Dakota Peters
Inspections Officer
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.
“People may want to be close to their families, while people with children will want a larger house with a yard.”
Darren said everyone is different, and its important to tap into your personal style and desires before buying.
“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.”
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.
House for sale, sold sign. Realtor gives buyer keys. Home.
Make sure you do your research not just on the house you want to buy, but the suburb you are going to live in.
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.’’
Mortgage calculator. House on buttons. Real estate concept.
There are plenty of costs associated with buying a house that people tend to not factor in.
“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.
Inspections Officer
Property Manager
Buyers Agent
Business Development Manager
Buyers Agent
Searcher and Sourcer
Buyers Agent
Searcher and Sourcer – Team Piper
Buyers Agent
Client Concierge
Associate
Buyers Agent
