packages, or investments, we can advise, support, manage, or consult on a level that suits or is required.
There is a somewhat disheartening side to purchasing property that is seldom discussed.
It doesn’t happen overnight, and it doesn’t always happen as soon as the process has begun.
For some, purchasing a home can take months and, in some cases, years.
After more than a year searching for their first home with no success, a young Brisbane couple was close to giving up hope.
Andrew Shaw and Liz Webb were on the hunt for their dream home – a “typical Queenslander” with character, a nice kitchen and an entertaining area.
“We are a couple in our 20s, getting towards the big 3-0 and we have been talking about getting into the property market for the last couple of years,” Andrew and Liz said.
“We’ve been together for the past seven years and have been living together for three years, so rather than spending money on rent we wanted to put our money towards a place we can own and make a home for ourselves and start to set ourselves up for the future.”
The search didn’t go as smoothly as they expected, with 12 months of scrolling through listings online, and six months of unsuccessful auctions and offers under their belt.
“We would see a property listed online and would be at the open home that weekend,” the couple said.
“We started seeing the same couples every weekend, so we knew the competition would be tough.
“When we got serious and started placing offers on houses, we’d find ourselves in a situation where multiple offers were on the table.
“We’d be going in fairly blind with our offers, and we had no idea where we stood.
“We also found ourselves at auctions where the bidding crept over what we thought was value.”
Andrew and Liz soon realised they needed a competitive advantage if they ever wanted to find their ideal home.
Scrolling through LinkedIn, Andrew came across Universal Buyers Agents director Darren Piper.
“After signing up to his mailing list, I received a phone call from Darren and we spoke about the search we had been on for a property,” Andrew said.
“At the time Liz and I were about to put an offer on a property in Gordan Park.
“The place was going to be sold prior to auction, so we found ourselves in a multiple-offer situation again.
“Darren was happy to give me advice on the process and his thoughts on the value of the property, however again we missed out as we were outbid by another party.
“From that conversation, Liz and I decided to hire Darren due to how willing he was to give us the advice, and the fact he said he could locate these properties off-market so we had a chance to go for them without as much competition.”
And the rest, as they say, is history.
Within two weeks of hiring Darren, Liz and Andrew had signed a contract to move into their new home – a beautiful Queenslander in a great area, with a pool as well.
“It was a massive relief to have found a property so quickly, and we were amazed to have had a shot at buying our ideal property before it was even listed online,” the couple said.
“To be honest it was pretty surreal how quickly we were able to secure this property – we had a contract signed within 48 hours of Darren finding the property through his network.
“Darren was fantastic, even before we hired him he was open to giving us advice and information and he never put any pressure on us to sign up with him.
“From the very start he knew exactly what we wanted and was confident he could find the right property for us.”
Andrew and Liz said they were “consumed” with the real estate market and spent all their spare time scrolling through hundreds and thousands of online property listings.
Darren did the groundwork for us and could cut our list down to a more targeted number of properties that ticked the boxes,” they said.
“When we got Darren on board, we actually got time back.”
Liz and Andrew said not only did Darren save them time; he also gave them honest insight into the market.
“One of the many benefits of having Darren working with us, was we actually had insight on what was fair value from an expert in the field, and he kept us accountable to make sure we weren’t overpaying,” they said.
“Darren wasn’t just thinking about what we wanted short-term, he helped set us up for success in the long run as well, regarding property values and growth opportunity.
“He could have just let us buy the first property we saw, but he wanted us to find the best property in our price bracket.”
Darren said using a buyers agent gives the buyer a competitive edge in a very fast-paced industry.
“Using a buyers agent will ensure the buyer is exposed to every single opportunity both on and off market,” Darren said.
“When most people only transact six times in their life, you would be silly not to safeguard this investment/purchase by using a professional.”
Purchasing a property is an overwhelming experience for first homebuyers, who are often taken advantage of by real estate agents.
“There is a big misconception that the selling agent is there to help the buyer – this is not the case,” Darren said.
“The selling agent is paid by the seller to get the highest price whereas a buyers agent is there to ensure the buyer buys the right property at the right price.
“Our aim is to level the playing field and challenge the status quo when it comes to buying property.”
Darren said first home buyersalso tend to get emotionally invested throughout the process, which can seriously cost a buyer in the long-term.
“Emotional situations can cause you to make bad financial decisions,” he says.
“Buyers agents are here to guide the buyer and keep a logical mindset and keep the emotion out of the transaction, therefore buying at the lowest price.”
Once a buyer starts making decisions with their hearts instead of their heads, that’s when they pay too much for a property and overlook important issues.
Pointing to Andrew and Liz as an example, Darren said no dream home is too out of reach or difficult to find.
With an extensive knowledge of the property market, as well as connections in the industry, which allow access to not-yet-advertised properties, buyers agents can find a property that ticks all the boxes – regardless of how many there are.
Buyer’s agents, or buyer’s advocates, are becoming more and more popular in the property purchasing industry. But who are they really, and do you need one?
Firstly, a buyer’s agent is a licensed professional with extensive industry knowledge. They are hired by homebuyers to alleviate some of the stresses that come with buying a property.
They live and breathe property and can help search, evaluate and negotiate a property on behalf of the buyer.
While a selling agent works for the seller of the property, a buyer’s agent works for you, the buyer. It is their priority to ensure you find your dream home at the best price.
What does a buyer’s agent do?
A buyer’s agent generally offers two types of services – a full service and an auction service.
How much does it cost?
The price of a buyer’s agent varies from agent to agent. Some will charge an engagement fee before they begin the search for a home, while those getting the ‘full service’ will usually pay a flat fee or a percentage of the property purchase price.
To use a buyer’s agent just to bid at an auction on your behalf will come with a lower price tag.
Keep in mind; all fees may be tax deductible if the property is an investment.
Why use a buyer’s agent?
Access to off-market properties
A good buyer’s agent will have connections throughout the real estate industry. They will have inside knowledge of market trends in the area, as well as exclusive access properties not on the market yet.
They save you precious time
One of the most difficult parts of purchasing property is working around busy work, family and life schedules. Finding the perfect home usually involves scrolling through thousands of properties online for hours, weeks, or even months.
Tell a buyers agent exactly what you are looking for, and they will do the searching for you saving you countless of hours – with the added bonus of full access to off-market stock.
They can give insider tips
If you are buying an investment property, a buyer’s agent will be a valuable asset to you. They can help you source the right type of property in the right locations with great opportunities for capital growth.
A buyer’s agent has a deep understanding of the property market and will ensure you make the best decision, financially.
They are expert negotiators
This is one of the most common reasons people use a buyer’s agents – to help them through the auction and negotiation process. First homebuyers, in particular, often all into the trap of putting too much trust into their selling agent.
Bidding at auction can be an emotionally daunting task, with buyers often making decisions with their hearts instead of their head. Emotion can be the biggest price drive when purchasing a property, and it can seriously cost a buyer in the long-term.
Enlisting the help of a buyer’s agent will help avoid any of these issues occurring and ensure a buyer makes the best decisions when it comes to purchasing a home.
Buyer’s agents are there to guide the buyer, keep a logical mindset and keep the emotion out of the transaction, therefore buying at the lowest price.
They also know all the tricks to the trade and often use their expert negotiation skills to get a better-than-expected purchasing price.
How do you find a buyer’s agent?
Do you research! Ask friend and family if they have any recommendations – word of mouth is the best way to find a great buyer’s agent.
Always read testimonials on a buyer’s agent websites to see if others have had satisfactory results.
Every single one of us has some sort of picture in our minds of our dream home.First homebuyers in particular will develop a checklist of features their home simply must have, from a white picket fence and a big yard to a home located close to schools and parks.
Brisbane-based buyers agent and director of Universal Buyers Agents Darren Piper offers some tips for buyers to consider when searching for the home that ticks all the boxes.
Darren says while no dream home is out of reach, its important to look at and prioritise your ideal home criteria.
“The first step is to decide what is most important to you when it comes to your ideal home,” Darren said.
“For some people, being located close to school, parks and amenities is vital, while others are more interested in being located close to restaurants, bars and shopping precincts.
“Another factor to consider is the work commute – for some people, its vital to be close to public transport or the CBD, whereas others simply have a rough idea of suburbs that would make it easy to get to work.
“Making sure your property search is tailored to you, and is realistic, can save you months of scrolling through sites and wasting weekends,” he said.
It takes the average homebuyer 200 hours to find a suitable property, Darren said, and as a buyers agent, his mission is to save the buyer not only money, but time.
“An experienced buyer’s agent will save you valuable time you might ordinarily waste when looking for a property by spending hours, days, weeks, and months searching through thousands of listing for the perfect property,” he said.
With an extensive knowledge of the property market, as well as connections in the industry, which allow access to not-yet-advertised properties, buyers agents can find a property that ticks all the boxes – regardless of how many there are.
Once a budget and criteria are decided, Darren said its then time to focus on the search.
“This is where things can get interesting,” Darren said.
“If buying with a partner, its important you are both on the same page. Compiling a list of ‘must-have’ versus ‘nice to have’ should make it easier when you start heading to open inspections.”
Darren said property searches are broken down into four essential factors:
“Once of the biggest mistakes buyers make is falling madly in love with a home, and getting emotionally invested,” Darren said.
“Once a buyer starts making decisions with their hearts instead of their heads, that’s when they pay too much for a property, overlook important issues, and desperation kicks in, clouding judgement.
“If buyers keep sight of the vital must-haves, they will find their search so much easier.”
Despite interest rates tipped to rise and first homebuyer grants about to fall, the local real estate market is booming.
BUYING property can be an exciting and stressful time, particularly if you’ve never been in the market before.
And with most people only in the market a few times in their lives it can be difficult to know just what the right or wrong thing is to do.
According to Darren Piper, director of Universal Buyers Agents there are five common mistakes buyers make.
While this is perfectly fine in your private life, falling madly in love with a home and becoming emotionally invested can be a problem.
“Once a buyer starts making decisions with their hearts instead of their heads, that’s when they pay too much for a property, overlook important issues, and desperation kicks in, clouding judgment,’’ Mr Piper said.
Mr Piper said it is all too easy to extend your price range just a little, if your perfect home is waiting for a few thousand dollars more.
He said being talked into buying a home outside your price range, could derail your finances in the future.
“Spending more than you need to leaves you vulnerable to potential financial shocks, including rises in interest rates or changes in future circumstances.’’
You might find what you think is your perfect home, but failing to research the area is a big mistake.
“That could lead to a life in a great home, but in a terrible area,’’ Mr Piper said.
“It pays to get to know the neighbourhood you are potentially going to spend the rest of your life. Research nearby schools; find out about any current or future developments; make note of public transport; and make sure you check out the local crime rates.’’
Make sure you consider your finances and needs before you start looking.
“It’s important to analyse assets, organise debts, and get pre-approved for finance before starting the journey.’’
“There are more costs involved in purchasing a property than just the property itself,’’ he warned.
Mr Piper said often buyers didn’t factor in the extra costs, such as building and pest inspections, insurance, moving costs and transfer fees.
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